When it comes to the E in ESG, many businesses these days still conduct their environmental incentives and compensation by themselves. They engage in multiple projects and find out that doing so, in a way that the company can promote their environmental efforts to its employees, customers and stakeholders, takes a lot of time and energy. Projects and products need to be selected to minimise risks and issues, goals need to be set, progress and quality need to be checked and results need to be produced and shared. When all of these steps have been taken, the strategy has to be evaluated against the set goals and adjusted where needed.
Most often the above processes and efforts lead to a scattered portfolio, as the person(s) in charge tend to select projects that they know of or have personal relations with to cut down on the required effort. But soon enough the downsides of a piecemeal approach will become apparent; a lack of engagement with the compensation efforts, inefficiencies in the procurement of these efforts and, in the worst case, financial- and reputational risks due to underlying quality issues. More often than not, it will take significant additional effort to transition the portfolio. Businesses that want to be serious about nature restoration need a more structured approach to maximise their return on investment.
Compensation and nature restoration tend to be outside of the core business, unlike the minimization and avoidance of environmental impact . Therefore, outsourcing is a valuable strategic option. According to a UK survey, 70% of British businesses have outsourced to 3rd parties, these tend to be functions where precision, timeliness and quality are of the utmost importance like accounting, payrolling, recruitment and even social media management. Compensation of environmental impact and contribution to nature restoration is one of the newest industries to have entered the outsourcing space..
Strategic partners can offer solutions efficiently, so your other priorities aren’t neglected. Nature restoration requires research and quality checks. These are factors which can cost an employee or a team of employees longer compared to specialists who already have the knowledge and are already in contact with the project. The experience and knowledge allow these firms to make decisions that can minimise risks. Evaluating opportunities, tracking progress, promoting the results and scaling up are all steps that a service partner can maintain for your company.
A service partner can help companies overcome the struggle of involving customers and employees with the results of their positive efforts for the environment. The reason companies would want to share the outcomes is evident; in a recent survey 64% of North American respondents said sustainability needs to influence core business activities such as strategy and value creation in Europe this is even more important with 84% of respondents indicating this need .Next to the external value, there are internal benefits for talent attraction and retention: 70% of employees expect their workplace to provide them with opportunities to make a personal positive impact. A service partner can provide consolidated digital reporting and structural, consistent communication, so that companies can effortlessly share their efforts with all stakeholders and get the most out of their investments.
To sum up, outsourcing nature restoration provides an opportunity to stand out above your competitors with a streamlined and organised approach of which the outcomes are easily shared. Centralise multiple projects with a single service partner in order to save time, costs and resources whilst unlocking the full value of your investment. A service partner for nature restoration helps you focus on what you do best: running your business.
Sources:
https://www.wolterskluwer.com/en/expert-insights/the-ab
https://www.ey.com/en_sy/sustainability/realize-potential-esg-plus
https://smallbusiness.chron.com/ideas-small-business-partnership-improvement-42557.html
https://www.visualcapitalist.com/sp/investors-top-5-esg-challenges/
https://www.gobyinc.com/esg-solutions/complete-guide-to-esg-program-management/
https://www.unsustainablemagazine.com/company-can-outsource-sustainability/
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