Every business is unique and how you allocate resources to navigate your ESG journey is dependent on your strategy and goals. As organisations develop their sustainability strategies, many businesses may not be ready to commit to hiring an in-house sustainability professional due to the significant costs and challenges involved. Instead, they should consider alternative solutions.
Here are key reasons why hiring may not be the most best option for your organisation:
High Salary and Associated Costs
An inhouse sustainability professional requires a competitive salary and additional benefits, which add up quickly. Check out the example costs below:
Annual Basic Salary: €50,000
Annual Bonus: €2,000
Employer NIC Contributions: €5,920.20
Pension Contributions (3.5%): €2,026.21
Private Medical Insurance: €2,000
Company Electric Car: €5,000
Shares/Equity (4.5% of Total Salary): €2,606.41
Total Salary Cost: €57,920.20 + Benefits
Onboarding and Recruitment Expenses
Hiring an employee is costly beyond just salary. Consider these additional expenses:
Advertising Costs: €30
Agency Fees (2.5% of Base Salary): €1,250
Training Costs (5% of Base Salary): €2,500
Office Setup: €8,000
Communications (Internet, Mobile, etc.): €2,500
Line Manager Resource (12% of Total Salary): €6,950.42
Ongoing Administrative and Management Costs
HR management and payroll processing
Performance tracking and professional development
Legal compliance and regulatory considerations
Scalability and Flexibility Issues
Hiring is a long-term commitment and difficult to scale up or down.
A single employee may not have the diverse expertise required to cover all sustainability aspects.
Why Our Sustainability Platform is the Smarter Investment
By choosing our sustainability platform instead of hiring an employee, you:
Save Money: The cost of a software license is significantly lower than the total cost of employing someone.
Access Expertise: Our team of sustainability consultants are on hand to guide and train you, eliminating the need for specialised hires.
Ensure Compliance: Automated updates keep your company aligned with evolving regulations.
Increase Efficiency: AI-driven analytics and reporting reduce manual workload.
Scale Effortlessly: Our platform adapts to your growing business needs without additional staffing costs.
Store data once and use multiple times – manage all your ESG data in one place to replace excel spreadsheets and the headache of data scattered across SharePoint
For a fraction of the cost of hiring a sustainability professional, our platform and consultants provide comprehensive, up-to-date sustainability management, compliance tracking, and reporting—allowing you to achieve your environmental goals more effectively and efficiently.
Everyone is familiar with the term offsetting – when a company buys credits to compensate for carbon dioxide emissions. How familiar are you with insetting?
MyClimate.org defines ‘insetting’ as an investment by your company in emissions reduction projects within the supply chain. In contrast to emissions reduction in external climate protection projects (carbon offset projects), climate protection money remains within your company’s value creation cycle.’
Insetting is not a new concept.
Insetting was promoted, nearly 10 years ago by sustainability standards Plan Vivo and Pur Projet. Since COP26, insetting is fast becoming the new buzzword flying around corporate board rooms. Why? Companies of all shapes and sizes are being held accountable for their actions by consumers and investors. Therefore, their boards are keen to get their ESG houses in order and proactively drive down their organisations carbon emissions in a more sustainable way. Offsetting does not tackle an organisations emissions within its supply chain. Whereas insetting focuses on the impact of manufacturing, running operations and transportation.
The organisations moving away from offsetting recognise to successfully adopt ‘insetting’ they cannot do this alone. It requires a partnership. Who better to align with than the organisations they do business with – the supply chain.
John Dowdall, CRO Pulse Market commented: “The financial services sector is beginning to realise that instead of investing in carbon offsets, they can spend that same money to strengthen their supply chain and have a wider impact on the people and the planet. This more proactive approach is very much aligned with why we created the Pulse ESG passport, namely increasing the impact firms can have when working together”
In order to make real change happen companies need to think seriously about who they do business with not just how they do business. This is more important than ever with the tightening up of ESG reporting requirements for the financial services sector. Buyers and suppliers need to act together.
