When the Virtual GRI South Asia Regional Summit curtains came down, one thing was pretty clear: the adoption of ESG sustainability reporting is gaining traction in the region. In the 2018-2019 period, the number of reporting organizations shot up, with India showing the biggest growth of +13%, followed by Bangladesh by +5%. The next ten years were committed to be a session of action to help drive, achieve, and surpass Sustainable Development Goals (SDGs).
As a manager or entrepreneur, ESG sustainability reporting is an important tool that can help to push your company and its brand to the targeted level. By positioning your company well through sustainability and accurate reporting strategies, here are the main benefits to anticipate.
Roots of ESG Sustainability Reporting
If you are considering ESG reporting for the first time, the starting point should always be to understand what it is. ESG sustainability reporting is a conscious process of disclosing a company’s information in three areas: environment, social, and governance. The process is aimed at helping stakeholders to understand the efforts undertaken by the company to promote sustainability and the achieved results.
We must say that the process is stakeholders-driven. The primary demand for ESG reporting today is from customers, community, standards organizations, and investors who want to help make the planet a better place. However, this model is changing rapidly, as governments take up ESG reporting and incorporate it in law to bring more organizations into the reporting bracket. Therefore, you should not be left behind in reporting your company’s sustainability efforts.
Benefits to Expect from ESG Sustainability Reporting
A Stronger Brand
If you want your business to succeed, it is prudent to start by strengthening its brand, and ESG sustainability reporting can help. ESG sustainability reporting targets stakeholders who want to see, feel, and appreciate that by associating with your company, they are helping the globe become a better place. The reporting process helps you to emphasize that every structure of the enterprise is inclined to deliver the best for current and future generations.
A company that focuses on conservation and tells stakeholders about it will win their attachment because they know that the globe can only get better. Your stakeholders will become brand ambassadors who will tell others about the company, both offline and online. From there, the company can only grow to the next level.
Keeping the Cost of Operations Low
Most countries in Asia, from Singapore to Hong Kong, are known for their supportive business environment. Therefore, they attract a lot of businesses, and the competition is pretty high. To conquer this market as an investor, you need to be smart and adopt unique ways of cutting down costs. ESG sustainability reporting can help.
The first step of ESG sustainability reporting is a company review with the intention of rethinking strategies in use. You can take this opportunity to rethink the production or operations costs and then craft ways of keeping it down. For example, you can cut down the cost of operations by adopting preventative maintenance in a manufacturing facility. See: you will not have to wait to incur downtime from breakdowns and lost working hours, to initiate repairs for the facility. Instead, you look ahead and prepare for anticipated challenges.
Better Staff Engagement
The social criterion in ESG sustainability reporting focuses on people and communities around your company. As a business, this should start with your staff. You can consider offering competitive remuneration, a clear pathway for career growth, and support for their extended families. In return, you are sure of better engagement, commitment, and productivity. This might be all that you need for the company to stand out in the industry and grow faster.
These benefits are only a few of what you should anticipate from ESG sustainability reporting. There are many others, including more profits, but remember that the reports you create must be accurate and verifiable. Make sure to work with the best ESG sustainability reporting software to understand the reporting process. Visit Diginex.com to see some of the best programs and select the preferred option.