Earlier this month, government officials meeting in Russia hashed out something dubbed the “Moscow Formula.”

It sounds, at first glance, like a name for the plan to keep Vladimir Putin powerful after his term limit as Russian president is reached.

But no. The Moscow Formula is a catchphrase for an idea of interest both to governments and businesses around the globe. The formula, discussed at the first World Social Security Forum, is that a broader concept of social security has to be brought to the public agenda. Rather than merely compensate against loss, the new face of social security aims to invest in people as it tackles the challenges of aging populations, health care coverage and deepening inequality.

The forum was organized by the International Social Security Association, a group made up of nearly 370 government agencies. But officials at the gathering showed their familiarity with business thinking and lingo, including the term “human capital.” Social security officials in the past may have focused on protecting the old and sick against poverty, but today they see themselves as vital players in the quest to create societies that are not only just but prosperous.

“Global economic growth is only sustainable if it is accompanied by social development,” Hans-Horst Konkolewsky, secretary-general of the International Social Security Association, said in a speech.

Michael Cichon, director of the Social Security Department at the International Labour Organization, echoed that point in a recent interview. “Above all, social security contributes to social cohesion, which is the prerequisite for any long-term investment,” said Cichon, whose organization is an agency of the United Nations. “Nobody invests in the long run in a socially unstable, insecure society.”

Cichon cited a study in Mexico finding that people who have been benefiting from youth and family health programs during their adolescent years showed labor productivity (indicated by the level of earnings) about 20 percent higher over a lifetime compared with those who have not benefited.

The ILO is pushing the concept of a “social security floor” that involves basic income security and universal access to health care. The agency is part of a growing debate about what sorts of safety nets are needed in today’s global economy, where workers often face greater economic risks and companies are retreating from traditional benefit plans.

In the United States, businesses for the most part have remained quiet on the economic insecurity question. But it may be in companies’ best interests to get out in front of the debate—both to stave off policies they abhor and to help create smart ones that foster growth. Business leaders, in other words, could be a key ingredient in the “Moscow Formula.”