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Go Green: The Magic Wand for Higher Profit, Employee Retention, and Customer Loyalty
For companies around the globe, going green has translated into enormous benefits, whether saving millions of dollars in the energy bill, increasing employee productivity by increasing plant cover, planting trees in the campus, and increasing brand value.
Just as Rome was not built in a day, every company policies cannot change immediately. The shift toward green and sustainability wave is a culmination of initiatives of the governments, UN shift in its paradigm to the green planet, IMF disbursing loans to green companies, and trade blocs giving preference to greener companies.
All these factors have resulted in a trend, which has shaped the preference of the consumers, as a result increasingly consumers show brand loyalty towards companies who take a stand in the green and sustainability initiative of a company. This is true for companies globally, whether those in India that supported the Swacch Bharat campaign or the companies in the European Union who have complied with the agreements of zero disposal of waste in the river or water body.
These trends point toward companies shifting their internal policies. Companies are increasingly thinking and executing strategies that enable and equip them to take bold steps. Work-related organizations, corporate bodies, governments, and environmental organizations are starting to rethink what they should do and how their activities affect.
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Greening is the only way for the next generation to live on a habitable planet. Greening means changing the working and workplace design paradigm to make sure that the environment is robust and healthy.
There are benefits related to companies who go green; For example, Apple recently opened the Apple Park $5 billion headquarters. The headquarters has a set of solar panels capable of generating 4 million watts of energy, which could help save the company billions of dollars in energy costs every year adding to their cash war chest.
In addition to reducing energy bills, research and studies have pointed a shift in consumer preference; A Nielsen study showed that 55 percent of consumers worldwide would pay a premium for products supplied by environmentally friendly companies, which has translated into increased sales and revenue for such companies.
Going green is also hammer to crack the nut for higher retention of talent. The study also cited that 70 percent of workers preferred to work in companies that are socially responsible. Another study by UCLA showed that 16 percent more employees work in companies with green practices, which goes to say that managers and companies who climbed the bandwagon of green first, have also gained an unsaid competitive advantage over companies who haven’t taken the green initiative.