We check in again with Sophie Boyce, Associate at a leading Wealth Manager in the City, for her deep insight into the three investing principles of ESG.
Last month, we wrote about the importance of implementing ESG at work and focused on the first environmental factor: Read part one of “How to implement ESG at work, Part 1: Environmental” here.
This month, we put ‘Social’ under the microscope!
What does ‘social’ mean in the context of ESG?
When companies start thinking about implementing ESG into their business, social often seems the easiest to launch. Social, which includes employee well-being, engagement with the community, and health and safety, encompasses how we help and support each other both inside and outside the work environment.
Here are some ways that we can support colleagues and communities in need.
How to improve employee well-being at work
Employee well-being should be among any company’s highest priorities; this is why we often find it in mission statements. But mission statements are not always acted on, and this can leave workers feeling, at best, undervalued and, at worst, ignored.
Do you feel your company commits itself to improving employee well-being? Do you feel companies know what they mean by ‘improving well-being’, and are they able to act upon their goals?
Even with the best intentions, pizza night every once in a blue moon definitely doesn’t beat a structured and actionable plan for improving employee well-being and morale! Here’s how to get started:
Promote diversity, equity, and inclusion (DEI) initiatives
You will have heard that the more diverse the voices in a room, the better you can make sound decisions.
Ensure your job advertisements use inclusive language and actively encourage people from diverse backgrounds to apply. Include a statement in your company profile such as: “We believe diverse perspectives drive innovation and success. We welcome applicants from all backgrounds, identities, and experiences.” To strengthen your hiring approach, enrol the committee on programmes that help them recognise their implicit biases. Demonstrating a genuine commitment to hiring a diverse workforce encourages those who may otherwise feel marginalised to apply to positions at your company.
Provide opportunities for healthy living
Yoga groups and other fitness initiatives can be excellent ways to make wellness programmes accessible, lowering barriers to entry such as distance to fitness centres, programmes running at awkward times, or not having anyone to join them for a yoga class. Exercise classes can be fantastic opportunities for your teams to bond, meaning your team could become healthier and closer.
Providing nutritious snack options like fruit bowls in public spaces and access to clean drinking water are also important to ensure your employees stay healthy. This is especially important in the finance and banking industries, where employees frequently work late hours and where the temptation to reach for a chocolate bar can be high!
How to improve community engagement at work
Engaging employees within your company might not be all that easy, especially now that many companies are actively running hybrid or work-from-home environments; this is why implementing the ‘Social’ part of ESG must be all about balance!
Offer volunteering opportunities
Aldrich & Co is a finance & banking recruitment consultancy, and our client firms tend to have headquarters in the City of London, where plenty of charities and trusts are looking for support and volunteers. IntoUniversity and Horatio’s Garden are two such institutions to whom we have been delighted to offer our time.
While offering financial support to charities is critical to their continued success, offering our time and expertise can be rewarding in many more ways. Getting stuck into volunteer work may get you working with your hands and in the open air, introducing you to a group of people you may connect with and form new friendships with. Or, if you want to continue developing and sharing your professional skills, there are many skill-based volunteering roles and initiatives where you can help small businesses and students develop business literacy and help them succeed. These options are bound to give you a deeper sense of purpose than contributing financially.
Sponsor employees
An unfortunate yet persistent belief among employees is that managers often see them in the role they were initially hired for, making any progression up the career ladder within the company a challenge. As a result, some seek opportunities in different companies, leading to talented employees jumping ship!
Companies should take notice of this belief and offer their employees educational or professional development opportunities that help them to grow within the firm. Mentorship programmes and clear internal career paths can help employees to see a long-term and secure future at the company.
How to improve health and safety measures at work
Solid health and safety policies should be the foundation of any company. Always make sure the building is accessible to all your employees, especially if the building is older and less likely to have access ramps, automatic doors and lifts to help wheelchair users get around. If changing the building is impossible, offer flexible arrangements for people with mobility needs to ensure every employee feels valued and supported equally.
Consider implementing a policy that encourages your team to step away from their desks and walk around, preferably outside! Studies show that people feel more fulfilled and work more productively when they take regular breaks between work activities. By promoting movement and fresh air, you are well on your way to a healthier and more engaged workforce.
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How does your company apply ESG Social policies to its workplace, and have we inspired you to take action?
We are a recruitment consultancy for London’s finance & banking sectors, and we always love to hear from dynamic firms and ambitious candidates. Keep in touch on our social channels Instagram and LinkedIn for updates on our latest jobs!