The 4xi CRITERION Benchmarking Team recently conducted a Sustainability in the Workplace survey and the findings have left me inspired and enlightened. The results broadened our understanding, as well as Criterion members, but also revealed the power of asking the right questions and how I might refine those questions in the future.
Sustainability in the workplace is a multifaceted subject, and it holds immense significance. The way your company embodies its values profoundly impacts customers, employees, and investors. Each stakeholder group brings a unique perspective and their views can vary widely. In addition to stakeholder feedback, a company must consider the financial consequences associated with the chosen course of action. It is a complex situation to navigate.
Based on survey results, many respondents have a sustainability strategy and are considering what that looks like in the future. No matter where you are now, here are a few things you should consider for the future.
The Resilience of ESG Environmental, Social, Governance (ESG) has become an increasingly dynamic and sometimes divisive topic. However, one thing is certain: operating a business with integrity, prioritizing the well-being of employees and customers, and being mindful of your impact on both people and the planet are enduring principles. The terminology may evolve, but the core responsibility of how a business operates and the impacts it has on the world will remain. Regulatory Requirements The compelling reason ESG related topics will persist is the proliferation of regulatory requirements, both existing and forthcoming. Since 2011, we've seen approximately 1,300 ESG regulations introduced worldwide. While this is an ever evolving situation, companies operating in the United Kingdom, the European Union, and Asia should understand and anticipate the requirements.
Additionally, for US based companies, carbon disclosure will be required in your annual 10-K submissions. The specific timelines and requirements for all of the mentioned regulations vary based on factors such as company size, locale and type.
Taking the first step....or the "next" first step So how do businesses decide what to do, when and how? Each company might answer that question differently but all companies, no matter what, have to start where they are and they should start now if they haven’t yet begun.
When I encounter this conundrum, I often think of the Chinese Proverb, “The best time to plant a tree was 20 years ago. The second best time is now.”
So, let's get started now. Sustainability Simplified©
Take a sneak preview of 4xi's CRITERION Benchmarking Report HERE:
Christy is 4xi's Chief Sustainability Officer in Residence is the lead of Sustainability Simplified©. Christy specializes in ESG Advisory, Strategies, Sustainability Road Maps, Measurement, Systems, and Reporting.
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