To protect reputations, businesses commit to sustainable practices
Over the next five years, businesses in Australia will be under pressure from governments, competitors and customers to become more sustainable. They’re being held back, they say, by a lack of funding, consistent measurement and reporting frameworks, while believing they also need greater knowledge.
Obstacles aside, companies are expecting to invest more in promoting employee wellbeing, encouraging workplace diversity and inclusion, and reducing waste to improve their sustainability practices.
When it comes to making a contribution to the UN’s Sustainable Development Goals (SDGs), affordable and clean energy, decent work and economic growth, quality education and wellbeing are seen as the areas where businesses can do the most.
More than two-thirds of Australian companies (67%) see staff wellbeing and mental health as critical to the success of their business. To turn this into action, companies are prioritising flexible working hours and workplace arrangements, mental health cover and extra annual leave.
More than two-thirds of Australian companies (67%) see staff wellbeing and mental health as critical to the success of their business
|Partner/collaborate with suppliers to improve their own sustainability performance||25%|
|Support charitable, social or community initiatives, locally and/or globally||24%|
|Report environmental, social and governance footprint/metrics to all stakeholders||17%|
|Improve sustainable sourcing of more eco-friendly raw materials||17%|
|None of the above||3%|
The top three motivations for implementing sustainable practices are meeting buyer expectations (34%), meeting regulatory standards (27%) and gaining reputational advantage (25%).
67% of Australian businesses agree strongly or completely that staff wellbeing and mental health is critical to business success, compared to the global average of 73%.
61% think they have a role to play in delivering the UN’s SDGs.