In a piece first published in People Management, Totum Director Deborah Gray discusses why Environmental, social and governance (ESG) strategy is becoming a more prominent priority for businesses and not just for senior management teams.
Employees are now judging their employers not only on the typical priorities such as pay, benefits and culture, but are also increasingly assessing how truly sustainable the business that employs them is.
Companies that just relay rhetoric rather than implement practical measures to meet ESG goals, will find that increasingly modern workforces are alert to the practice of corporate greenwashing and could potentially look to leave.
In fact, research suggests that a quarter of British workers (26 per cent) would even take a pay cut to ensure their business acts responsibly in terms of the environment, while a further 28 per cent would even quit their job and apply for one which was more environmentally conscious. Therefore, it is critical that businesses understand the values a now majority millennial workforce prioritise and work to ensure they are putting sustainability principles into action.
Overall, with the millennial generation acting as the driving force behind workers becoming increasingly sustainably minded, it is clear that companies are going to have to listen to their demands when it comes to ESG. By taking stock and setting genuine and honest goals for ESG commitments, companies will be able to steer clear of the list of businesses that are being called out for greenwashing – and hold on to their employees.