The question is how do buyers align suppliers with their ESG goals and vision. The answer is the Pulse Market ESG passport: the simple solution to align and educate your suppliers with your ESG vision.
Discover more and book a demo today at ESG Passport
Navigating the Complexities of ESG and Anti-Greenwashing Regulation
Key Takeaways from FinTech Scotland’s ESG Innovation Kick-Off Day
Members of the Pulse team ventured to Glasgow on a sunny day in late July to attend FinTech Scotland’s ESG Innovation Kick off Day. We were thrilled to be selected by FinTech Scotland to be part of the ESG challenge day. Better still we were part of something that felt genuinely real and focused on the possibility of making the world a better place to live in through the power of tech. Read on to explore the challenges and discover the opportunities learned on the day.
Pulse Market CEO Michael O’Shea
The room was packed with representatives from 23 FinTech Startups sharing innovative ideas with leading Financial Services partners from EY, Barclays, Virgin Money, Abrd, Morgan Stanley, Equifax and Phoenix. Further supported by academics from University of Glasgow and University of Strathyclyde. Sitting in the middle of the room waiting to pitch the Pulse Market team absorbed the knowledge shared and the passion for collaboration to make the world a better place to live.
It became apparent early on in the day the landscape of corporate sustainability is evolving rapidly, driven by sustainability regulations such as the Anti-Greenwashing regulation that came into force in May 2024. The Anti-Greenwashing regulation places companies under increased scrutiny, necessitating a thorough overhaul of how data is managed and reported. So what can we learn and how can we take positive action?
Here are the key insights and best practices gathered from FinTech Scotland’s ESG Innovation Kick-Off Day on this pressing topic.
The New Era of Regulatory Scrutiny
With the introduction of the Anti-Greenwashing regulation, companies are now under the microscope to ensure the accuracy and transparency of their sustainability data. This increased scrutiny mandates a broader and deeper focus across multiple regulatory points. This is emphasising the importance of aligning corporate structures to meet these evolving demands. Companies must now scope out and capture comprehensive regulatory points, inventory across legal entities, and adapt to this expanding regulatory landscape.
Risk and Control Frameworks: Navigating Complexity
One of the major challenges discussed was the complexity of risk and control frameworks. These frameworks often overlap and have subtle differences, creating a complicated landscape for data management.
The lack of standardisation further complicates the aggregation and consolidation of data across various corporate divisions and external sources. To address this, there is a growing need for technology solutions that can replace traditional tools like Excel spreadsheets and SharePoint, facilitating more efficient data management.
Corporate Structure and Sustainability
Understanding, aligning and managing corporate structure with methodologies and best practice is crucial, given the complexity arising from various types of entities and jurisdictions.
The need for robust and transparent data is paramount, as companies live in fear of inaccuracies. This challenge is compounded by the sheer volume of data that needs to be managed, especially from customers and value chains. Methodologies and best practices are essential to navigate these complexities effectively.
Disparate Data Sets in Financial Services
Financial services face unique challenges with disparate data sets, demanding the evolution of protocols to aggregate and identify key data points. Scope 3 emissions, in particular, pose a significant challenge due to the variability in disclosed data and estimates. Unlike Scope 1 and Scope 2 emissions, which can be benchmarked and are generally more trustworthy, Scope 3 emissions require more nuanced management.
Empowering Corporate Responsibility Through Data
The speakers on the day highlighted the importance of having identified, verified, and standardised data to drive corporate responsibility.
Digital sustainability was another critical topic, focusing on whether it is more cost-effective to migrate to new platforms or integrate with existing systems. Key tools identified include KPIs, visual monitoring tools, and data-driven solutions that can predict critical goals and decision-making paths.
Regulatory and Market Impact
Scope 3 emissions and regulatory changes are key drivers for the need for sustainable, timely, and relevant data. Ensuring traceability of data sources and being aware of horizon risks are crucial for effective ESG data management. Engagement with supply chains and alignment with CSRD-matrix data points were also emphasised as necessary steps for robust ESG data across value chains.
