Employee welfare, inclusion important for purpose driven sustainability agenda

KUALA LUMPUR, Oct 27 -- The Coronavirus pandemic has propelled organisations to redefine what purpose means for their business, according to global market research company, Euromonitor International.

In its report, Rethinking Sustainability: No Purpose, No Gain, one in eight businesses did not provide sick paid leave to employees, and only 3.2 per cent offered childcare support to their workforce, amid a global economic recession.

This illustrates the need for businesses to move away from a traditional ‘for-profit’ approach by putting people at the heart of their purpose, according to a statement.

Insights from the report show that business engagement with the Sustainable Development Goal ‘Decent work and economic growth’ (SDG8) increased by 6.7 per cent after the outbreak, the highest of all SDGs.

As a result, 39 per cent of businesses plan to invest in employee health and welfare to prevent similar public health risks, while 71 per cent intend to expand remote working, flexible hours and promote work-life balance.

Social purpose has also been brought to the fore with ‘Reduced inequality’ (SDG10) which increased by 1.4 per cent this year, the fourth highest of all SDGs.

In addition, focusing on the inclusion of society at large, alongside environmental concerns such as climate change, will be key to embrace a purpose driven transformation.

-- BERNAMA