Secure Your Place in the Supplier Network

Published on 1st May 2024

This insights post is a summary of the original blog post published by MEDTIA.  View the original blog post: Secure Your Place in the Supplier Network by being responsible . 

Corporate responsibility is a business practice that continues to grow in importance. A 2023 large-business survey conducted by the financial group OP in Finland has the data to back it up. The survey found that 42% of large business had to replace subcontractors or suppliers due to corporate responsibility commitments.

This trend isn’t expected to slow down since 45% of survey respondents said that responsibility obligation will cause them to look for new partners in the near future. The increased emphasis of corporate responsibility is motivated by brands wanting to meet the expectations of their target audience. In this insights post, we’ll go over how businesses can practice more effective corporate responsibility.

Corporate Responsibility Needs to Be Authentic and Measurable

One of the best ways for a company to ensure its position with suppliers is to start some type of corporate responsibility communication. Corporate responsibility is an ongoing effort that never really ends. As you get start on initiatives, communicating progress or small achievements goes a long way. Business stakeholders expect reporting, their requests to be answered, and environmental labels or other essential information about products to be shared.

Before you start any corporate responsibility communication tactic, be sure to have plan on how to communicate progress.

Be Prepared to Verify Green Claims

Without the right prep work, corporate responsibility messages could be labeled as “greenwashing” efforts. Consumers and governing bodies take any green or sustainability claims seriously and expect companies to back them up. It’s paramount that any green viewpoints or claims are based in fact and have transparent indicators that are regularly measured.

Many parts of the world have governing bodies that specify rules for environmentally focused advertising or claims. Their goal is to give stakeholders reliable information on the environmental claims made by businesses. In many cases, companies with more than 10 employees are considered to have an obligation to verify their green claims.

Navigating the Jungle of Corporate Responsibility

Oftentimes being accountable feels like a jungle of corporate responsibility acronyms that make it hard to find the right path forward. It’s important to do research and identify the corporate responsibility best practices for your specific industry. You don’t want to lose out to a competitor because they’re meeting the customer’s expectations better than your business.

Now is the time to start moving corporate responsibility initiatives forward.

To learn more about the details on how corporate responsibility can help solidify your place with suppliers, read the full blog: Secure Your Place in the Supplier Network by being responsible.

Get more insights on media relations or ESG & Sustainability.

Related Insights

22 Feb 2024

[eBook] The Future of Communications: ESG and Sustainability

According to the Worldcom Confidence Index (WCI) ESG and sustainability is the…

Read more