Businesses are more invested in being ethical & sustainable than ever before: 95% of S&P 500 companies now have an ESG strategy.
With millennials and gen-z pushing brands to do more for the communities they serve, business leaders need to set up their organizations to meet the demands of the modern consumer. That means putting ESG at the heart of their business and, for long-term success, hiring sustainability experts that will help turn their organizations greener and more socially conscious.
But what is ESG?
To find out, BusinessBecause caught up with Haley Beer and Hugh Wilson, two corporate sustainability and social impact experts from Warwick Business School (WBS).
What does ESG stand for?
ESG stands for Environmental, Social and Governance. It refers to an organization’s governance structures, management practices and performance around its social and environmental impacts. An ESG performance assessment is a kind of social credit score based on how well the organisation tracks and optimizes the effects its business has on employees, customers, wider communities and the natural environment.
Originally used in finance by socially conscious investors, ESG has come to be used more widely in the business world to determine a firm's commitment to making positive social and environmental change.
Environmental considerations include a company’s energy use, waste disposal, toxic emissions, and natural resource conservation.
Social elements include a company’s supply chains, volunteering initiatives, contributions to the local community, and working conditions.
Finally, governance refers to a company’s overall transparency, democratic decision-making, representation of environmental and social stakeholders, and its management of potential conflicts of interest.
From March 2022, WBS will be integrating ESG across all eight required modules of their three MBA programs: full-time, executive, and distance learning.
Hugh and Haley teach the integration of environmental and social outcomes into business strategy on an equal footing with financial outcomes. This three-pronged approach to management is called the ‘triple bottom line.’
“We are teaching the triple bottom line as an integrated thing, the idea that a firm should look after social, environmental, and economic aspects all at the same time,” Hugh explains.
Why is ESG important?
Businesses have realized that developing a strategy around this triple bottom line and embedding ESG targets into operations actually creates value.
“We put the emphasis on this being about opportunity, not just morality,” Hugh (pictured below) explains. “If you don't address the corporate culture, and endeavor to put social and environmental purpose at the heart of that culture, paradoxically, you won't actually get the effects you want, including the financial ones.”
Hugh gives the example of Neste, a Finnish renewable oil company that launched the world’s largest renewable diesel plant in 2010, using vegetable oil as fuel.
Its market capitalization, which refers to how much a company is worth according to the stock market, rose from $2 billion to $36 billion in 10 years, during which period oil and gas giant Shell’s share price actually went down.
“This sense of purpose and fresh way of viewing the world enables the financial result,” Hugh says. He explains that when companies follow social pressures towards becoming more sustainable and socially conscious, they’re rewarded for it with happier employees and more engaged customers.
As Haley puts it, “businesses don’t need to be convinced of the need for sustainability.” Rather, they want detailed and in-depth information about how it's done and how they can make it work for them.
That’s good news for business school grads well-versed in ESG, who can bring that relevant expertise to companies seeking sustainability-oriented leaders across the entire organization.
“Firms want sustainability specialists to develop a sustainability strategy, and to hold that strategy together across the firm. But they also want every manager to be able to play their part,” Hugh explains.
Whatever business function you enter, you’ll be able, and encouraged, to apply your ESG knowledge.
Can business school help you become an ESG leader?
As companies rethink their environmental and social impact, business schools have an important part to play in creating the leaders prepared to support these changes. “Universities are part of the puzzle,” Haley (pictured below) argues.
Students often realize the importance of ESG at business school, and at WBS, Haley, Hugh, and their colleagues work towards opening students’ minds to the idea of social impact and corporate sustainability careers.
During one MBA module, students work on an operations management project, helping a real social enterprise with operational challenges.
“Systematically, every year, the feedback from the students is like, ‘I just had no idea that social enterprise could make such a difference, I now want to go volunteer at one, I want to get involved, my company should be sponsoring some of this work,'” Haley says.
Experiences like these help students identify the types of purposeful jobs they’d like to pursue. “Increasingly, managers are coming to us and then going away freshly committed to transforming their own careers and maximizing the difference they make,” Hugh adds. “It's very nice to see.”
Warwick Business School has been recognized for its efforts to produce the responsible business leaders of tomorrow, having been named the number one business school for sustainability in the UK four years in a row by the Better World MBA Ranking.
