19 May 48% of Fortune 500 CEOs are skeptical of ESG – but younger employees think its crucial
Fortune Magazine has newly unveiled a survey finding that 48% of Fortune 500 CEOs are welcoming the political pushback against Environmental, Social, and Governance (ESG) goals, believing they “unduly impact business decisions.” However, this proves to be a polarising topic, as investors, employees, and consumers think otherwise. Research from USC and Weber Shandwick found that nine of ten investors and seven of ten consumers and employees believe that “businesses have a responsibility in addressing societal/environmental issues.” This sentiment is also strongest with young people, with a report from KPMG unveiling that ESG commitments now hold a persuasive influence on staff recruitment/retainment prospects for UK businesses, with one in three 18–24-year-olds stating they had turned down a job that didn’t align with their ESG values. Amidst widespread layoffs across various sectors including the retail, media and tech industry, a potential exodus of environmentally-conscious employees could be detrimental for businesses already struggling with rising costs across the board. In light of this, sustainability consultants – SaveMoneyCutCarbon – has launched an industry-first six-point plan,encouraging companies and their leaders to make behavioural changes in the workplace to lower their carbon footprint while simultaneously cutting overhead costs.
For employees to be fully engaged, it’s imperative that they feel their voices are being heard, their values are being taken into consideration, and their work is making a positive difference. A landmark report from SaveMoneyCutCarbon found that 34% of Brits agreed that they would be more loyal to their workplace if they provided them more detailed information on how to be greener at work and at home, yet 56% agreed that their employer provides them with zero information on how to be more sustainable.
