ESG - Stakeholder Communications And The Role Of Technology

Stakeholders Demanding ESG Commitment

One of the most noteworthy trends in recent times has been the spotlight put on an organization’s Environmental, Social, and Governance (ESG) performance and communication with all concerned stakeholders. C-level executives are frequently being asked to communicate with an array of internal and external stakeholders, including such internal audiences as employees, the extended executive management team, and even the board of directors. In a 2020 survey report published by Deloitte, about 50% of the companies experienced strong demand from employees, as the single largest stakeholder group, to disclose ESG performance. Board of Directors were the second most active stakeholders with about 42% of the companies identifying these internal stakeholders as a group demanding ESG disclosures. Externally, stakeholders may include investors, shareholders, customers, recommenders, and other influencers. 

Key Metrics and Results Achieved 

As a result of using ProcessMAP’s software, tkE has been able to measure significant results.

  • 108% increase in number of unique user logins over one year. tkE first introduced ProcessMAP to users in U.S., followed by Latin America and then Canada. The system has been easy to use, intuitive, which encourages more individuals to use the system.
  • 178% increase in the number of unique user logins on the mobile app in one year – When tkE moved to the mobile platform and adapted all the modules for mobile devices, they wanted simple-to-use apps to encourage adoption.
  • Near misses increased by 484% – being able to report near misses or unsafe conditions on a tablet or cell phone in elevator environments has been key to tkE employees reporting near misses. 
  • 54% Increase in incident investigations completed within 24 hours – previously, incident investigations could take between 30 and 60 days at tkE.  Being able to complete an investigation and submit findings by phone within 24 hours has dramatically reduced the time it takes tkE to close incident investigations. 
  • 112% increase in calendar action on-time closure rate over one year –  This metric shows that managers and supervisors are tracking action items and closing them on a regular basis. Managers are able to complete and capture digital inspections and document their completion. 
  • 14% reduction in restricted duty cases over one year – another significant milestone for tkE, they are now able to use their ProcessMAP software to enter cases into Incident Management, and begin the process for transitional duty almost instantly. Approval can take about 20 minutes,  and tkE is able to help the individual find a reasonable accommodation, allowing the individual to continue working, feeling productive and not losing wages at all.
  • 16% increase in adherence to the tkE safety program – the elevator industry is a high-risk business, and injuries can be severe to catastrophic.  For tkE to see an increase in adherence by their 55,000 employees can mean the difference between life and death, or recovering from a life-changing injury. tkE attributes the increase in adherence to the program because the apps are easy to use and convenient, making it easier for employees to comply. 

To learn how ProcessMAP can help you transform your EHS performance, sign up for a free trial, today!

Spurred by such a diverse set of stakeholders, many of the large or publicly traded companies are taking the lead in reporting their ESG performance. According to the data compiled by the Governance and Accountability Institute, just about ten years ago, only 20% of companies in the S&P 500 were reporting ESG data in the public domain. By 2019, more than 90 percent of companies were reporting their ESG performance. Nearly 50% of companies have adopted the Global Reporting Initiative (GRI) standards, which require organizations to understand and communicate their impacts on such issues as climate change, human rights, and corruption. About 25% of companies have started adopting the new SASB standard – the Sustainable Accounting Standards Board, and 65% of all companies are reporting to various third-party agencies for their carbon disclosure. 

There is a similar public reporting trend taking place globally. In its 2020 Survey of Corporate Responsibility, KPMG reported that 80% of the top 100 companies (by revenues) in the 52 countries that were covered in the study are already reporting in the public domain. Additionally, 96% of the G250 (the world’s 250 largest companies by revenue as defined in the Fortune 500 ranking of 2019), are reporting their data and communicating their environmental performance in the public domain. Whether or not companies are reporting this information now, at a future point, they will be expected to share these data points, whether it be with customers or the general public. In the last three years, 30 percent of the N100, or the top 100 companies around the world, and the G250, or the largest 250 companies globally, are now reporting their environmental performance.

Image Source: The Governance and Accountability Institute

Communicating Trustworthy Data and the Role of Technology in Breaking Data Siloes

It is abundantly clear that companies and executives are being held responsible for communicating their ESG performance with a wide range of public and private stakeholders. However, a critical component of this communication is the availability of trustworthy data. In a typical organization, your ESG data might be locked in a diverse and distributed set of functional, departments, geographic, or other kinds of siloes. In a typical corporate environment, a waste vendor will dispose of hazardous waste or recyclable waste. The Finance Department manages the invoices for utilities or water consumption. The challenge for the environmental professional is how to gather pertinent data across multiple clients, multiple facilities, across the United States, or across the world, and to ensure that the method for data collection makes sense and is accurate. Digital ESG data intelligence platforms, like ProcessMAP, play a critical role in seamlessly collecting, aggregating, and enforcing data accuracy, including all the emissions calculations and normalizations. Digital ESG solutions work much the same way that digital tools do for accounting and financial systems.

To learn how ProcessMAP can help you manage and report ESG performance, sign up for a free trial today! 

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email
Recent Posts
Newsletter
Subscribe for our monthly newsletter to stay updated