Bain & Company's recent study highlights growing concerns over the lack of sustainability goals/plans being achieved.
In light of growing environmental concerns driven by extreme weather, new research from Bain & Company shows more than 60% of businesses in the GCC region are currently off track to achieve their sustainability goals. The study emphasizes the pivotal role of technology, policy, and behavior change in achieving sustainable practices. An increasingly environmentally conscious base of consumers and employees in the GCC may prove instrumental in steering businesses towards their sustainability targets.
Bain & Company published a new study in November exploring the top sustainability concerns for business leaders, their customers, and their employees.
“With the upcoming global focus on the region with COP 28 and the potential implications from this critical gathering, it is critical that CEOs and sustainability plans in the corporate sector take center stage in the next phase of the world’s transition. Our global report on the topic is grounded on the philosophy of Visionary Pragmatism in this path for executives to adopt as they are navigating taking the global ambitions and translating them into the day-to-day functioning of their respective companies” said Akram Alami, Middle East Partner at Bain & Company.
Surprising Truths About Consumers
Bain’s research reveals several surprising truths about consumers, dispelling some common misperceptions. Among them, are the ideas that consumers won’t pay more for sustainable products and that consumer behavior is fixed.
Four Critical Areas of Focus For Companies
The momentum behind sustainability and dynamic shifts in consumer behavior have profound implications for any company. Bain sees four critical areas of focus.
Upskilling Employees to Rise to the Challenge
Bain found that 75% of business leaders believe they have not embedded sustainability well into their business. The instinct of many CEOs is to prioritize external hiring to address all skill gaps, including in sustainability. Bain advocates for addressing sustainability challenges through a combination of smart upskilling and cultivating a learning mindset.
A new Bain survey of 4,700 people found that 63% felt different skills and behaviors would be required for their company to execute its ESG ambition or strategy. Yet only 45% of nonmanagers said their employer offers reskilling and upskilling opportunities that would enable internal mobility.
Despite almost every CEO saying they have a talent problem, few companies have defined what it means to be a great employer. In Bain’s recent survey, 44% of respondents said it is easier to find a better opportunity outside of their company than within it.
To get a broad sense of environmental concerns around the world, Bain surveyed 23,000 consumers. The results underscore the growing urgency of sustainability topics. Some 64% of people reported high levels of concern about sustainability. Most said their worries have intensified over the past two years and that their concern was first prompted by extreme weather.