By making sustainability and social impact an integral part of the curriculum, rather than an add-on, business schools like WBS can equip students with the ESG expertise required to bring about a more ethical and sustainable world.
I loved Warwick business school.
The staff is supportive, my academic tutor was key in my development throughout the 3 years and you have to meet with her/him every term. Most professors are helpful and would happily offer support if needed. You also have office hours and can contact professors by email and through the forum.
In general, WBS instills in you the willingness to learn and the resilience needed for you for whatever career you choose.
Very international community which broadens your horizon and makes you more open minded and self aware. You will most certainly make friends and memories for life. I recommend that you get outside of your comfort zone and try new activities with your friends!
WBS also has a great reputation and offers careers opportunities, and careers support throughout the degree.
There is the opportunity to do a year abroad to further develop on a personal level. I wasn’t able to do this due to Covid but I would have loved to do it during normal circumstances! Would definitely recommend this.
Although Warwick is not a city university, the campus vibe has a lot of advantages, especially at an undergraduate level. You are always around familiar faces, and in a student environment. Moreover, Birmingham is only 20 mins away from Leamington spa and London is only one hour away! Perfect for a day trip or a weekend getaway!
Student
Verified
1/12/2022
On Campus
Life at Warwick Business School
Pursuing my master's degree at WBS has been a game-changer in my life. With high-quality education, interaction with students from across the world, amazing campus life and much more. I was able to learn about business, finance, project management and strategy all in one course: MSc in Management at WBS. Besides the top-notch education from the best professors, I also enjoyed being a part of fun societies and participating in fun activities such as scavenger hunts and so much more.
The school also organises many company visits and interactions which help students get a head start at finding a job. As my course came to an end, I also have a good full-time job placement in my hands.
Overall, my experience at WBS was a great one.
Asad
Verified
27/06/2022
Blended
Outstanding
The Warwick Business School was like a dream come to life for me. The University ranking speaks for itself, from top-tier facilities to some of the best professors I had to honour to study with I fell in love with my course. Interactions with people from all over the world gave me a newfound confidence in myself.
Career prospects after graduating are endless due to the contacts of the universities and the success rate for previous students, it does open a lot of doors for students in various career fields. The campus life is quite good as well with a lot of student groups and clubs, and extra circular activities to engage students at all times. Loved my experience.
Wenrui
Verified
19/05/2022
On Campus
A good business school
It is a very cutting-edge, career-oriented business school, all courses are very practical, and the college does a very good job of career service. From the hardware and facilities to the staff, the student experience is at the core of the school and student satisfaction is taken very seriously. I understand that many universities in the UK are relatively traditional and can occasionally be rigid in terms of rules and regulations, and although WBS has a relatively short history, this makes it more innovative and dynamic, which is essential for a business school. The downside is that because it is on the outskirts of Coventry, it is a long bus ride to the city centre, not to mention the difference in experience from a big city like London.
Hrithik
Verified
2/09/2020
On Campus
Campus
The people, campus, staff. It’s a very enjoyable environment and it’s particularly good for learning and playing sports. The people there are extremely friendly and welcoming and it’s very easy to make friends
Student
Verified
3/08/2020
What I Like About Warwick
I’ve personally liked my experience at Warwick so far because of the amazing people I’ve gotten to meet and how many opportunities we students are provided with to learn and grow.
Within Warwick, I’m part of the Business School, a learning haven comprised of well-structured modules and extremely helpful people
All in all, a great place to be :)
Student
Verified
27/07/2020
Campus Life
One thing that stood out for me was the campus life, you felt like part of a community. The social aspects of the student union and on-campus accommodation meant you can easily get together and enjoy with friends. Additionally, I felt the course provided a variety of subjects allowing me to enhance my knowledge, from Marketing to Law and Finance. Overall I would most definitely recommend this university to friends and family.
Student
Verified
6/07/2020
Excellence self catered
The campus is very welcoming and Modern. There are many opportunities at Warwick but it is up to the student how do they want to make the most out of it and the staff at the school will definitely helo as much as possible. The location and the ranking have been amazing.
Bakytzhan
Verified
4/07/2020
Warwick business school
Warwick business school is one of the best universities around the globe with a solid base of economic and business studies. Moreover, students get a chance to study in a diverse and warm environment with professional stuff which tries to provide the best opportunities for career development. One of the memorable features of the university are great events which sometimes take a place in one of the landmarks of the London city, the Shard building.
