5 Ethical Business Trends to Watch in 2021 and Beyond
Running an ethical business takes work. It’s more than just adhering to the rules and regulations of the industry. In 2021 and beyond, businesses will need to take additional steps to ensure they are doing their part to make the world a better place. Here are five ethical business trends to watch:
1. Sustainability is Key
Sustainability has been a buzzword for years, but it’s no longer enough to talk about reducing your carbon footprint. Consumers and investors alike are demanding that businesses take meaningful steps to reduce their impact on the environment. This means investing in renewable energy sources, reducing waste, and designing products with sustainability in mind.
One company leading the charge is Patagonia. The outdoor clothing company has long been committed to environmental and social responsibility. They recently launched a program called “Worn Wear” that encourages customers to repair and reuse their clothing rather than buy new items.
2. Diversity, Equity, and Inclusion
In recent years, the importance of diversity, equity, and inclusion has come to the forefront. Businesses are recognizing that it’s not enough to simply say they value diversity; they need to actively work to create a more inclusive workplace. This means hiring a diverse workforce, promoting diversity in leadership positions, and creating an inclusive culture.
One company that’s doing this well is Salesforce. They’ve made a commitment to close the gender pay gap, and they have a Chief Equality Officer whose role is to ensure the company is promoting diversity and inclusion.
3. Corporate Social Responsibility
Corporate social responsibility (CSR) has been around for a while, but it’s becoming increasingly important. Consumers want to know that the companies they’re buying from are giving back to the community and making a positive impact on the world. CSR initiatives can include donating to charity, volunteering, and implementing sustainable practices.
One example of this is Ben & Jerry’s. The ice cream company has a long history of supporting social justice causes, including LGBTQ+ rights and climate change. They’ve also committed to sourcing their ingredients in an ethical and sustainable way.
4. Transparency
Transparency is key for maintaining the trust of customers and stakeholders. Businesses that are open and honest about how they operate will be more likely to attract and retain customers in the long run. This means being upfront about where products are made, how they’re made, and who makes them.
One company that’s doing this well is Everlane. The clothing company is transparent about its pricing and production process, and they visit every factory they work with to ensure fair labor practices.
5. Employee Well-Being
Businesses that prioritize employee well-being will have a happier, healthier workforce and a more productive business. This means offering benefits like paid time off, mental health resources, and flexible work arrangements.
One company that’s doing this well is Airbnb. The company offers wellness days to give employees an extra day off to take care of their mental health, as well as flexible work arrangements that allow employees to work remotely.
Conclusion
In 2021 and beyond, businesses will need to step up their ethical game. From sustainability and diversity to transparency and employee well-being, there are plenty of areas for improvement. By committing to ethical business practices, companies can make a positive impact on the world and attract loyal customers and employees.
