Drivers for Sustainability
In researching its latest International Business Report, Grant Thornton asked 2,500 businesses across 34 economies what is driving their
corporate social responsibility activity, examples of CSR initiatives and how these are being reported. They also looked at the role integrated reporting can play in improving transparency and decision-making.
What drives companies to become more socially responsible?
Businesses report an increase in drivers to move towards more environmentally and socially sustainable business practices. Globally, cost management is the main driver (67%), followed by customer demand (64%) and because it’s the ‘right thing to do’ (62%). How a business is perceived to be operating is also important in many countries (59%), especially China.
In the UK however, client / customer demand was the top answer (62%), with recruitment / staff retention next (49%).
Paul Raleigh, Global leader – strategic development and growth, Grant Thornton, says CSR could be the difference that beats the competition: “The leadership of dynamic businesses towards more socially responsible and transparent practices is likely to emerge as a competitive edge to unlock their potential for growth in an ever more crowded marketplace.”