3 min read
The Essential Role of ESG Goals in Business: TimeXtender's Model
Written by: Anne Bach Krog Iversen, Chief DNA & Culture Officer - TimeXtender - February 7, 2024
In the world of business, success is traditionally measured by profit margins and growth rates. However, a new dimension of success is becoming increasingly important for companies that want to thrive in the long term: their impact on the world. This is where Environmental, Social, and Governance (ESG) goals come into play, offering a blueprint for companies to contribute positively to the world while doing business.
Environmental Responsibility: A Cornerstone for Sustainable Growth
The "E" in ESG stands for environmental stewardship, and it's a critical component for businesses today. TimeXtender has set a bold objective to become carbon neutral by 2030. We understand that being climate-friendly is not just about reducing emissions but also about being proactive in removing carbon from the atmosphere.
To offset our carbon footprint, we have several initiatives from partnering with Ecosia to plant trees for every new TimeXtender customer and partner, to calculating our carbon footprints when we travel by partnering with Gold Standard to offset that with a charitable donation to projects around the world.
These are only a couple of examples of how businesses can take actionable steps to mitigate their environmental impact, which, in turn, can lead to sustainable growth and help your business make a positive global impact.
Social Impact: Building Stronger Communities & Futures
The social aspect of ESG focuses on a company's relationships with its employees, partners, customers, and communities. TimeXtender's commitment to impacting the world is inspired by the UN's Sustainable Development Goals (SDGs). We call these our Sustainability Impact Goals (SIG) and they are built around things like good health and well-being, quality education, and sustainable cities and communities. We use these to help us guide the initiatives that support our dedication to creating a positive social impact.
We choose to lead by example with initiatives that support and promote both physical and mental health within our companies and communities. From live recharge sessions, to walking challenges, to team paddleboarding - we are committed to helping our Xpeople maintain happy, balanced, and healthy lives.
Another social topic that is important to our culture at TimeXtender is gender equality, especially in the technology industry. Although we’re proud to say that our executive team has a 50/50 gender balance, it’s not the case in some of our more technical teams, such as our engineering circle. So, it is safe to say we also have a little work to do. It starts with leading by example and being a part of the education.
Working distributed and asynchronously, we aim to give our employees a healthy work-life balance. An article by Deloitte underscores this importance specifically for women in the tech sector, revealing that a significant percentage of these women felt less optimistic about their career prospects post-pandemic, with a lack of work-life balance cited as a major reason for considering leaving their current roles.
I am also proud to be a part of projects that spotlight women such as our popular podcast episodes featuring some of our very own Women In Tech or when we got the chance to learn from powerhouse CEO Isabel Kelly from Profit with Purpose.
Governance: Driving Towards a Better Future
Governance in ESG refers to the internal practices and policies that guide a company's activities. It's about transparency, ethical conduct, and accountability.
As you can see from our other initiatives, the team at TimeXtender is vigilant about aligning our strategy with specific ESG goals that prioritize long-term welfare over short-term gains. We publish our Culture Code for complete transparency both internally and externally. We also strive to include our partners and local communities as often as we can.
At TimeXtender, we are proud to serve as an exemplary model of how businesses can integrate ESG goals into their strategy. Our commitment is born from an understanding that the future of business is not just about financial success, but also about being a force for good in the world. As we continue to evolve and expand our initiatives, like our upcoming focus on Women In Tech, our team will continue to strive to set a standard for others to follow.
This is the power of purpose-driven business goals — they're not just the right thing to do; they're the smart thing to do.