INTHEBLACK June 2022 - Magazine - Page 10
GET
SMART
JUNE 2022
COMPILED BY SUSAN MULDOWNEY
TIME TO
STEP UP ON
SUSTAINABILITY
Managing environmental, social and governance (ESG)
factors can often take a back seat to traditional business
metrics, but consumers are now expecting more from
organisations when it comes to sustainability.
The latest ESG Global Study from Oracle shows that
93 per cent of people believe sustainability and social
factors are more important than ever, and almost
80 per cent of them are frustrated with the lack of
progress by business on these initiatives.
Based on a survey of 11,005 respondents from
15 countries, including Australia, China, Singapore and
the US, the report shows that while business leaders
agree that more progress needs to be made, almost
all face significant challenges in meeting their ESG
goals. Along with operational challenges, 96 per cent of
business leaders admit human bias and emotion often
distract from the end goal.
However, 70 per cent of respondents say they are
willing to end their relationship with a brand that does
not take sustainability and social initiatives seriously,
and 69 per cent would even leave their current
employer to work for a brand that places a greater focus
on these efforts. Organisations have much to gain from
stepping up their ESG efforts – the report shows that if
an organisation can clearly demonstrate its progress on
environmental and social issues, people would be more
willing to pay a premium for their products and services
(87 per cent), invest in them (83 per cent) and work for
them (83 per cent).
DOWNLOAD THE STUDY HERE
10 ITB June 2022