EVENT - NEW METRICS OF SUCCESS FOR BUSINESSES
On 11 May 2022, our Impact Director Noelia Souque Caldato was invited to speak about ESG and business at the European Direct Selling Annual Conference in Brussels. Noelia was joined by Natalie Deacon from Avon Cosmetics and Julian Caccioli from Herbalife Nutrition to reflect about the new metrics of success for businesses.
A key take-away is the consensus around the fact that consumers and workers alike are looking for purpose while choosing to purchase from or work with a company. 58% of them are buying or advocating for a company based on its values and beliefs and 60% are choosing their place of work on the same basis (Trust Barometer 2022).
It becomes clear that organizations must set purpose at the heart of their business model to be successful. But it is also about honesty, trust and transparency. It is important for a business to understand what makes it unique and to build its environmental and social goals around the areas where it will have the biggest impact.
Measurement was also at the center of the exchange. It seems that many businesses are confused by the multiple standards and reporting frames. Environmental reporting seems to be easier than societal metrics as those are often difficult to grasp. Same for targets and KPIs. Making sure to be consistent and honest while measuring and reporting seems to be the best avenue.
Lots of questions around the B Corp certification. I was important to explain the mindset shift of this community that welcomes small and big businesses. But to also clarify that there are other certification options and opportunities to adopt a “B Corp mindset”.
As a conclusion, we can sate that ESG and sustainability strategies are becoming the new reference for success. Businesses must join the movement and transform their model to generate positive impact on people and the planet.