Laurel Farrer is an internationally-renowned thought leader of remote work. She has been unlocking the power of distributed workforces for over 15 years.
Benefits of Adopting Sustainability for Remote Working Companies
Companies have unlocked the exponential benefits of using sustainability as a framework for increased profitability. The UN Sustainability Development Goals (SDGs) are practical guides for businesses to peruse opportunities that solve climate challenges and create future market opportunities. Remote work sustainability is completely possible.
The EU also advocates for sustainability and has implemented efforts to counter environmental, social and economic challenges. The European Green Deal initiative of the EU aims to convert negative environmental impacts into opportunities and provide a just and inclusive transition for all.
Why Must Businesses be Sustainable?
Companies must understand that their existence is tied to a well-functioning society locally and globally, so remote work sustainability must be considered. The social welfare of the society directly influences the market size and distribution of any company. Economic responsibility influences the purchasing power of the market, which affects the company’s sales. Environmental issues bring fatal risks that can stop the operation of a business and its existence, which is why work from home sustainability is so important.
Note that businesses must incorporate economic, climatic, and social responsibilities in their objectives, which offer numerous sustainability benefits ranging from reputational to financial and beyond.
Advantages of Sustainability Prioritization in Business
Increased Regulation Compliance Abilities of Companies
Matters regarding climate change, pollution and global warming have raised extensive discussions among state environmental agencies. Regulations that counteract the negative environmental contribution of businesses help monitor business actions. Positioning your remote company to meet the continuously changing environmental restrictions with remote work sustainability protects your company from legal offenses and reduces operational risks.
Reduced Costs and Improved Productivity
Another one of the sustainability benefits is reduced costs and improved productivity. Sustainable practices facilitate efficient business operations that conserve resources, reduce costs, and streamlines employee effort. A Mckinsey Survey conducted in 2011 on the Business of Sustainability shows that 33% of businesses adopted sustainable practices to increase operational efficiency and reduce costs. It is noteworthy that remote working reduces the high consumption of transportation fuels, hence limiting the emission of greenhouse gases and saves commuting costs for employees. Start incorporating remote work sustainability to save the planet in small ways.
Improved Brand Image, Trust and Credibility
Ability to Attract Investors and Employees
Sustainability compliance creates a good brand image for a remote company, which is the driving force for attracting a high calibre of investors and workforce. Investors bring money to the company hence exceptional growth, while employees bring the skilled effort needed for high production results. People do not want to be associated with companies with social welfare scandals and ecological disasters; hence sustainability practices are vital for companies. This is why having remote work sustainability could make or break your business.
Companies that include sustainability in their portfolio stand a better chance of securing great investments, which is one of the benefits of sustainability in business. For instance, in the recently released letter by Black Rock to companies, they insist on considering investing with companies that present sustainability- integrated portfolios. Black Rock believes sustainability reduces investment risks, and companies that observe sustainability are more likely to offer better investment returns.
Opportunities to Raise Market Standards
Environmental and social responsibility efforts raise the standards of any company, making it competitive for companies that fail to observe sustainability. Stand out from your competition from utilizing work from home sustainability. For Instance, if a company producing paper obtains certification from the Forest Stewardship Council (FSC), this is a raised standard in the market, forcing competitors to obtain certification.
Now you know there are many advantages of sustainability in your business. Corporate responsibility makes it paramount for the company to adopt sustainability in its objectives and goals. Sustainability is an effective tool to boost brand image, reputation and trust. Promoting a green business initiative like encouraging environmental committees and zoom meetings to brainstorm and implement energy-conserving and recycling methods helps reduce costs. Remote working companies that embrace sustainability stand a better chance of securing investors like in the case of Black Rock investors. It is therefore important for remote companies to include the EU and UN’s sustainability initiatives, in their objectives to unmask incredible benefits. Sustainability is a mandatory requirement for running a business that holds companies responsible for their environmental, social and economic impact on society.
Geilan Malet-Bates is the Chair of the P27 Green FinTech Forum and a regular contributor to green finance debates and consultations.