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| ESG strategy will be key to success for companies this year |
| Bratislava, 03.02.2025 |
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| Companies in Slovakia are facing a shortage of qualified workers, high turnover and growing employee demands, with young people in particular expecting not only competitive salaries but also corporate sustainability from their employers. ESG strategies (environmental, social and governance) will be one of the decisive factors this year that can help companies attract new talent. This was announced by representatives of the ESG Club.
"There are more than two million people in employment in Slovakia, so the changes that ESG brings to the labor market affect the entire economy. Although environmental topics have dominated ESG so far, its social dimension is rapidly gaining importance. Transparency in remuneration, diversity and inclusion, protection against discrimination and safety in the workplace are just some of the social ESG indicators that companies must now strategically manage," said representatives of the club, adding that from this year companies are obliged to prepare an ESG report, which must also include gender differences in remuneration.
The creation of this ESG report may create pressure for higher wages in the economy, as job seekers will be able to compare conditions in individual companies and decide where they want to work. František Gajdoš, Vice President of the Confederation of Trade Unions (KOZ), expects that the ESG report will become a strong argumentative tool in future collective bargaining, as it will allow for comparison of working conditions within a specific industry or region.
In terms of the attractiveness of a company for employees, according to Jana Sapáková from the law firm Eversheds Sutherland, it will be important for the company to be able to communicate its social policies and thus acquire new talents. However, they should not slip into embellishing the image of their company, which is far from reality.
Without an ESG strategy, according to the club representatives, companies may lose employees. Currently, when skilled workers leave, they incur costs of six to nine months of the departing employee's salary associated with organizing a selection procedure or training a new colleague. Companies could avoid this thanks to an ESG strategy, which can influence people's decision-making when choosing an employer, as well as their subsequent loyalty to the company. For up to 66% of employees, sustainability is a factor why they would consider changing jobs, 14% would even leave their job if the employer ignored sustainable principles.
"According to estimates by the European Commission, ESG reporting obligations will directly affect approximately 50,000 European companies in 2025. Yet only 42% of them consider themselves ready for these changes," they concluded.
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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