How ESG in a business can attract and retain green talent

Incorporating environmental and social strategies into a business can enhance the appeal to current and potential employees. Many businesses have voiced concerns regarding a skills shortage and rising demands for added flexibility and pay at work. With companies experiencing spiralling energy costs and rising inflation, increasing salaries may not be a viable option. An alternative involves focusing on environmental, social and governance (ESG) issues, with studies suggesting that ESG measures can be valuable in attracting and retaining candidates.

ESG includes a range of fields, from environmental issues to social factors associated with how businesses treat their people. From a governance perspective, how a business manages senior executive appointments and corporate reporting is closely investigated. Considering this broad field, it can be difficult for companies to know where to focus their ESG plans. There are various ways a business can implement measures within its ESG agenda that are likely to appeal to existing and future employees.

Promote your green plans to employees and job applicants. A study by IBM discovered that over 70% of employees believe environmentally sustainable businesses are more appealing to employers. Companies can create HR policies with a green focus. For example, travel measures that support sustainable travel or benefits associated with locally based projects.  

Focus on diversity and inform your workforce and potential recruits of your efforts. Studies suggest that diversity at work is critical to the next wave of our workforce. Diversity plans involve going beyond equal opportunities and other associated policies. Taking this series involves gathering diversity data, determining the workforce structure and pinpointing areas of underrepresentation. 

Explore sustainable work options that offer a healthy work-life balance. Does your business pay beyond the living wage or offer support to employees concerning having time off? Are your employees provided with stable employment terms?

Many companies will be working on some ESG measures. Businesses reconsidering their strategy can begin by surveying their workforce to determine areas that require attention. They could create a list of priority issues that need work on or create a framework to voice ESG measures to their employees, potential candidates and relevant stakeholders.

The other businesses that ignore ESG issues can result in a poor working culture that can be shared with other potential employees, subsequently causing reputational damage and deterring talent. Embracing ESG goes beyond being seen as a valued and sustainable employer. It also focuses on controlling potential risk. Investing in measures that can minimise reputational damage will generate a competitive advantage. Focusing on ESG measures with decisive action can significantly improve a company’s public profile. In a period of workforce shortages, it can prove a critical factor in securing the best talent.

As the competition for green industry professionals accelerates, businesses have focused on skilled talent from environmental groups. Mark Campanale, the founder of the London-based Carbon Tracker Initiative, highlights how many people are moving from environmental groups to other industries, especially finance, lured by significantly higher salaries. What is clear is that as climate change continues to become more of a concern, the market for professionals who understand the carbon industry is considerable. Globally, the demand for green talent is outpacing the supply. In industries like finance, demand for climate talent is rising fast due to investor interest in environmental issues and a range of new rules tackling greenwashing and climate risk. 

Regulators and investors may encourage the demand for green talent, and the next generation of employees will inevitably accelerate this further. Young workers are already transitioning toward more sustainable friendly jobs, and with the ongoing climate challenge, this trend will undoubtedly continue for some time.

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