How sustainable business practices can increase employee retention
Sustainability in business has now become more urgent than ever before. It has proved to be an important tool for any business to remain a frontrunner in an increasingly competitive world. Today’s employees and consumers have a lot of expectations from companies, and sustainability is quickly becoming one of their top priorities.
Failing to keep up is risking losing customers and public trust; luckily, there are plenty of ways for businesses to start their journey to better practices. Doing so has many benefits, such as attracting new customers, increasing brand image, and simply improving the community.
One of the greatest benefits, however, is employee acquisition and retention. The emergence of sustainable business practices has led to the demand for experts in sustainability and training current employees in these areas can help close the gap. This will help create healthy workplaces and offer your company the right skills to promote sustainable transformation – as well as give employees the skills they need to feel successful.
Below are ways through which sustainable business practice can increase employee retention:
1. Sustainable business practices can improve employee loyalty.
Professionals and experts working with organizations that are at the forefront in sustainable efforts often report being happier and more productive. According to a recent Sustainability Report from GetSmarter, 56 percent of employees prefer working with companies that are dedicated to environmental conservation.
Another global report found out that companies that play a big role in sustainability efforts appear more attractive to professionals compared to those who put in less or no effort. This means that companies that lead in sustainability practices don’t struggle to find staff.
2. It helps create a diverse and creative workforce.
Diversity, equity, and inclusion have in the past few years become a clarion call for most businesses around the world. The COVID-19 pandemic has further exposed the social inequalities that exist in different areas of society. This has generally led to an emphasis on diversity and inclusion in organizations and such efforts will help businesses address global problems like gender and racial inequality, leading to better employee retention.
3. It can help attract new customers and employees.
There is increased pressure for companies and businesses to adopt sustainable practices – and not just from employees. GetSmarter found that 73 percent of consumers say that they are ready to change their consumption habits for the sake of reducing the negative impact on the environment. Businesses that have adopted serious sustainable efforts have reported increased sales, and a successful business tends to have lower employee turnover.
4. Sustainability practices encourage specialization.
There are great opportunities in sustainability for people with experience across different levels. Companies that focus on upskilling their current employees will face higher employee satisfaction, as well as empowering their talent to contribute to sustainable practices in any division.
The world is fast-changing, and it is largely influenced by social inequality, governance, and climate change. Focusing on sustainability is a proven solution for these three major issues. Companies that want to be leaders in their communities or industries have no choice but to adopt sustainable business practices – which will also help in employee acquisition and retention, customer loyalty, and branding.