The influence of ESG principles in the Dutch food industry is growing. Food companies are increasingly focusing on the social component of their operations. This marks a shift from purely economic goals to a broader focus on the environment, society, and governance, according to Ceel Elemans, sector specialist Food at ING.
The 'S' in ESG represents social aspects that are central to taking responsibility both within and outside the company. This social pillar touches everything from equality and diversity to employee wellbeing and human rights. Companies that effectively engage with these issues can not only strengthen their own positions but also contribute to broader societal development.
The introduction of the Corporate Sustainability Reporting Directive (CSRD) will require large companies to report on social sustainability from 2025. This will also affect small and medium-sized enterprises (SMEs), as the entire supply chain will face questions about sustainability policies. Therefore, it is crucial for companies to start implementing the necessary strategies now.
Food companies are experiencing a tight labour market, which can hinder innovation and competitiveness. Investing in employee development is essential to remain attractive as an employer. This is not only to enhance knowledge and skills but also to stimulate innovation within the sector, which can lead to better business results.
According to sector analysts at ING, focusing on social sustainability can give companies an edge in the talent acquisition race. Companies that excel in the social aspects of ESG often have a stronger image and better positioning in the job market. This translates into higher employee engagement and motivation, which is crucial for long-term success in a competitive market.
View the infographic (Dutch only).
Ing.nl
Source: ING
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