Navigating Business Sustainability: A Recap

Remember, remember the 5^th of November…we will, and here’s why.

We held our latest Aberdeen Business Breakfast Series event, welcoming over 70 clients and friends of the firm to our Aberdeen office for a panel session all about sustainability with a focus on creating people-centred businesses.

The room was brimming full of business, finance, people and sustainability leaders, representing Family Businesses, Owner Managed Businesses and PE backed businesses. Large businesses and small businesses. Mature, established businesses and those earlier in their journey.  And, if that diversity wasn’t enough, we had sector coverage from retail, automotive, energy, IT, food & drink, entertainment, travel and professional services.

What made our event successful?

The glue that holds sessions like this together is the panel and, fortunately, we assembled a star studded one. It was so important to us that our panel was multi-disciplinary. We were joined by:

• Thuy Tien LeGuen Dang, Head of New Energy & Net Zero at ASCO Group.
• Holly Barrack, Operations Director at Norscot.
• Corinne Kelt, HR Director with TAQA.
• AAB’s very own Alasdair Green, ESG Partner.
• Louise McCosh, Partner and Head of AAB People.

Each panellist brought to the table their own unique insights and experiences to deliver a rounded discussion. There was such great conversation during the session and afterwards as we networked but I’ve summarised some of the key points from the session below.

Key highlights from our early morning SUSTAINABILITY discussion:

• The emphasis is no longer solely on profit; companies are increasingly expected to balance delivering shareholder value with creating positive impact on the world and the communities in which they operate.
• While technology and policy are important levers, one of the most powerful ways to drive sustainability is through building people-centred businesses. This approach not only enhances a company’s environmental and social footprint but also ensures its resilience and long-term success.

The Role of People-Centred Businesses in Driving Sustainability

A focus on people is essential for achieving sustainable growth. Here are some key ways in which people-centred approaches contribute to sustainability:

• Employee Engagement and Retention: People who feel connected to their work are more likely to remain with a company and contribute positively. High turnover is costly not only for companies but also in terms of environmental impact, as new hires often involve resource-intensive onboarding and training processes. People-centred companies retain talent by fostering purpose-driven cultures and empowering employees to take part in sustainability initiatives.
• Empowering Stakeholders for Better Decision-Making: People-centred companies encourage open communication and collaborative decision-making. When employees, customers, and partners feel that their voices matter, they are more likely to participate in sustainability initiatives and promote sustainable practices in their own networks.
• Fostering Diversity and Inclusion: Diverse teams bring a wealth of perspectives to sustainability challenges, helping companies create solutions that consider different cultural, social, and environmental factors. By fostering inclusivity, people-centred businesses encourage the kind of innovation and empathy that fuel sustainable practices.

Building a BUSINESS CULTURE WITH SUSTAINABILITY AT THE FOREFRONT

Building a sustainable, people-centred business culture requires long-term commitment, as well as practical changes in operations and management. Here’s how companies can begin:

• Promote Employee Well-Being and Growth: Businesses can build a supportive workplace through policies that promote physical, mental, and financial well-being. Investing in continuous education and professional growth is essential for helping employees feel fulfilled and equipping them to contribute to sustainability.

• Commit to Transparency and Accountability: People-centred businesses maintain open communication channels with stakeholders, sharing information about environmental impact, sustainability initiatives, and areas needing improvement. Transparency helps to establish trust and invites collective action.

• Encourage Community Involvement: Partnering with local communities, whether through volunteer work, environmental initiatives, or financial investment, builds goodwill and fosters a greater sense of connection. A business that invests in its community shows that it values more than just profit.

The Future of People-Centered Sustainability

The journey towards sustainability is a continuous one, and companies that adopt a people-centred approach are well-positioned to navigate it. It feels like we’ve entered an age where climate challenges and social awareness, sustainability have moved from buzzwords to business imperatives.

Whether your focus is on doing the right thing, mitigating risks to your business or on unlocking competitive advantage, having clarity around your sustainability strategy is no longer a nice to have, but a license to operate.

If you have any questions for our panellists or want to find out more about how AAB can help you to navigate your businesses sustainability and create a people centred sustainable business please do not hesitate to get in contact with Alasdair Green ESG Partner, Louise McCosh Head of AAB People, or myself Gregor Angus Business Development Partner.

Keep your eyes peeled on our socials to find out when we’ll be hosting our next business breakfast event!