Today, most businesses must adhere to certain ESG standards (environmental, social, and governance). This not only due to the fact that a company’s brand value and reputation can be significantly impacted by its social practices, but also because it is a prerequisite for the creation of long-term sustainable growth and good values.
Social sustainability encompasses equity, diversity, inclusion, and belonging - something that plays a direct part in developing environmental and economic goals.
By putting people and human needs at the core of business, we can create more resilient business models that are better able to handle and overcome economic, environmental, and social challenges. Social justice is a business concern, and when we promote social equity within organisations, they can more easily adapt other necessary changes.
When prioritising social sustainability, it becomes much easier to attract and retain the right talent, manage risks, have a positive environmental impact and an overall more sustainable business strategy.
An Intersectional Approach to Social Sustainability
It is also important that we approach ESG through an intersectional lens and keep expanding our efforts to promote the “S” in ESG in a way that can help us embed intersectionality in our broader ESG strategies.
If we want women, men, and those outside of the gender binary to all have a fair opportunity to succeed, we must acknowledge the specific challenges that different groups are facing. One obvious area of improvement is the gender capital gap in the corporate world.
This gap increases when other areas of marginalisation is considered. Our approach to diversity, inclusion, and belonging must take this into account so that we don’t continue to perpetuate the same power structures and barriers in the years to come.
An intersectional approach will recognise that not all underrepresented groups face the same challenges. For an example, women of colour often face additional barriers to career advancement that are not faced by white women or men of colour.
There is a myriad of ways to face discrimination based on one’s race, nationality, ability, neurotype, sexuality, gender, religion, and socioeconomic background. This must be considered if our approach to social sustainability within the workplace is to be effective.
Social Sustainability as a Foundation for Growth and Profit
We are at a point where we should all do more than what is required by legislation with regard to ESG, regardless of national context. Data collection and analysis is only the first step – we then have to act and ensure that we implement concrete actions based on these findings.
SHE believes that social sustainability and profit are not mutually exclusive, but rather mutually reinforcing. A strong commitment to social sustainability is then not only the right thing to do – it also makes good sense from a business strategy standpoint.
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