ESG initiatives that will benefit your company
E = Environmental
S = Social
G = Governance
ESG initiatives have become increasingly important, especially for large scale businesses, as many are known for having the largest impact on environmental, social and governance factors. Ethical operations are incredibly vital for businesses to survive and thrive in today’s current competition. It could be the defining factor in getting an investor onboard or having a high employee engagement rate.
How do I know what ESG initiatives to focus on?
ESG covers so many different areas that it is tempting to try and cover everything. However, when it comes to implementing ESG goals and initiatives, it’s best not to throw everything at the wall and hope it sticks. You should be selective and choose specific projects that are relevant to your business and purpose.
For example, as a staffing organisation, Peoplebank focus mostly on social and governance issues. Whilst we also care and have goals surrounding the environment, overall, our company does not contribute negatively on a mass scale to the ecosystem. A stronger focus is better utilised in prioritising sound and ethical hiring practices as well as making a positive social impact on the people we work with. Much of our work is about creating ‘opportunities for life’, and so it only makes sense for us to focus on creating those opportunities for all.
Consider what you are passionate about
Additionally, it can be helpful to work on projects you are passionate about as you will want to invest more time and energy into the things you care about. Don’t just do something for the sake of it. Truly care about it.
How do ESG initiatives benefit my company?
There are so many ways that prioritising ESG can benefit you. Here is a handy list to motivate you:
Reduce costs and increase profits by cutting down on certain operating costs that may be negatively affecting the environment.
Attract new customers or investors who align with your vision.
Removes risks and be prepared for environmental and social events.
Attract quality talent to your organisation by having an enticing and meaningful purpose.
Improve employee loyalty due to creating a meaningful workplace.
Improve your corporate image and reputation – but only if you do what you say you will do.
Deter bad press by being proactive to improve ESG within your organisation.