Corporate sustainability is a hot topic right now. Undoubtedly helped by media attention on climate change, the importance of being “green” is becoming more apparent to individuals and organizations alike.
Sustainability can be a polarizing topic. From one side, there are those that feel passionately and strongly about protecting the environment. Then there are sceptics that might dismiss corporate sustainability as just a marketing ploy. Wherever your views may fall, there are certainly monetary benefits to be enjoyed by organizations that focus on corporate sustainability.
Having in place “green” initiatives with an emphasis on corporate sustainability can be a big selling point when trying to attract talent. It is becoming more competitive for businesses and organizations to source skilled employees. A great way to separate yourselves from the competition is to communicate your practices and plans for sustainability. Younger employees in particular are more inclined to seek employment from sustainable and “green” businesses.
Sustainability is very important in the eyes of the younger generation, particularly Millennials and Gen-Z. Younger consumers are more inclined to buy from eco-friendly businesses. But even if young people don’t fall into your target market right now, these “young” people will age to eventually become part of your target audience.
It would be forward thinking for organizations to look to appeal to younger consumers now in preparation for the future.
Furthermore, while improving corporate sustainability can involve added expenses that force businesses to increase their prices, there are many eco-conscious consumers that are happy to pay a premium for greener products.
Having strong sustainability plans and initiatives in place makes businesses and organizations more attractive when looking for investment. It is not just the young generation that are more inclined to be green. For many investors sustainability is a large focal point. Even if an organization might not be seeking external investment at present, it would be sensible to have strong sustainability plans in place for if they were to explore seeking investment in the future.
The Right Thing To Do
While financial gains can be achieved by organizations and businesses that strive to be eco-friendly, the bigger picture goes beyond profits and public image. Being eco-friendly will help benefit the planet for future generations to enjoy.
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