PwC’s latest Global Family Business Survey has found that UK family businesses are lagging behind those in other countries when it comes to sustainability and climate action.
Most business owners would agree that fighting climate change is a worthy goal, but not all of them have clear plan for promoting sustainability in their own business practices and communicating that strategy to staff. According to PwC's latest Global Family Business Survey, UK businesses may be falling behind on this compared to those in other countries.
Over half (53%) of those surveyed said they believe their business has a responsibility to fight climate change, but only 33% had actually developed and communicated a sustainability strategy compared to the global average of 37%. Only 39% of UK family businesses said they put sustainability at he heart of everything they do, compared to the highest levels in China (79%) and Japan (78%).
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The biggest factor this year affecting UK family businesses was obviously the Covid-19 pandemic. Almost all businesses (86%) said they retained as many staff as possible during this past year, and 72% provided support services to staff to support their mental health and emotional wellbeing. The survey also found that around half of family business shareholders sacrificed dividends or salaries.
The biggest dapatation UK family businesses are making right now is improving digital capabilities, with around 60% working toward this goal. Around 53% are also focusing on introducing new products and services, and 47% are investing in using new technologies.
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Cara Haffey, PwC NI Private Business lead, commented: "Now is the time for owners to look at what’s preventing them from putting a clear commitment to sustainability issues into action. As businesses of all shapes and sizes rebuild, take the opportunity to combine what you need to recover from what just happened with what will help you avoid future risks."
"Ensuring you can demonstrate meaningful environmental, societal and governance factors in your business will appeal to employees, stakeholders and investors from whom we’re seeing increasing demand for action. Owners need to understand it’s not a zero sum game between profits and ESG performance - strategic action on this issue will create value for your business."
Source: Written based on press release
