How sustainable action can build a better company
How sustainable action can build a better company
According to the World Economic Forum, while 90% of executives say sustainability is necessary, only about 60% of businesses have actually implemented a comprehensive sustainability strategy. We have a big gap between belief and action, and it needs to be addressed.
Building and acting on a sustainability plan can be daunting. Although the benefits of a healthier planet are obvious, it can be more difficult to recognize all of the benefits a business stands to gain with ESG measures.
1. Competitive candidates want to work with sustainable companies.
A 2021 survey from Deloitte found that nearly half of Gen Z and 44% of millennials said their personal ethics drive their career choices. Another study by The New York Times discovered that 51% of American business students would be willing to take a pay cut to work for an environmentally responsible company.
This means that if you want to attract fresh, bright talent, your company needs to show that it takes social responsibility seriously. Invest in the future, and the stars of the future will come to you.
2. Consumers want to do business with companies that care.
Recently, the WWF commissioned a study that discovered a 71% surge in global online searches for sustainable products, meaning that more consumers than ever are seeking out ways to reduce their environmental impact.
On top of this, customers are now looking to shop with brands that align with their personal values, including eco-consciousness. This means that engaging in sustainability will boost not only your internal branding, but your external branding as well.
3. Your existing team will be happier and more productive.
Numerous firms have conducted research that proves sustainability is good for business, with one study showing that choosing the right sustainability initiatives for your business can boost operating profits by as much as 60%. Additionally, research by Accenture proved that companies with high ESG ratings have up to 3.7 times better operating margins than lower-scoring competitors.
Social responsibility leads to happier, more productive team members, too. When your organization is purpose-driven, employees feel more motivated and energized, boosting productivity and worker engagement.
4. Sustainability is the Best Way to Build a Positive Reputation.
Lowering society’s global carbon footprint is a high priority for many people, and this means that an ESG strategy should now be an integral part of your business strategy. Not only is it good for the planet, but it’s good for all aspects of business, too.
Setting an example with a social responsibility plan also positions you as an industry leader and shows that you are willing to act on your convictions.
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