Challenges and Opportunities
The concept of double materiality was discussed as a significant challenge, particularly in balancing long-term reporting with long-term value creation. Transitioning from mere compliance to a strategic approach involves measuring ESG impacts, developing strategies, and overcoming the unique challenges faced by SMEs, such as skills gaps and disparate requests for data.
Future Directions in ESG Data Management
Enhanced decision-making through advanced information acquisition and climate science is essential. With reporting currently optional for many companies, there is a significant opportunity to get ahead of the curve before it becomes mandatory. Addressing resource constraints and finding efficient ways to transfer and model data are critical for compliance and operational efficiency.
Centralising ESG Workflows
Finally, centralising ESG workflows and putting data to use effectively were identified as crucial steps for the future. By streamlining data collection, analytics, and reporting processes, companies can enhance transparency and reduce the burden of data management.
Conclusion
FinTech Scotland’s ESG Innovation Kick-Off Day underscored that the evolving regulatory landscape presents both challenges and opportunities for companies. By embracing technology, improving data transparency, and aligning corporate structures with regulatory requirements, businesses can navigate these complexities effectively. The key takeaway is clear: regulation is an opportunity for positive change, and companies must be bold and proactive in their approach to ESG data management.
Ready to streamline your ESG data management and stay ahead of regulations? Discover how our robust and secure sustainability platform can help you achieve transparency, automation, and proactive compliance.
Talk to Pulse Market today and we can collect, manage and aggregate your ESG data for compliance and reporting
In today’s business environment, it is not uncommon for a growing company to focus on its core proposition and outsource activity to third-party vendors. This often leads to an increase in the number of vendors and, as a result, an increase in risk. These risks can include data breaches, data exposure, and non-compliance with regulations such as GDPR.
If a company does not have Vendor Risk Management in place, it is likely that it has a high level of unmanaged risk leaking out through their suppliers.
Asking the following questions can help you determine if your company is at risk:
Does your company perform vendor management? If so, what information is collected and analysed? How is it used/stored?
Who are your key vendors? How do you determine/identify/classify them?
Do they store/host sensitive data on their IT systems?
Have they access to data that could harm financial or brand reputation if stolen?
If the vendor suffers a data breach, will that require reporting?
If the vendor suffers a significant outage, would your business need to activate its continuity plan?
The Importance of Vendor Risk Management (VRM)
VRM is crucially important because it helps companies to identify, assess, and mitigate risks associated with third-party relationships. By understanding the risks involved with using third-party vendors, companies can take vital steps to safeguard the organisation from potential disasters.
There are several benefits of vendor risk management, including:
Reduced costs: By identifying and assessing risks early on, companies can avoid costly disasters down the road.
Improved decision making: VRM programs provide companies with the information they need to make informed decisions about which vendors to use.
Enhanced security: By taking steps to mitigate risks associated with third-party vendors, companies can improve their overall security.
Compliance with regulations: Implementing a vendor risk management program can help companies comply with various regulations, such as finance regulations.
By taking the correct steps to mitigate these risks, businesses can improve their overall security and compliance with regulations. Implementing a vendor risk management program can also help businesses save money by avoiding costly disasters down the road.
Talk to Pulse Market about Vendor Risk Management for your business.
Whenever we meet a client or listen to a person, we learn. At Pulse, we are always on the lookout for ways to continually improve our platform and support our clients. In order to learn more about the challenges organisations face with vendor risk management and third-party risks, we’re conducting a survey.
We compiled the survey to engage attendees at the DNA conference. We didn’t expect it to be such a big talking point and now sharing it widely on our digital channels. The 3-minute survey with 10 questions stimulated conversations that lasted up to 60 minutes. Why? The questions really got people thinking about who they do business with and who their suppliers do business with.
