The global supply chains of 50 companies employ only six per cent of people in a direct employment relationship, yet rely on a hidden workforce of 94 per cent according to new research from the International Trade Union Confederation
“Just 50 companies including Samsung, McDonalds and Nestle have a combined revenue of $3.4 trillion and the power to reduce inequality. Instead they have built a business model on a massive hidden workforce of 116 million people,” said Sharan Burrow, ITUC General Secretary.
The ITUC report, Scandal: Inside the global supply chains of 50 top companies released on the eve of the World Economic Forum in Davos exposes an unsustainable business model, with a global footprint that covers almost every country in the world and profiles 25 companies with headquarters in Asia, Europe, and the United States.
“Sixty per cent of global trade in the real economy is dependent on the supply chains of our major corporations, which uses a business model based on exploitation and abuse of human rights in supply chains,” said Sharan Burrow.
ITUC research shows:
- The cash holdings of 25 companies of $387 billion could increase the wages in their combined hidden workforce of 71.3 million by more than $5000 for a year;
- The combined wealth of 24 companies in the US from including Amazon, Walmart and the Walt Disney company, could buy Canada;
- Nine companies in Asia including Foxconn, Samsung and Woolworths have a combined revenue of $705 billion, the equivalent value of the UAE;
- Seventeen companies in Europe including Siemens, Deutsche Post and G4S have a combined revenue of $789 billion, the equivalent value of Malaysia.
