20 March 2023
How should you spend your remaining time on this Earth?
This is a question that author Susan Cain posed to her readers. Time is a precious resource that we all have in limited supply. It's impossible to know exactly how much of it we have left.
When we frame our lives in the context of our mortality, everything can change for the better. We may find ourselves more motivated to pursue our passions, build meaningful relationships and work, and make a positive impact on the world around us.
As someone who has lived half of their expected lifespan, this question is what led me to live my purpose: to help leaders and organisations rethink how they lead, so they can unlock their potential and be empowered to drive greater impact.
Leadership is a powerful tool that can spark positive change and influence entire communities. Leaders have the ability to inspire and mobilise individuals towards a common goal, advocate for important issues, and work towards addressing societal challenges.
Many organisations today recognise the crucial role of people leaders in driving cultural change towards achieving Environmental, Social, and Governance (ESG) goals. By prioritising ESG strategies, organisations can harness the power of leadership to create a better world, one that is sustainable, equitable, and inclusive.
Leadership is not limited by the confines of an organisation, but rather a force that has the potential to shape the world around us.
Last month we partnered with The Serenity Collective to explore how can we empower leaders in driving positive change through a series of Think Tanks that brought together leaders from different industries and sectors. We spent the day doing some important work for the future and planting trees whose shade we will never sit under.
The Think Tank sessions, titled Leadership for the greater good: empowering leaders to drive positive change in the context of Environment, Social, and Governance (ESG).
The think tanks centred around three key questions and explored:
What are the ESG imperatives that are facing organisations today?
What are the challenges and opportunities for leaders and organisations to drive positive change?
What are the strategies for leaders to embed ESG and drive culture change?
The insights from the think tanks are presented in a paper which provides an overview of the key themes discussed during the workshops, highlighting the challenges faced by organisations and leaders, as well as the opportunities available to them. Additionally, the paper offers a range of strategies for organisations to consider and adopt as they navigate the complex landscape of ESG.
ESG imperatives that are facing organisations
The brainstorming sessions produced several themes (as illustrated below) on the ESG imperative that is facing organisations today and informed the discussion on challenges and opportunities for organisations.
Challenges for organisations
Leaders and organisations are facing several challenges when it comes to embedding ESG. First and foremost, it can be challenging to define ESG and align it with the organisation's purpose, values, and strategy, as it is important to understand why ESG is essential.
A significant challenge is changing the profit versus purpose paradigm and finding the right balance between sustainability and remaining profitable. Therefore, it becomes difficult to allocate sufficient resources to the ESG function and initiatives.
To make progress, systemic change is needed, requiring a fundamental shift in how organisations operate. It is crucial to move from a compliance mindset and organisations must know where to start and how to measure their impact through metrics.
Embedding ESG into an organisation's operations is a complex process that requires addressing various challenges, and some companies have taken innovative approaches to tackle these challenges.
Opportunities for organisations
There are numerous opportunities available to leaders and organisations who are committed to ESG and includes:
Communicating a compelling vision that inspires and motivates employees, consumers, and other stakeholders.
Creating alignment among the board, executive and senior leaders.
Educating employees and consumers on ESG principles and practices.
Celebrating wins and successes to build momentum and create a sense of excitement and pride among employees and other stakeholders.
Strategies for organisations
To build a sustainable and responsible business model, it's essential for organisations to have a well-planned and structured approach towards ESG transformation.
This involves identifying, prioritising, and addressing risks and opportunities, and adopting suitable strategies to achieve the desired outcomes.
Some of the strategies that organisations can consider include implementing ESG focused policies, engaging with stakeholders, establishing clear accountability and governance structures, investing in sustainable technologies and practices, measuring and reporting ESG performance, and integrating ESG into the overall business strategy.
The think tank discussions highlighted the challenges and opportunities for organisations and leaders in achieving ESG goals. Strategies presented in the paper can aid organisations in navigating the complex ESG landscape and building a responsible business model. Ongoing commitment, sound strategies, and regular evaluation are crucial for positive change. A structured approach to ESG transformation allows organisations to address risks and opportunities and work towards a better future for stakeholders.
Click here to download and read the full report.