Green Credentials are Top Priority for Firms
Businesses will need to respond to growing consumer concerns about the environment if they are to succeed in the next two decades, according a new report by HSBC.
HSBC’s The Future of Business report, which forecasts major changes on the UK business landscape over the next 20 years, predicts that firms will have to show their corporate social responsibility (CSR) ethically and environmentally.
“By law businesses are likely to have to demonstrate a level of sustainability, not just in terms of conserving energy but how ethical they are,” said the author of the report Martin Raymond.
“Firms can gain credibility with customers by communicating to them what they are doing to be more sustainable,” he said. “Customers are increasingly demanding a high level of ethical engagement.”
National Federation of Enterprise Agencies (NFEA) chief executive, George Derbyshire, agreed that CSR will become more and more important;
“Businesses won’t be able to play lip service to green issues, customer service, sustainability or ethical trading. They will need to earn customers’ trust, demonstrate their credentials and have them externally audited.”
“Accreditations like Fairtrade, Green Mark and Customer First will become business essentials – and that will have significant implications for the education, the skills, the attitudes and the leadership of successful businesses of the future.”
“In the coming years, successful businesses will need to communicate with and meet the needs of consumers and employees who are better educated, more informed, more sceptical and more demanding than ever before.”