SITE Sustainability Report Puts the Focus on People
A comprehensive guide for the Society for Incentive Travel Excellence members on the European Union Corporate Sustainability Reporting Directive (CSRD) suggests that sustainability issues are going to become a new competitive differentiator around the world and create opportunities for enterprising destinations and solution providers.Click here for links to RRN Preferred Solution Providers.
The new European Union Corporate Sustainability Reporting Directive along with an increasing emphasis on sustainability in business promise to have a significant impact on the MICE (meetings, incentive travel, Conference and Exhibitions market.)
This summarizes the conclusions of the Society of Incentive Travel Excellence (SITE) Foundation report: “What SITE Members Need to Know About the EU Corporate Sustainability Reporting Directive and Its Impact on the MICE Market,” produced by the Enterprise Engagement Alliance and authored by its founder Bruce Bolger.
Click here for the complete report. Here is a summary of the findings.
1. Sustainability is as much about people as it is the environment.
The report says that sustainability now is not only about the environment but about how organizations treat their customers, employees, supply chain and distribution partners, and communities. The disclosure requirements of the European Union Corporate Sustainability Reporting Directive will accelerate this trend.
2. Vendor vetting will get more precise.
- There will be more pressure on agencies and DMCs (destination management companies) to vet the suppliers they work with to make sure there is no risk of embarrassment related to their treatment of employees, customers, supply chain and distribution partners, communities, and the environment.
- SITE members need to better understand how their organizations create opportunities and risks for customers, employees, supply chain and distribution partners, communities and vice-versa—a concept known as double-materiality.
- According to the report, the elevated level of transparency required by the new law makes a lot of current corporate responsibility reports look like greenwashing--the practice of sugar-coating business practices.
- It’s now necessary to provide more specific information in these reports addressing the management of all stakeholders—customers, employees, distribution and supply chain partners, communities, as well as the environment—consistent with the framework of the new EU CSRD, which is outlined in the report.
The new interest in sustainability has created an opportunity for destinations and DMCs (destination management companies) to create new experiences that bring a destination’s culture and environment authentically to life.
5. A New strategy for SITE to engage end-users and agencies
- SITE has an opportunity to expand its Ambassadors’ program to include educating the hospitality industry on engagement to enhance retention and quality service.
- These resources could be used to attract end-users to SITE chapter meetings with a format designed specifically to help not only the hospitality industry but other local businesses enhance engagement.
- Organizations that are directly or indirectly subject to the European Union Corporate Sustainability Reporting Directive (CSRD).
- Sales and support teams fielding sustainability inquiries from prospects and customers.
- Destinations or DMCs seeking to create sustainable products and services for the travel field.
- Marketing teams that write copy for corporate sustainability reporting or about sustainability.
- Incentive and recognition companies seeking to help the hospitality industry grapple with employee recruitment and retention challenges.
How RRN and Brand Media Coalition: Your Partner in Success in Incentives, Rewards, and Recognition
Published by the Enterprise Engagement Alliance at TheEEA.org
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