As the impacts of climate change continue to be felt globally, the importance of corporate sustainability initiatives is at an all-time high. It is crucial for organizations to develop and implement sustainable practices that bring long-term benefits.
By embracing sustainable practices, businesses can lower operational costs, increase profits by up to 60%, achieve 27% higher profitability, and experience a 22% increase in productivity.
Consumers are increasingly choosing to support companies that prioritize sustainability, with 73% of Gen Z consumers willing to pay more for sustainable products. A survey by the IBM Institute for Business Value found that 62% of consumers are willing to change their purchasing habits to reduce environmental impact.
Giving the green light on sustainability
As a co-owner of PRIZM Group, a digital marketing agency, I have witnessed the rise of Corporate Social Responsibility (CSR) activities during the pandemic since our inception in 2020. These initiatives include forums on mental health, ocean clean-ups, sustainable food choices, and more, demonstrating a growing commitment to social causes.
Incorporating sustainable practices is no longer just about ethics; it has become a business necessity. With Environmental, Social, and Governance (ESG) goals shaping stakeholder relationships and environmental impact, 85% of investors now consider ESG factors before investing in a company.
ESG goals highlight how companies can contribute to solutions, opening up growth opportunities while raising awareness of issues like the climate crisis. Clearly defined ESG goals can shape a company’s reputation and public trust.
Walking the talk
One of the biggest challenges for businesses is finding a balance between profitability and sustainability. In my role leading PRIZM Group Singapore, we are dedicated to supporting sustainable, profitable businesses through technology and digital strategies.
By digitalizing sustainable practices, businesses can move closer to achieving their ESG goals. We help companies showcase their sustainable efforts through digital content to reach consumers, investors, and shareholders.
At PRIZM Group, our goal is to work with companies that are committed to making a positive impact on future generations. We aim to innovate and pioneer new ESG strategies to leave a green legacy.
For example, we worked with Doctor’s Anywhere (DA), a telehealth company in Singapore, to promote women’s health education and access to reproductive health services. We produced content and an interactive Instagram filter game to engage women on these important topics.
Glyph Community Singapore is a children’s charity focused on providing opportunities for underprivileged youth in Singapore. Our team created event coverage and animated videos to raise awareness for the charity. We also collaborated with Enterprise Singapore to support SMEs at CIIE in Shanghai, producing materials to showcase their sustainable products.
Share your opinion with e27 by submitting an article, video, podcast, or infographic. Join our e27 Telegram group, FB community, or like the e27 Facebook page. Image credit: Canva Pro. This article was originally published on January 19, 2023.
The post How to incorporate sustainability into corporate strategies appeared first on e27.