The Environment, Social, and Governance (ESG) market continues to grow, driven by the pressure of regulatory change and increasing climate spending. While this is pushing ESG up the agenda in corporate boardrooms, many firms struggle to navigate the complexities of the “social” pillar and the transformation it requires in their organizations.
This uncertainty has opened a space for consultancies to fill the gap, with both cultural and safety transformation proving to be particularly exciting areas.
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Cultural Transformation |
Transformation focused on optimizing the workforce and ensuring an efficient and safe environment, for example by dealing with low morale, high turnover, or DE&I frameworks. Success builds a culture that can better respond to changing dynamics among customers, stakeholders, and regulation. |
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Safety Transformation |
Transformation that aims to implement significant and sustainable changes in an organization's safety practices, protocols, and culture in order to minimize risk and enhance performance. Success increases productivity, brand value, and customer satisfaction, leading ultimately to an improved growth trajectory. |
Key services offered by Cultural and Safety Transformation consultancies include:
- Leadership Training
- Health Management
- Safety Management
- Supply Chain Optimization
- Alignment of Strategy with Culture
- Risk Reduction
- Project Assessment
Successful cultural and safety transformation can deliver immediate value accretion in several areas:
- Helping attract and retain top talent by appealing to employees who seek an employer with cultural values that align with their own.
- Improving teamwork and engagement by building trust and instilling accountability across the organization.
- Enhancing decision-making by aligning values across all corporate divisions.
- Driving efficiency and performance by creating a shared set of values, clear standards on safety, and widely understood goals.
- Strengthening brand reputation and customer satisfaction by defining high standards for cultural excellence in the delivery of services, creating an enhanced customer experience.
Beyond the immediate benefits, strong forces are driving interest in cultural and safety transformation consulting across industries including Construction, Oil & Gas, Manufacturing, and Tech. These include millions of days of lost productivity due to unsafe and unhealthy working conditions, an increasing C-suite focus on sustainability, growing pressure from stakeholders on both safety and sustainability and increasing competition to stand out to customers.
These forces create great opportunities for growth, including organically and through M&A, in a market that remains relatively nascent and unconsolidated, with few market leaders. At the recent Environment Analyst Global Business Summit, on the 27-28 June in Chicago, the growth of cultural and safety initiatives was one of the major themes Equiteq picked out for investors, alongside the move towards greater consolidation over time as competition for talent increases.
For more on the opportunities in the market, including the trends underpinning it and the key players to watch, download the full market report here: Cultural Transformation & Safety Consulting M&A Report 2023
To discuss the themes in more detail and in the context of your firm's strategic objectives, contact Equiteq Director Stephen Grant.