Team members sitting at table together with wall of plants

Webinar

How to execute your ESG strategy with data and cloud technologies

June 23, 2023 · Authored by Dave DuVarney

What is ESG and why is it important?

Environmental, social and corporate governance (ESG) is an umbrella term for strategies, reporting and/or action plans on various topics and factors that impact an organization's corporate sustainability. This includes considerations of environmental, social and corporate governance implications, alongside financial factors, to inform decision-making processes and investments.

ESG has quickly emerged as a global issue and focusing on ESG initiatives has become imperative in today’s marketplace. Not only because of new regulatory frameworks, but because an ESG strategy can be a key differentiator to help businesses build customer loyalty, attract investors, improve financial performance and make operations sustainable and environmentally friendly.

Some examples of these types of initiatives might include energy reduction, such as converting to LED lights or solar panels in your office building to reduce environmental impact and/or costs; ensuring compliance with the product liability or workplace health and safety regulatory requirements; or taking part in community initiatives, such as charitable donations or volunteering in the community.

As more companies and organizations look to implement various initiatives, it's important to understand them from a holistic perspective, and how the organization plans to both execute and report on them.

Just a few benefits that organizations can realize through these types of efforts include:

Attracting and retaining talent: 90% of Gen Z believe companies must act to help social and environmental issues. This generation wants to see that the companies that they are looking to work for align with their beliefs.
Market competitiveness: 89% of executives believe an organization with shared sustainability purpose will have greater employee satisfaction, while 85% say they’re more likely to recommend a company with strong purpose to others.