A recent study conducted by PACE Dimensions, a prominent travel, hospitality, and leisure management consultancy, in collaboration with BVA BDRC, highlights the urgent need for C-suite leaders to prioritise robust ESG (Environmental, Social, and Governance) strategies. This research highlights that ESG is no longer an optional pursuit but a fundamental business imperative in today’s landscape. It emphasises the necessity of meeting consumer demand for a strong ESG narrative while mitigating the risk of asset devaluation due to insufficient investment.
The groundbreaking study delves deep into attitudes and perspectives on ESG, shedding light on its profound impact on business planning and development across different regions, sectors, and demographics. Equipped with these insights, business leaders can formulate strategies to drive improved commercial performance.
ESG considerations have become integral to all levels of operation, and the effective implementation of a positive ESG strategy is crucial for business success. Neglecting to take action may result in businesses grappling with devalued assets, as evidenced by the findings of the research.
Tim Davis, Managing Director of PACE Dimensions, brings over two decades of experience as a highly regarded C-suite management consultant and board advisor to global enterprises. Under his leadership, the company aids travel and hospitality firms in navigating and capitalising on opportunities arising from macro environmental shifts, including evolving consumer demands, digital advancement, and sustainability imperatives.
The study emphasises the heightened importance of involvement from brand, corporate, and reputational communication teams in decision-making processes. Establishing an authentic, transparent, and compelling stance on ESG initiatives and policies can unlock commercial opportunities when executed effectively. Conversely, inaccuracies or deficiencies in ESG communication pose escalating risks to organisational reputation.
