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Weekly Short
1 December, 2023
Amidst a wave of new regulations and guidelines, proficiency in sustainability reporting is emerging as the hot new skill to have on your resume in the world of corporate finance teams. ESG regulations are increasingly intricate and extensive, presenting a considerable challenge for businesses unfamiliar with sustainability reporting and who lack employees with the necessary expertise. Consequently, there’s an opening in the job market as businesses actively seek individuals specializing in sustainability reporting to bridge this skill gap.
While many of these regulations are coming out of Europe, such as the European Corporate Sustainability Reporting Directive (CSRD) which comes into effect in 2024, multinational businesses in the US and UK may also be expected to comply. To streamline processes, many companies are exploring the integration of financial disclosures with sustainability reporting. This has resulted in a widespread shortage of skilled professionals in the industry.
According to a recent survey by the Financial Education & Research Foundation in collaboration with Persefoni, 68% of respondents identified ESG data collection and reporting as the most sought-after skill in hiring. The survey revealed that while half of businesses have a dedicated role for sustainability reporting, the remaining 50% lack the personnel necessary to meet these requirements.
So, what is the solution? Many businesses are planning to address this gap by hiring new full-time employees and external consultants to support their ESG reporting in the coming year. Others are opting to enhance the skills of existing employees to bolster their reporting efforts.
If your business is grappling with ESG reporting challenges, feel free to get in touch, and we’d be happy to help.
By Meg Seckel