Job vacancies have never been higher. The Great Resignation has evolved into the Great Rehire. And it’s officially a candidates’ market. That means you need to look at other benefits to retain and attract employees beyond a competitive salary.
Those benefits can vary depending on your industry. But a growing pull, across all sectors, is what might be recognised as a ‘high ESG rating’: a strong commitment to the environment, social responsibility, and openness in reporting. This is why.
Sustainability is a priority for employees…
Candidates are actively seeking out B Corps and impact-led companies. According to a recent survey by IBM, 67% are more willing to apply for, and 68% more willing to accept positions from, environmentally sustainable companies.
Perhaps more significant, though, is that 35% of those who changed jobs last year accepted an offer from an employer they considered sustainable. Around 34% accepted roles where they can directly influence sustainable outcomes. And of those who moved, one in three even took a salary cut for it.
The threat to companies is clear. 79% of respondents didn’t think their employers were sustainable. Without evidence to the contrary, employees may assume you’re not pulling your weight when it comes to things like social causes, the environment, and employer sustainability. And they may be tempted elsewhere.
…and it stands to benefit you too
Getting an accreditation from the likes of B Lab galvanises those around you and provides an independent certification of your sustainability and ethics. This is how you show a team you mean business. The group is recognised internationally, with members like Patagonia flying the flag, so it’s no surprise their badge carries so much weight. This was certainly the case for Emma when we were hiring a Growth Manager:
"Combining an innovative and fresh approach to insurance, along with an environmental awareness and a drive to do better, I was drawn to the ethos and culture that Capsule had set out to create. We’ve now achieved B Corp status, but in our initial conversations it was something that the team were working hard on behind the scenes – and this was another big draw for me. Insurance and sustainability are treated as oxymorons, but Capsule is about to change that thinking and prove that anyone can do better!"
Emma Waterman-Flynn, Growth Manager at Capsule
The best bit? When your employees engage with your mission, they’re more committed to helping you achieve it. Happiness levels have long been associated with productivity too. The more satisfied we are, the harder we work – as much as a 13% increase in some cases. And the happier your employees are, the less likely they are to leave, saving you forking out for recruitment and training costs.
Believe in B Corp? Work with us
A commitment to sustainability is a big check mark on some insurers’ lists. Those who know the risk-limiting impact this can have often offer cover at prices that reflect it.
Simply put, when you pursue ESG plans, you get much more than a strong employer brand out of it. Get in touch and we’ll explain how.