Why social issues are business issues
Let’s be frank: when we talk about ESG, the natural focus tends to be the E and the G (that goes for the budget, too). While we don’t dispute their natural right to take up space in businesses’ hearts, there’s a middle sibling who’s often neglected. Yet, the Social aspect of ESG is just as important for the success of the business.
The consequences of neglecting the S could create a big headache for businesses: difficulty recruiting a skilled and diverse workforce; impact on staff productivity; and a less buoyant economy. These are just some of the business consequences of social issues such as inequality — including in access to education —, poor physical and mental wellbeing, and limited financial education. Moreover, the S is able to weave together environmental and governance concerns, ensuring any ESG strategy is a united front working for better business, a better society, and a better planet.
Here’s why your company should be paying more attention to social impact:
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