Ever been curious about how one of the most successful consulting companies worldwide supports sustainability? Well, you’re in luck. This ESG spotlight will give you an insider perspective on how EY Czech Republic conducts ESG consulting.
What is ESG?
ESG stands for environmental, social, and governance. Essentially, ESG works as a form of criteria that measures how well a company or organisation works on behalf of environmental, social and governance goals.
The environmental component entails the extent to which a company supports the environment. This is done, for instance, through policies or actions regarding climate change and pollution. Meanwhile, the social component of ESG considers the relationship quality among employees and between the organisation and its customers. Lastly, the governance dimension examines business ethics, internal controls, leadership, pay, and other such governmental issues within a company.
Now let’s explore the link between ESG and consulting.
ESG consulting is a rapidly growing area of the consulting industry that helps organizations understand and manage their ESG risks and opportunities.
Organizations increasingly recognize that ESG factors can have a material impact on their business, both in terms of risk and opportunity. ESG consulting helps organizations to navigate this complex landscape, identify and manage ESG risks and opportunities, and embed ESG considerations into their business strategy.
What is the importance of consulting companies on ESG correctly?
Before going into the details of why consulting companies that advise on ESG are important, let’s first understand what consulting itself is. Consulting is a professional service that provides advice and guidance to businesses and organizations. The focus of consulting is on helping clients solve problems and achieve their goals.
Consultants are experts in their field who have a wealth of knowledge and experience to share with their clients. They use their skills and expertise to help businesses overcome challenges, improve performance, and grow.
There are many different types of consulting services available, ranging from financial and legal advice to marketing and IT support.
As for ESG consultants, they work with organizations across a range of industries to help them understand risks and opportunities, develop strategies, and implement corresponding programs within the scope of ESG. Services offered by ESG consultants include due diligence, reporting, stakeholder engagement, and sustainability strategy. All of these services are highly important for modern businesses wishing to be successful. After all, stakeholders, investors, and other parties require companies to be as transparent as possible to examine a company’s long-term value and reputation.
ESG consulting is a rapidly growing industrial area, with many organizations looking to these consultants to help them navigate the complex landscape of ESG risks and opportunities.
Generally, proper consulting on ESG can help businesses to:
- Increase the value of sustainability and supply chain strategies
- Diminish risk
- Build and improve reputation to maintain a social license to continue working
- Reduce costs
- Enhance decision-making
- Boost operational and performance effectiveness to deliver long-term value
How does EY Czech Republic support ESG through consulting and how can junior candidates get involved?
EY is a global leader in assurance, tax, transaction, and advisory services. With over 230,000 employees in more than 700 offices across 150 countries, they are using their experience and expertise to build a world that works better for clients and, more broadly, for people.
In the Czech Republic, EY has been operating since 1991 and is now one of the leading professional services firms with over 1,300 employees. The company provides integrated assurance, tax, transaction, and advisory services to local, multinational, and growth companies. Their clients range from small businesses to large corporations operating in various industries such as banking and finance, automotive, consumer products, energy and utilities, technology, etc.
They are committed to helping clients navigate the complexities of an ever-changing business world and achieve their potential. EY works with them to understand their challenges and opportunities, customise an approach and deliver the right solutions.
There is a vast range of services that the EY Czech Republic offers when it comes to ESG consulting, including:
- Sustainability strategy development, design, and implementation support
- Stakeholder engagement, prioritisation, and analysis
- Materiality and ESG maturity assessments
- Advice on sustainability risks in the value chain and responsible investment
- Supply chain sustainability management
- Circular economy mapping and advisory
- Code of conduct and ethics effectiveness and implementation assessments
- Training, development, and capacity building
- Policy development and research
- Portfolio sustainability risk and opportunity assessment
- Nonfinancial reporting assurance
Regarding hiring junior candidates, EY is very open to taking young candidates and even students on their team. There are many openings in ESG consulting and sustainability-related vacancies currently available at EY Czech Republic and elsewhere. Internships and junior consultant positions are especially popular. Young candidates that are curious, open-minded, and enthusiastic are highly encouraged to apply and begin their professional journeys at EY.
How is ESG embedded within teams at EY?
In the Czech Republic alone, EY has over 1,300 employees in 3 offices organised into seven principal service areas:
- Audit
- Forensic and Integrity Services
- Business Consulting
- Technology Consulting
- Tax
- Strategy & Transactions
- Legal.
These teams work together to provide integrated solutions to clients. Additionally, they can provide ESG services relating to their area of expertise. The services focused on ESG can take the form of:
- Sustainability strategy development, design and implementation support
- Stakeholder engagement, prioritisation and analysis
- Materiality assessments
- ESG maturity assessments
- Advice on sustainability risks in the value chain
- Advice on responsible investment
- Supply chain sustainability management
- Circular economy mapping and advisory
- Code of conduct and ethics effectiveness and implementation assessments
- Training, development and capacity building
- Policy development and research
- Portfolio sustainability risk and opportunity assessment
These services can provide businesses with lots of advantages. These can include lower costs, less risk, and improved decisions. EY believes that ESG performance is just as important as financial performance for businesses and organisations.
Conclusion
In this article, we’ve told you all about how one of the biggest consulting companies worldwide uses its ESG consulting services to help businesses and various organisations care about the sustainability of their actions, whether that touches upon environmental or human resources. From sustainable strategy development to ethics assessments, EY offers a wide range of ESG services across an equally diverse range of corresponding teams. Through these diverse teams of experts, the complex problems of ESG can get the holistic approach they need. Moreover, these teams regularly recruit junior and student positions, providing an excellent opportunity for those who are looking to get a foot in the world of ESG.
Do you have any predictions as to how the interrelated landscape of business and sustainability will develop further in the future?
