CSR and ESG: The importance of being ‘kind’ in a business environment
The idea of CSR, or corporate social responsibility, has been around for a long time. More recently thrown into the mix is ESG; Environmental, Social and Governance. However, it is worth noting that ESG is very much felt as the next step to CSR. It encompasses a wider scope with a more external focus and, importantly for many, more easily quantifiable and measurable data.
Both CSR and ESG have been fully embraced by GA Solicitors. The reason for this, of course, is that ultimately it is the right thing to do. While our primary motivation is ethical responsibility, it is also evident that we gain significant benefits from these initiatives.
More and more businesses are recognising the importance of CSR and ESG in the workplace, with increased investments being made, and some larger organisations even employing professionals to lead this as a full-time role. So, what can it do for your business?
Improve Organisation Culture
At GA we have found the most effective way to bring our various teams and staff members together is through fundraising. We recently handed over a cheque for £4,300 to Promoting Children in Plymouth which was solely down to the fundraising activities of staff across the firm. Staff also came together in 2023 to take part in an organised beach clean.
A carbon reduction committee has been established with ideas coming from all levels of the business to look at how we can further reduce our carbon footprint. This common, and rewarding, goal has also led to new relationships with social enterprises such as Pollenize and Ecologi.
Companies that prioritise and implement strong CSR practices often see improved staff morale, increased productivity, and higher retention rates. In an era where recruitment is particularly challenging across many industries, these benefits are especially valuable.
Reduce Costs
You don’t need to be an accountant to appreciate that reducing energy usage, limiting water wastage and cutting back on printing and paper will all lead to reduced overheads. The savings generated can then be reinvested in key areas to drive business growth or enhance the working environment.
Working with Somerset-based SWMAS, we have been able to determine and reduce our carbon footprint baseline, putting us in their top 33% of surveyed businesses and helping us to get one step closer to net zero. This relationship has not only reduced our carbon footprint, but also had a positive impact on our business costs.
Improve Customer and Stakeholder buy-in
If you are a business which looks to generate work in the public sector, then these terms, particularly ESG may have been on your radar for a while. Many organisations, especially councils and government organisations, now look at environmental data before choosing a supplier; be this a service or a product. If you can’t prove you have a positive (or at the very least not negative) impact on the environment, that tender you submitted is unlikely to see success.
A 2023 study by Deloitte also determined that consumers are very much taking into consideration whether products are labelled as responsibly sourced, manufactured or support biodiversity. There is no reason why this would not extend to professional services too. Not taking note of this now will undoubtedly affect your bottom line in the future.
Looking to make your business more sustainable? Helen Rumford, head of GA Energy, offers a detailed comprehensive guide to help you go green, here.
Alternatively, If you would like assistance with other corporate or commercial matters, feel free to contact our company commercial solicitors in Plymouth at 01752 203500 or via email at enquiries@GAsolicitors.com.
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