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Border restrictions over the past two years have impacted the flow of human capital. With many businesses planning for post-COVID recovery and finding new opportunities for growth, the competition for talent is stiff but it will be the key to success.
Sustainability is now viewed as a competitive differentiator and core focus for organizations globally. Our insights showed that ESG has emerged as a key factor in engaging today’s workforce, with one in three employees preferring to work for organizations that show responsibility towards all stakeholders, not just shareholders and investors. Globally, the employers with the highest ESG scores also achieve +14% in employee satisfaction and are +25% more attractive to prospective talent. In turn, engaged employees strengthen a company’s talent pipeline for long-term success.
Given its scale and complexity, incorporating ESG into your agenda can feel like a vast attempt at boiling the ocean. Companies should bear in mind there is low-hanging fruit and it is likely you are already doing some positive work on ESG, but not necessarily formalizing it as such.
Organizations that are the most successful in their ESG endeavours not only tie their goals to their organizational purpose, but also keep the process transparent to their employees. According to Mercer’s 2021 Global Talent Trends Report, 63% of businesses in Hong Kong say keeping this purpose visible to their employees has the biggest impact.
Assessing and prioritizing material ESG focus areas is the critical first step. Here are three steps to establish a baseline for your organization.
To embed ESG initiatives into the workforce, companies can also consider a range of practices, including:
As vaccination rates go up and borders reopen, we are likely to see more movement in human capital. Employers should be proactive in thinking about the levers of employee attraction and retention and embedding ESG as a key lever.
Contact us today to find out how we can help you design a framework to embed sustainability in the DNA of your organizations.
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