Student
Verified
12/08/2023
On Campus
BSc Management with Marketing
I loved Warwick business school.
The staff is supportive, my academic tutor was key in my development throughout the 3 years and you have to meet with her/him every term. Most professors are helpful and would happily offer support if needed. You also have office hours and can contact professors by email and through the forum.
In general, WBS instills in you the willingness to learn and the resilience needed for you for whatever career you choose.
Very international community which broadens your horizon and makes you more open minded and self aware. You will most certainly make friends and memories for life. I recommend that you get outside of your comfort zone and try new activities with your friends!
WBS also has a great reputation and offers careers opportunities, and careers support throughout the degree.
There is the opportunity to do a year abroad to further develop on a personal level. I wasn’t able to do this due to Covid but I would have loved to do it during normal circumstances! Would definitely recommend this.
Although Warwick is not a city university, the campus vibe has a lot of advantages, especially at an undergraduate level. You are always around familiar faces, and in a student environment. Moreover, Birmingham is only 20 mins away from Leamington spa and London is only one hour away! Perfect for a day trip or a weekend getaway!
Student
Verified
1/12/2022
On Campus
Life at Warwick Business School
Pursuing my master's degree at WBS has been a game-changer in my life. With high-quality education, interaction with students from across the world, amazing campus life and much more. I was able to learn about business, finance, project management and strategy all in one course: MSc in Management at WBS. Besides the top-notch education from the best professors, I also enjoyed being a part of fun societies and participating in fun activities such as scavenger hunts and so much more.
The school also organises many company visits and interactions which help students get a head start at finding a job. As my course came to an end, I also have a good full-time job placement in my hands.
Overall, my experience at WBS was a great one.
Asad
Verified
27/06/2022
Blended
Outstanding
The Warwick Business School was like a dream come to life for me. The University ranking speaks for itself, from top-tier facilities to some of the best professors I had to honour to study with I fell in love with my course. Interactions with people from all over the world gave me a newfound confidence in myself.
Career prospects after graduating are endless due to the contacts of the universities and the success rate for previous students, it does open a lot of doors for students in various career fields. The campus life is quite good as well with a lot of student groups and clubs, and extra circular activities to engage students at all times. Loved my experience.
Wenrui
Verified
19/05/2022
On Campus
A good business school
It is a very cutting-edge, career-oriented business school, all courses are very practical, and the college does a very good job of career service. From the hardware and facilities to the staff, the student experience is at the core of the school and student satisfaction is taken very seriously. I understand that many universities in the UK are relatively traditional and can occasionally be rigid in terms of rules and regulations, and although WBS has a relatively short history, this makes it more innovative and dynamic, which is essential for a business school. The downside is that because it is on the outskirts of Coventry, it is a long bus ride to the city centre, not to mention the difference in experience from a big city like London.
Hrithik
Verified
2/09/2020
On Campus
Campus
The people, campus, staff. It’s a very enjoyable environment and it’s particularly good for learning and playing sports. The people there are extremely friendly and welcoming and it’s very easy to make friends
Student
Verified
3/08/2020
What I Like About Warwick
I’ve personally liked my experience at Warwick so far because of the amazing people I’ve gotten to meet and how many opportunities we students are provided with to learn and grow.
Within Warwick, I’m part of the Business School, a learning haven comprised of well-structured modules and extremely helpful people
All in all, a great place to be :)
Student
Verified
27/07/2020
Campus Life
One thing that stood out for me was the campus life, you felt like part of a community. The social aspects of the student union and on-campus accommodation meant you can easily get together and enjoy with friends. Additionally, I felt the course provided a variety of subjects allowing me to enhance my knowledge, from Marketing to Law and Finance. Overall I would most definitely recommend this university to friends and family.
Student
Verified
6/07/2020
Excellence self catered
The campus is very welcoming and Modern. There are many opportunities at Warwick but it is up to the student how do they want to make the most out of it and the staff at the school will definitely helo as much as possible. The location and the ranking have been amazing.
Bakytzhan
Verified
4/07/2020
Warwick business school
Warwick business school is one of the best universities around the globe with a solid base of economic and business studies. Moreover, students get a chance to study in a diverse and warm environment with professional stuff which tries to provide the best opportunities for career development. One of the memorable features of the university are great events which sometimes take a place in one of the landmarks of the London city, the Shard building.
