Value emphasis shifts from generation-to-generation. This is the nature of societies, and as each generation becomes more social and connected, value-sharing has intensified. Business-owners with long-term earning potential in mind must be willing to pay attention to and incorporate these changing social systems, listening to the desires of consumers.
In the last few years, there has been an increased focus on ESG (Environmental, Social, Governance). Nation’s Restaurant News shares:
The Chartered Financial Analyst (CFA) Institute, a non-profit professional organization that provides investment professionals with finance education, has broken down the ESG criteria as follows:
Environmental issues: Climate change and carbon emissions; air and water pollution; biodiversity; deforestation; energy efficiency; waste management; and water scarcity.
Social issues: Customer satisfaction; data protection and privacy; gender and diversity; employee engagement; community relations; human rights; and labor standards.
Governance issues: Board composition; audit committee structure; bribery and corruption; executive compensation; lobbying; political contributions; and whistleblower schemes.
These issues are becoming increasingly important to consumers and investors alike and demand for overall sustainability in business is on the rise. For restaurant owners, Jennifer Simmons, Director of Marketing at Restaurant365, says, tending to these desires could look like: cutting back on waste, incorporating hybrid work schedules, and offering employee incentives.
Richard Weil, owner, and principal of National Restaurant Consultants comments, “The food service and hospitality industry today must focus, not only on the environment, but consumer and staffing needs as well. There are multiple ways that operators can make a difference. Contact one of our restaurant consultants to find out more about the ESG criteria.”