As we continue to see the impact of climate change around the globe, the push for corporate sustainability initiatives has never been greater. It is increasingly essential that organisations develop and adopt sustainable practices that reap long-term benefits.
Through adopting sustainable practices, businesses can see a reduction in operational costs and boost in profits by up to 60 per cent, and experience 27 per cent higher profitability and a 22 per cent increase in productivity.
Consumers are gradually eliminating corporations that adopt unsustainable practices, with 73 per cent of Gen Z consumers willing to spend more on sustainable products. In fact, 62 per cent of consumers are keen to adjust their purchasing habits to reduce environmental impact, according to an IBM Institute for Business Value Survey.
Giving the green light on sustainability
As a co-owner of PRIZM Group, a digital marketing agency, I lead the team at the Singapore office and have seen the rise of CSR (Corporate Social Responsibility) activities throughout the pandemic since we started in 2020.
These campaigns include forums on mental wellness, ocean clean-ups, air quality index, sustainable food and lifestyle choices and, in general, more calls for social causes. Looking back to go forward, we strive to build a better world for the present and future generations.
The hard truth is that adopting sustainable practices is no longer just about doing what is ethical. With a company’s ESG (Environmental, Social and Governance) goals encapsulating its relationship with stakeholders and the environment, 85 per cent of investors consider ESG factors before investing in a corporation.
ESG goals show how companies can be part of the solution, uncovering opportunities for growth while raising awareness on issues such as the climate crisis. It is crucial for corporations to have well-defined ESG goals, which would ultimately influence their reputation and public trust.
Walking the talk
However, the biggest challenge for businesses would be to find grounds for compromise between profitability and sustainability. In my current position leading Prizm Group Singapore, an integrated digital-first agency championing sustainable businesses, we are committed to bridging the gap for sustainable, profitable businesses through technology.
Through the digitalisation of sustainable strategies, our businesses are able to move closer to achieving their ESG goals. We also help companies showcase their sustainable strategies, products and services by raising awareness via digital content to their consumers, investors and shareholders.
In line with that, one of the main growth goals for Prizm Group is to work with companies who are trying to make a difference for the next generations to come and also to innovate and pioneer more strategies in ESG, leaving a green legacy.
A case study to highlight is one we have recently worked on for Doctor’s Anywhere (DA), a telehealth company based in Singapore. DA is a strong advocate for women’s health, empowering women in their pregnancy journey.
A timely reminder of women’s rights to their own bodies, given the change in abortion laws in the US. Our team recently produced a discussion video educating women about contraceptive pills and taboo topics not normally discussed openly in Asian culture.
We have also created an Instagram AR filter game to encourage women to take charge of their own health. We have garnered up to 17k impressions through the AR filter, and it is a great way to introduce controversial topics in a lighthearted manner.