We have spoken about how Sustainability helps your business in many of our blogs before. Refer to them here. Here in this article we are going to talk about how a Sustainability Report is going to help your business.
Before getting into what kind of help, let us first understand:
What is Sustainability Reporting?
Sustainability Reporting is when a company gathers all relevant data points from the ESG Checklist mandate for businesses (electricity usage, water usage, fair wage status, CSR initiatives) & conducts a holistic analysis detailing upon the three major criterias for Sustainability- environmental, social & governance. A sustainability Report also includes the strategic goals, economic goals, sustainability activities, detailed roadmap & details of the company leadership.
Sustainability Reporting is more often than not guided by the Global Reporting Initiative.
How can Sustainability Reporting help your business?
Keep a detailed idea so as to know what to focus upon
Sustainability conversion is not just an idea, it is an urgent need for businesses to start treating the concept of Sustainability with more rigour & initiatives. Sustainability Reporting is the first step and it helps you collate numbers for better identification of gaps & strength areas to improve upon. The process of curating a Sustainability Report is data-centric & requires maximum efficiency for error-free reporting. This allows you to have a complete idea of your stance & how you should improve upon it.
Find out more about Sustainability Reporting here.
Inculcate a habit of regulation compliance
Many countries have now opted for complete Sustainability conversion in businesses & investing scenarios. The businesses by law are mandated to act towards a Sustainable business model. Compliance to these regulations on National & International grounds is ethical & is a must for every business. If you want an unperturbed growth chart, meet your compliance demands. Sustainability Reporting helps you with just that. With careful identification of grey and missing areas, you can address them and create a robust & a compliant structure for your business.
Become a consumer favourite
Consumers are now increasingly fascinated and are demanding sustainable products from companies. This new generation of GenZ and the millennials have totally shifted their focus towards a sustainable future & you must listen to them! Sustainability Reporting helps you understand your consumer metrics & also inculcates a habit of drawing consumer charts, economic charts, growth charts so as to keep your strategies under a sustainable check. Boosting customer loyalty is the number one motive of any business & Sustainability Reporting helps you with just that!
Nielsen reports that 81% of their survey respondents feel that companies need to immediately improve upon their environmental impact & regulations. (Source: Nielsen)
Increased Employee Motivation & Retention
Employee motivation is generated when they can lay their trust on the business leadership. Becoming more transparent, driven by sustainability metrics & upskilling the workforce are some important steps that a company needs to cater to, so as to retain employee motivation. An employee should be proud of where they work! And as the leader you are obliged to provide your employee that.
Plus, studies have found that increased employee motivation often translates to employee retention.
Enhance upon credibility
Stakeholders of the company are often tied with the idea of transparency. It helps stakeholders put their trust on companies and also allows for a smooth functioning of a business without any kind of hindrances. Sustainability Reporting helps you with that. It helps provide you with the credibility of transparency, it helps inculcate automatic trust from the stakeholders, consumers, partners, employees & investors. It provides a roadmap of success to all these important holders of your company’s worth which helps them in envisioning a future with you.
Are there any disadvantages to Sustainability Reporting?
The one major disadvantage related to Sustainability Reporting is that the manual insertion & analyses of data often leaves errors that lead to miscalculations & thus a faulty Report. Onlygood has been able to work this & we now have an automated system of data collection & analysis to avoid any kind of error & also the tedious task of data entering. The other problem that is often associated with Sustainability Reporting is the intrinsic quantitative nature of it. We have solved this issue by providing various additions like a future roadmap, initiatives descriptions etc. in our Report. To know more, click here!