ILO Tripartite Seminar on Social Dialogue on Global Sourcing in Financial Services for Selected Countries from Asia and the Pacific plus the United Kingdom

This tripartite seminar provided a forum for ILO constituents to exchange and compare experience on the job effects and social and labour implications of global sourcing in financial services. It also highlighted the main drivers, limitations and factors influencing this phenomenon and reviewed policies for maximizing the potential to promote the decent work agenda in global sourcing, focusing mainly on the effective use of social dialogue to facilitate the process of making globalization more equitable for all.

The main agreed recommendations adopted by the seminar included: ensuring workers’ employment security through skills enhancement and life-long learning; maintaining transparent social dialogue at national and enterprise level to prevent erosion of labour-management relations and to maximize the potential for mutual gains (“win-win” outcomes) for both source and destination countries as well as workers and enterprises at both ends of the global sourcing continuum. To promote and sustain decent work in the context of global sourcing in financial services sector, the principles and rights upheld by the ILO Declaration on Fundamental principles and Rights at Work and its Follow-up of 1998 should be applied. Countries’ labour legislation needed to reflect new realities resulting from global sourcing while safeguarding workers’ rights. Further research at national level was encouraged to be undertaken to better understand the impact of global sourcing in financial services and promote a social dimension to globalization.

The seminar was attended by participants from India, Indonesia, New Zealand, the Philippines, Singapore, Sri Lanka, Thailand, Viet Nam and the United Kingdom as the main countries originating or providing considerable offshore services for the financial sector. Observers from India also participated.