Steven Garibell is Vice President of LGBTQ2+ Business Development at TD Bank.
Environmental, social, and governance (ESG) policies sound like a big undertaking for large companies, but companies of all sizes can and should adopt them. ESG policies not only have a positive impact on communities and the world, they also help companies attract job seekers, customers and even opportunities.
ESG covers a wide range of policies, products and practices for companies, but to get started you need to create perspectives on a few influential things and adopt those changes.
If you are ready to implement an ESG policy in your business, the first step is to honestly consider your current operations.
- Do you have a fair paid, diverse workforce with access to benefits?
- How do you protect the environment? Do you recycle, conserve water and use renewable energy sources?
- What local, state, and federal regulations must I follow?
Once a baseline is established, develop a plan for increasing effort. These can be two to he three focus areas with measurable steps to make sure the goal is achievable. Next, investigate whether her targeted ESG changes/goals open up additional contract, supplier, or partnership opportunities for the business. Finally, share viable plans with team members and customers, and look for ways to collaborate with like-minded community groups and business owners. Above all, be open and demand accountability.
Being a responsible corporate citizen is not only the right thing to do, it pays big.