Therefore, a fascinating balance needs to be struck between business success (in the traditional sense) and sustainability. Today, we delve into this balance, exploring the intriguing intersection between these principles and the remote work policies that so many businesses now operate within daily.
Curious about the relevance of this crossover? Well, according to a 2021 survey by Gartner, 85% of investors considered ESG factors in their investments, highlighting the growing importance of satisfying these criteria. When we combine this within modern businesses and startups, especially those seeking investment and going through the fundraising process, you begin to understand the massive relevance of being aware of ESG.
Being aware encompasses participating in strategies that can drive positive ESG impact, such as remote work setups. So, let's look at exactly how these strategies enable companies to implement these ideologies more efficiently and effectively.
The impact of remote work
Kicking things off with the 'E' of ESG, remote work inherently reduces a company's carbon footprint. With fewer, or in some cases such as ours at Bubbles, zero employees commuting, there is a massive decrease in greenhouse gas emissions (strictly from travel). In this light, we should look at some stats from Global Workplace Analytics.
They claim that if those who could work remotely did so just half the time, the reduction in emissions would be equivalent to taking the entire New York State workforce off the road. The scale of this workforce is mainly incomprehensible, so I feel comfortable drawing a parallel here with the incomprehensible environmental benefits of companies committing to remote or hybrid work policies.
However, the benefits do not just involve travel. In an environmental sense, remote work also reduces the need for large office spaces, meaning less energy consumption for heating, cooling, and lighting.
I want to note that the benefits are not without some challenges. An increased reliance on digital infrastructure that often occurs for remote work to be a success means those involved will have a higher electricity consumption and electronic waste. That's not to say that this challenge is not manageable, though. For the most part, companies are able to navigate these challenges by adopting green IT practices, such as using energy-efficient servers and encouraging the recycling of electronic devices.
Social benefits of remote work
On the social front, remote work positively impacts job satisfaction and work-life balance, both of which are key components of the 'S' in ESG. Employees gain more flexibility within these working setups, reducing stress and improving mental health. Not to flood you with facts, but according to Buffer in 2020, 98% of remote workers would like to continue working remotely to some extent, for the rest of their careers. So there you have it - implementing these strategies within a company will not only make you more ESG friendly, but it will benefit the lives of your hires.
Social benefits of remote work
On the social front, remote work positively impacts job satisfaction and work-life balance, both of which are key components of the 'S' in ESG. Employees gain more flexibility within these working setups, reducing stress and improving mental health. Not to flood you with facts, but according to Buffer in 2020, 98% of remote workers would like to continue working remotely to some extent, for the rest of their careers. So there you have it - implementing these strategies within a company will not only make you more ESG friendly, but it will benefit the lives of your hires.
Limitations and challenges
Despite the numerous benefits, remote work is not without limitations. Of course, the potential for employee isolation and the difficulty in building a cohesive company culture can be prevalent in this culture. Approach this as a challenge to overcome, and invest (financially and emotionally) in team-building activities and ways to create an inclusive digital workplace where people feel that sense of community.
The digital divide can also be challenging. Not all employees have access to high-speed internet or a conducive working environment at home. Understand this and aim to address these disparities. This is why recruiting and onboarding are critical so that you make the most of these efforts.
