Post Covid we are witnessing a change in responsible behavior of many companies. More and more Sustainability goals & CSR initiatives are being embedded into the company business models. Such initiatives are being created to meet the increasing environmental, societal and governance requirements. Not only such responsible behaviors increase organizational Sustainability and CSR footprint but are designed to transform an organization into a sustainable business which not only add value to organization but also to the society. This strategic initiative to manage the societal resources with more responsible manner which not only increase economic performance, operational efficiency but also gives companies the competitive advantage and promotes innovation. As mentioned by great thought leaders, that we are custodians of societal resources and should provide decent return of investment to owners and shareholders. In this blog I would like to share my thoughts on Sustainability Reporting Post Covid-19.
When the epidemic struck for many organizations it was mere need to sustain the calamity and helping the society and environment. Business way of thinking has changed as we witnessed more issues impacting the societal and environmental structures. Have you ever thought what would be the responsible behavior post Covid – 19 and what are some of the sustainability reporting parameters companies should be publishing in their annual sustainability reports? It appears that Sustainability Reporting post Covid -19 has developed further, now for more and more organizations it is much needed metrices. However, for many organizations it is still in early stages on what metrices to be reported. The pandemic has impacted lives of the people, supply chains of the companies and even economy of corporations and companies have responded with recommendation made by WHO. Do companies need to report their sustainability reporting parameters based on the respond, Relief, Recover & Resiliency guidelines given by WHO or companies need to develop their own standard above the guidelines set by WHO. These are still debatable topics within the boardrooms of the companies.
Some of the focus areas which required attention include 1. How quickly companies responded to covid with awareness campaigns 2. How quickly they set up Business Continuity plans with employee health assessments 3. Supply Chain impact reduction in all topics of relevance 4. Taking care of workers both native and migrant and timely payment of salaries to employees 5. Participation in community support activities including distribution of food suppliers, masks, medicines etc. When it comes to overall Sustainability Reporting the key metrices covering 1. Timely communication to all stakeholders and clarifying on their concerns, 2. key social, environmental impacts discussed above like salary, support, health check ups etc. 3. Number of employee surveys engaged, personal talks with employees on Covid concerns 4. The information on the revival initiatives and measures aimed at meeting societal needs like reducing human loss 5. number of leaderships connects and communications and finally 6. Measures on supply chain and logistics adjustments, cost optimization measures
As mentioned above Sustainability Reporting during COVID crisis is a huge boardroom discussion among major corporations. It is driving key initiatives aimed at reducing environmental foot print, GHG emissions, Circular Economy and Global Goals highlighted by UNDP. These are definitely a forward step to ensure all people enjoy peace and prosperity by year 2030.
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