As a result of the survey, businesses are becoming more aware of the risks associated with suppliers, such as cyber-attacks, data loss, regulatory compliance failures, financial uncertainty, and unethical business practices. Risks that can lead to reputational damage, financial ruin or both.
Check out the surprising results below and take the short survey to see how you compare. There is no right or wrong answer – it is simply to get you thinking more about who you are doing business with.
Results in for ‘Do You Know Your Supplier’ Survey:
Our founder Michael O’Shea is delighted to be invited to appear on the panel at The ESG Summit 2022 in Dublin.
Michael will be talking about supply chain resilience and how to identify and remove risk from your supply chains. This is a highly relevant topic for anyone who wants to work in an ethical and socially conscious business world.
We’re looking forward to hearing the discussion around reducing scope emissions and the importance of embedding sustainability across your supply chains.
You can learn more about Scope 3 in an article from Greengage
Come along and join Pulse Market at an exciting new event for the rapidly growing Scottish Tech Sector: The Digital DNA.
The event is being held at Glasgow’s SEC on Wednesday, 28 of September and it is free to attend.
We’re Upstart Stars 2022
We’re thrilled to share the fantastic news that Pulse Market has been selected by Digital DNA as an ‘Upstart Star 2022’. Competition was tight for a place, and we are proud to be one of only 14 to showcase our business alongside some of the most exciting start-ups from across Scotland.
We are delighted to be exhibiting in the Startup village at Digital DNA Glasgow. Be sure to drop by and visit us – we’ll be easy to find in the start-up showcase area.
Find our stand and talk to our team about Pulse Market the vendor risk management and procurement platform that makes supplier management simple and easy.
It is an event that is not to be missed. Digital DNA promises to be a busy day packed full of top industry speakers, live Q&As, workshops and networking opportunities for anyone interested in the world of technology.
The Pulse Marketplace Product team is currently recruiting for a Junior Product Analyst to join our rapidly growing team.
This is initially a 6-month contract with the opportunity for it to become a permanent role. Our company is based in Dublin, however this is a remote role where you will be joining an amazing, friendly and supportive team located across Europe.
At Pulse Market you will be joining a team who embrace a challenge and are determined to push the boundaries. We love what we do and enjoy bringing others on our journey. We are excited by change and evolution. Our focus is on building a solution that makes our clients experience great and bring joy to our team too. Above all we strive to be better for good.
Job Purpose:
As a Product Analyst you will work in an agile software development environment researching market and user requirements. You will play a role in delivering our vision and product road map. You will achieve this by collaborating with the product management and engineering teams to create new and innovative features & functionality on Pulse Marketplace. Defining product requirements, assessing alternative approaches and recommending the optimum approach that best fits the end customer needs and desires.
This is a detail orientated role, with lots of room to apply and gain further knowledge within the product environment and across the organisation. You will work closely with product management to build and prioritise the product roadmap. Also work in a collaborative environment with distributed multi-discipline teams across diverse geographies.
If this sounds like you download and view full Junior Product Analyst Job Description
The rapid growth of passionate ethical consumers is revolutionising the procurement process. The knock-on effect on supply chains is far reaching. Soon every link in the supply chain will be expected to provide evidence they are doing their bit and more. Many expert suppliers are missing out on opportunities because they lack ESG credentials.
You can show your commitment to ethical supply chains with a Pulse Market ESG Passport and here are 10 reasons Pulse Market ESG Passport holders can make a difference:
1 Satisfy ESG due diligence, measurement, and regulatory reporting requirements
2 Engage clients who value commitment to ESG
3 Gain insights into your ESG activities
4 Provide transparency around ESG offerings for procurement process
5 Collaborate and create ethical supply chains
6 Amplify trust in your company
7 Attract and retain employees proud to work for a company with purpose
8 Access partner solutions that guide, train and assist with ESG goals
9 Part of an influential ESG leadership community
10 Accelerate action to tackle the climate crisis
Read what are clients are saying about the ESG passport and get a Passport for your company here
