How to define your ESG objectives
What are others doing in our industry right now to support their ESG priorities? Are there any learnings we can take away?Looking at what others in the industry are doing is always a good place to start. Though best practice for your organisation will be unique to you, there will be players in your field that are paving the way and being recognised for their successes. Take the opportunity to study their approach and consider if any tips can be actioned for your own strategy.
Where in the organisation can we make the best ESG impact? And do they align with our aspirations? As the guardians of your business data, you will have access to readily available insight to align with your proposed ESG strategy - and that is likely more than you think! Many businesses are already engaged in several initiatives that can be considered ESG issues - such as wellbeing programmes, the gender pay gap, and Diversity and Inclusion. The key is to connect these strategies with your wider ESG goals. And with that, you can better identify gaps and opportunities to develop.
How can ESG be integrated into our existing reporting frameworks?Although data is the key to unlocking your ESG reporting potential, consolidating this data from the right teams can be tricky if the right tools and processes are not in place. Collaboration and communication across the business is needed to remedy this - everybody involved must work across silos to share information and move towards the wider ESG goal. ESG reporting technologies are a useful tool to centralise business data, build workflows across the business and create data transparency.
Do we have the team in-house to drive an ESG strategy forward?As discussed in the last section, finance will play a pivotal role in developing a successful ESG strategy. But collaboration with other departments across the business will bring ESG strategy to realisation. Another key player is Human Resources (HR), who can help to consider areas such as workforce management, Diversity and Inclusion and training incentives as part of your ESG strategy. The legal team is critical - as ESG reporting becomes regulated, a true understanding of the requirements is needed to ensure compliance. And finally, it is important to get C-suite buy-in to ensure that investment is available, and internal mobility is prioritised.
