The Importance of the ‘S’ in Your ESG Strategy
Well-being: the heart of a sustainable business model
An increasing number of companies are recognizing that well-being and profit go hand in hand, making employee well-being a strategic priority. A company that takes care of its employees is appealing and experiences less absenteeism and turnover. A staggering 90% of employees working for organisations with astrong social impact feel more inspired, motivated and engaged. At the sametime, the organisation boosts its sustainability score (ESG). In essence, well-being is the foundation of a sustainable business model. The question is: how do you get started? And you can find the answer in?’ B-Tonic’s 2024 TrendReport.
Illustration ©Peter Willems
People want to work for organisations where employees are well taken care of. Research indicates that 59% of employees seriously consider moving to a company that offers better working conditions than their current employer. And 56% of employees aged 18 to 24 would even quit a job that prevented them from enjoying their lives.
People Sustainability
In other words, companies and organisations face the significant challenge of creating work environments that encourage sustainable performance, with attention to both results and well-being. With a people-centric approach, organisations and companies are more resilient, capable, innovative and motivated to achieve shared sustainability goals. We call this ‘people sustainability’.
An Conversely, it’s evident that a company’s sustainability or ESG policy (Environment, Social and Governance) directly impacts employee well-being. This therefore completes the circle: the more sustainable or ESG-driven the company organisation operates, the more positive the impact on the well-being of its human(and social) capital, which in turn fuels the organisation’s growth and success –meaning that well-being also becomes a powerful tool in the battle for an attractive employer brand. Put differently, behind the front lines of the current ‘war for talent’ rages a true ‘war for well-being’.
Four steps to an ‘S’ strategy
In its ‘2024 Trend Report – the social weight of ESG in Sustainable Business’, B-Tonic, a subsidiary of Baloise, translates how to turn the ‘S’ (Social) of the ESG strategy into concrete actions in the workplace.
Under the pressure of European, Belgian and regional legislation, more and more companies (large and small) need to report on the sustainability of their activities (or lack thereof). The environment currently receives the most attention, but the ‘S’ is increasingly gaining weight. But it’s not yet clear to everyone how they should concretely incorporate this ‘S’ into their strategy.
This trend report delves deeper and describes four crucial steps:
- Promote a safe and inclusive work environment and encourage diversity;
- Demonstrate social commitment;
- Be customer-focused and protect consumers;
- Establish sustainable supply chains
In the second part of the report, hands-on sustainability expert Stefaan Vandist brings the future to the present with several striking trends in the world of well-being.
You can download the full 2024 Well-being & Sustainability Trend Report here.
Siviglia Berto, Managing Director B-Tonic:
‘The quest for an effective and sustainable well-being policy is no simple task, considering the various profiles and great diversity within organisations. Teach employees to understand your ESG strategy and involve them in how they can influence ESG goals.’
Stefaan Vandist, Hands-on sustainability expert:
It’s no longer sufficient to focus solely on the final destination regarding sustainability and well-being. The journey to get there is just as valuable.’
Siviglia Berto (© Marco Mertens).
Stefaan Vandist (© Patrick Bongartz)
About B-Tonic
B-Tonic is a start-up and subsidiary of Baloise. As a strategic and sustainable well-being partner, B-Tonic supports companies in developing a strategic and sustainable well-being policy. Well-being therefore becomes the lever for increasing employee motivation, connectivity and productivity. A motivated employee who feels good about themselves naturally propels a company towards success. In doing so, B-Tonic also helps to implement the United Nations Sustainable Development Goals (SDGs) by2030 and provides a clear overview, possibly coupled with advice for optimisation, that serves perfectly as a reporting tool for ESG reporting. In ESG reporting, wellbeing falls under the S of Social, alongside the two other pillars Environmental & Governance.
About Baloise
Baloise is an insurance company that combines long-standing experience and a richhistory with a spirit of entrepreneurship and innovation. The customer is at the heart ofeverything we do. All talents are welcome, and together we strive for the best results.We work every day to build sustainable cooperation with our partners, the brokers, tooffer suitable insurance solutions to both individuals and businesses. Baloise inBelgium is part of the Swiss Baloise Group. We aim to contribute to a safer world forall our stakeholders: our customers, our brokers, our employees and ourshareholders. In Belgium, Baloise has a turnover of more than €2 billion and ranksamong the top four damage insurers.
