A global study commissioned by the computing company Oracle reveals that 94% of people believe that not enough progress has been made in the field of sustainability and in the social field * 78% of people are frustrated and fed up with the lack of business progress in these areas
People around the world are demanding more progress in sustainability and society, and expect businesses to take action. This is according to a new study by the Oracle company with Pamela Rucker, CIO consultant and instructor in the Harvard Professional Development Program. The study, which includes more than 11,000 consumers and executives in companies and businesses, found that people are fed up with the lack of progress on existing and social initiatives. They want businesses to turn talk into action, and believe that technology can help businesses succeed where people have failed.
People expect businesses to mobilize to increase efforts in the areas of sustainability and society
The events of the last two years have put sustainability and social efforts in the spotlight, while people all over the world are fed up with the lack of progress and are calling on businesses to step up and act:
- 93 percent of people believe that sustainability and social issues are more important than ever, and 80 percent said that the events of the past two years have caused them to change their activities.
- 94 percent believe that there has not been enough progress. 42 percent attribute this to people being too busy with their other priorities, 93 percent believe it's the result of more emphasis on short-term profits than long-term benefits, and 37 percent believe people are too lazy or too selfish to help save the planet.
- 45 percent believe that businesses can bring about a more significant change in sustainability factors and society than individuals or governments alone.
- 78 percent are frustrated and fed up with the lack of progress by businesses to date, and 89 percent believe that it is not enough for businesses to say they prioritize ESG (Environment, Society and Governance) – but they need to see actions and proof.
- 84 percent believe businesses will make greater progress toward sustainability goals and society with the help of artificial intelligence (AI) and 61 percent believe bots will succeed where humans have failed.
Human bias and operational challenges hold back business
Company managers know that sustainability efforts are critical to business success and even trust bots more than people alone in driving sustainability and company efforts:
- 92 percent believe sustainability and environmental, social and governance (ESG) programs are critical to the success of their organizations. Managers indicate the top three benefits of these programs: strengthen the brand (40 percent); increase productivity (39 percent); and attract new customers (38 percent).
- Almost all business executives (91 percent) encounter obstacles in implementing sustainability and ESG initiatives. The biggest challenges include achieving shared and third-party ESG metrics (35 percent); lack of data (33 percent); Time-consuming manual reporting processes (32 percent).
- 96 percent of executives admit that prejudice and human emotions often distract from the end goal, 89 percent believe that organizations that use technology to help promote business practices in the area of sustainability will be the ones that succeed in the long run.
- 93 percent of managers trust a bot more than a human in making decisions about sustainability and society. They believe that bots are better at collecting different types of data without errors (43 percent); in making rational decisions without prejudice (42 percent); and in predicting future results based on indicators / past performance (41 percent).
- Managers believe that people are still essential to the success of existing initiatives and the company, and believe that people are better at implementing changes based on feedback from stakeholders (48 percent); educating others about information needed to make decisions (46 percent); and making strategic decisions based on the context (42%).
People will disconnect with businesses that do not take action on existing initiatives and society
Businesses are required to prioritize sustainability and society issues and rethink how to use technology to make an impact - or risk significant consequences.
- 94 percent of people want progress in sustainability and society to create a healthier lifestyle (50 percent); save the planet for future generations (49 percent); and to help create more equality for the world (46 percent).
- 70 percent of people are willing to cancel their relationship with a brand that does not take sustainability initiatives and society seriously, and 69 percent would even leave their current workplace and move to the name brand with a higher emphasis on these efforts.
- If organizations can clearly demonstrate their progress on sustainability and social issues, people will be more willing to pay a premium price for their products and services (87 percent); invest in their companies (83 percent); and work for them (83 percent).
- Managers understand the importance and urgency – 94 percent believe that sustainability and social metrics should be used to update traditional business metrics, and 91 percent want to increase their investment in sustainability.
"It has never been more critical for businesses to invest in sustainable and ESG initiatives, because people don't just want to hear about it - they are looking for decisive action and demand higher transparency and real results," she says Gili Shlesinger-Moran, director of the Enterprise Division in the E- SaaS at Oracle Israel "Corporate and company managers understand the importance, but nevertheless, sometimes mistakenly assume that they should prioritize either sustainability or profits. The truth is that this is not a zero sum game. The technology that can neutralize all obstacles to ESG efforts is available now, and organizations that get it right can not only support their communities and the environment, but also achieve significant revenue growth, cost savings, and other benefits that impact the bottom line.
"The events of the last two years have put existing initiatives and society under the microscope and people are demanding fundamental change. Although there are challenges in dealing with these issues, businesses have a huge opportunity to change the world for the better," she says Pamela Rucker, consultant IOC and instructor in the Harvard Professional Development Program. "The results show that the chance that people will do business with organizations that act responsibly towards our society and the environment, and work for them, is higher. This moment is an opportunity. Thinking has evolved and technology has also evolved, and it can play a key role in overcoming many obstacles that have hindered progress and development."
methodology:
The research findings are based on a survey conducted by Savanata Inc. Between February 25 – March 14, 2022 with 11,005 respondents worldwide from 15 countries (United States, United Kingdom, Germany, Netherlands, France, China, India, Australia, Japan, Singapore, South Africa, United Arab Emirates, Saudi Arabia, Brazil and Mexico) . The study examined attitudes and behaviors of consumers and business managers towards sustainability and society efforts alongside the role of artificial intelligence (AI) and robots and their expectations in environmental, social and governance (ESG) efforts.
Editor's note:
To the best of my experience, there is no such thing as corporate environmental responsibility - at most there is sloppiness in the form of small sustainability projects. The respondents are right who said that this is due to the preference for profits in the short term over the long term. In order for the companies to be green, a way must be found to price the true environmental cost of the products and this will not happen as long as the big corporations control the decisions of the governments - even in democratic countries. The public itself should force this by preventing investment from energy-intensive companies, companies that exploit cheap labor in third world countries, companies whose heads are partners in the lobby against stopping the climate crisis, and more.
