Sustainability in Times of Recession: Five Ways to Bring Clarity to Your Sustainability Strategy

The rapid deterioration in the global economy is requiring companies to focus on survivability—whether they have the financial, human, and other resources to make it through this period of intense disruption. This is also a time, however, for companies to consider the value of their existing sustainability strategies. Companies with robust sustainability programs are more likely to perform well during a downturn. Here are the five key elements of a fully developed sustainability program that should improve a company’s ability to prosper in the long run: 

1. A well-defined corporate purpose to help frame decision making and keep employees engaged
2. A clear view of what is material (and what is not)
3. An awareness of broader societal challenges, for example as defined in the UN’s Sustainable Development Goals (SDGs)
4. A robust level of engagement and transparency with stakeholders
5. A collaborative culture to catalyze innovation 

For more, read Sustainability in Times of Recession: Five Ways to Bring Clarity to Your Sustainability Strategy