Today, companies across the globe take their turn in the spotlight for the impact they have on the business world and society at large. Therefore, there is a very urgent need for them to be transparent in everything that they do. It’s mandatory for them to do annual reporting and now, it’s become equally essential to focus on non-financial reporting. Non-financial reporting involves disclosing a company's social, environmental and human rights information. It is more commonly known as Environmental, Social, and Governance information (ESG). Sustainability reporting also forms an important part of this and ensures that they impart all and any information on sustainability and diversity.
So, how does sustainability reporting benefit a company?
Today, with the business world being as competitive as it is, companies tend to spend a lot of time looking at the bottom line. But it’s not the only thing that needs focusing on. There’s a genuine need for sustainability in the way they work considering the impact it has on a number of issues. Furthermore, it’s not enough to claim that they are working in this way. They need to back everything up by providing substantial, reliable demonstrations of their level of sustainability. This must also include following proper, prescribed guidelines for sustainability reporting. In turn, it shows stakeholders can trust that the company has their best interest in mind by performing properly and being transparent while doing it.
Sustainability Reporting:
makes for an effective risk management tool
Putting sustainability and risk together is interesting. Sustainability leans more towards realizing business flexibility, and an opportunity to increase transparency and boost partnerships. When a company works at being sustainable, it helps align its future profit goals with its environmental policies. This is a crucial point to note since ultimately, the company’s sustainability will also define how efficiently it operates and how it deals with any changes in the future.
can help generate savings
Large companies tend to spend a lot of capital in order to become more profitable. What sustainability reporting, these same companies can keep a check on where they are overspending. Furthermore, they can then come up with cost-effective strategies to better manage their spending and channel that money into other more urgent matters that require that capital.
can help boost employee morale
By teaching employees that they too can contribute and make the company more sustainable, they automatically feel good to be a part of the bigger picture. It makes them proud to be a part of a sustainable company and also boosts their morale and their loyalty to the company.
allows companies to build better reputations
A large no. of companies across the globe are always looking to improve brand reputation. Unlike in the past, today’s clients and other stakeholders want to be associated with reputable companies. This is why they always ask a ton of questions before they buy products or avail of services from any company. The objective here is to determine that it’s not harming the environment or engaging in any malpractices, such as using child labor, or even illegal dumping of waste products.
Getting your Sustainability Reporting done the right way
At DesignMyReport, we can assist you through entire whole process of sustainability reporting and stakeholder engagement without missing any steps in between. Check out our website and either give us a call on 1800 121 5955 or send us an email at [email protected], to take things forward.