Embedding corporate purpose
The need for greater sustainability in business has never been so important. This new report highlights what companies are doing now and what more they can do.
As governments and consumers grow increasingly concerned by the threat of rising global temperatures, water shortages and other environmental concerns, so firms need to act.
This unique report is a significant step towards helping firms by sharing the views and concerns of corporate responsibility (CR) practitioners at major firms across the UK. It’s a rare opportunity to hear exactly what companies are doing, rather than just what they say they’re doing, from people on the ground.
Scroll down for some of the insights from the research and download the report to read them in full.
Corporate responsibility needs to be at the heart of company thinking
Reasons for corporate responsibility
80%
companies’ purpose and culture
55%
enhanced company reputation
45%
improved recruitment and retention
26%
improved customer loyalty
16%
improved financial performance
Corporate responsibility has to be a key factor in strategic decisions and embedded into everyday practice. But a lack of connection between corporate responsibility and business performance is becoming a barrier.
Only 16% of companies see corporate responsibility as playing a role in improving financial performance such as cost savings. Just 26% cite customer loyalty and a tiny 4% point to increasing staff productivity.
We need better assessment of corporate responsibility activity
Only 39% of corporate responsibility practitioners look at long-term or outcome-based measures
To fully understand the effect their corporate responsibility strategy is having on their culture and the wider world, firms need to appraise it more comprehensively.
39% of corporate responsibility practitioners look at long-term or outcomes-based measurements. While just one in seven (14%) say they do a full-impact valuation across business activities. Meanwhile, 22% say their firm has no standard approach to assessing activity impact.
Corporate responsibility practitioners need more backing
Top three barriers to corporate responsibility
55%
lack of human resources to undertake activity
47%
lack of available financial investment
31%
lack of know-how and skills within the company
Nine in ten (88%) corporate responsibility practitioners are supported to some extent by their leadership teams. But in many cases, there are serious constraints impeding their ability to succeed, such as lack of resource and investment.
Companies need to embrace the Sustainable Development Goals (SDGs)
By 2030, countries around the world will have been expected to meet the UN Sustainable Development Goals (SDGs). Companies have a crucial role to play in achieving the 17 goals. But our research suggests they need to shift gear and increase both commitment and action.
Download the full report for more insights.
Download the report