In recent years, many companies hired chief sustainability officers and established a set of high-priority programs to reduce carbon emissions and the risk of global climate change. As the EU moves forward with a number of regulations designed to protect the workforce, it’s time to extend the concept of sustainability. People sustainability takes a holistic approach to corporate human capital practices, including diversity and inclusion, well-being, employee safety, and fair pay. It raises these human capital issues to the C-suite and obliges chief human resource officers to work with chief sustainability officers on these programs.
The EU has long been committed to improving worker well-being, claiming it wants to create more transparent and predictable working conditions for all its 182 million workers. Now, it’s moving ahead with this objective on a number of fronts:, which member states were required to enact by August 2022, is geared toward improving employee protections and increasing labor market transparency.
The EU is essentially saying that all these “HR programs” are much bigger than HR: They now fall into the category of global citizenship mandates, and companies must treat and report them as such.I’m talking to European and U.S. firms about how they are gearing up for the Corporate Sustainability Reporting Directive and developing people sustainability metrics.
Financial services firm Liberty Mutual sees people sustainability as a factor in limiting the global risks of its customers, partners, and employees in the face of accelerating climate change. Chief sustainability officer Francis Hyatt, who previously served as executive vice president of enterprise talent practices,in the firm’s risk management approach and promotes sustainability solutions for employees, resellers, and customers.
The real action is to get your HR team to start working as soon as possible with their ESG colleagues to get people sustainability metrics and strategies into your business goals. To drive this, bring together a team including your heads of HR, DEI, and ESG, as well as representatives from your corporate finance and legal teams, to design your people sustainability program.
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