In our 30 ways in 30 days series, we're sharing 30 essentials to developing or refining your company’s sustainability strategy and action plan. To dive deeper, download our Field Manuals.
Up first: Get clear on your why.
There are many reasons why corporations invest in sustainability, from those who have sustainability at the center of their mission, purpose, and strategy to those who do solely what is required by law. And in the middle, is a large swath of companies who understand that sustainability is no longer a nice-to-have; it’s expected and necessary to thrive.
Here are three reasons why every company should have a sustainability strategy:
Your Employees Expect It:
In an era where corporate culture plays a pivotal role in attracting and retaining top talent, employees increasingly gravitate toward organizations that prioritize sustainability. According to a recent study, 70% of employees and job seekers agree that a robust sustainability program makes an employer more appealing. Employees want to be associated with companies that align with their values, and sustainability has become a non-negotiable for many. It’s one important way to foster a sense of pride and purpose, which is core to employee engagement.
Your Customers Value It:
Modern consumers, particularly the environmentally conscious Gen Z demographic, prioritize sustainability over traditional brand loyalty. Three-quarters of Gen Z consumers assert that sustainability holds greater importance than the brand name when making purchasing decisions. In an age where information is readily accessible, consumers are increasingly scrutinizing the environmental and social practices of the companies they support, and it’s no longer acceptable to do (or say) nothing about the world’s most pressing issues.
Society Needs It:
Only 7% of companies are on track to achieve their net zero targets for scope 1 and 2 emissions.
The public at large understands that, as contributors to global economies, businesses play a crucial role in shaping the future trajectory of our planet. A sustainability strategy is not only a proactive measure; it is an ethical obligation to address environmental concerns.
The ‘why’ will be a bit different for every company, but opting out of sustainability is not an option. Developing a clear understanding of what matters to your employees, customers, and other stakeholders is key to developing a sustainability strategy that creates value for your business while driving social and environmental progress.
If you’re ready to get started, download our complimentary ESG Field Manual part 1: From scratch to strategy.