The votes are in!
We are quickly heading towards the sustainability reporting deadlines for all large companies in the EU which should make businesses more accountable by obliging them to regularly disclose information on their ESG impact- adopted by the CSRD this week with 525 votes in favour.
The goal is to “end greenwashing, strengthen the EU’s social market economy and lay the groundwork for sustainability reporting standards at a global level.”
This will of course have a huge effect on the job market with companies increasingly looking to hire staff with specialised skills such as “climate risk modelling” and the ability to develop and lead multi-pronged strategy for ESG.
The new rules of when reports are due according to the size of the organisations are as follows:
- From 1 January 2024 for large public-interest companies (with over 500 employees) already subject to the non-financial reporting directive, with reports due in 2025;
- From 1 January 2025 for large companies that are not presently subject to the non-financial reporting directive (with more than 250 employees and/or €40 million in turnover and/or €20 million in total assets), with reports due in 2026;
- From 1 January 2026 for listed SMEs and other undertakings, with reports due in 2027. SMEs can opt-out until 2028.
As the intentions are all well and good and the “CSRD being one of the cornerstones of the European Green Deal and the Sustainable Finance Agenda and part of a wider EU policy to commit companies to respect human rights and reduce their impact on the planet” the questions that remain are:
How will companies sustain the demand of hiring the right staff to lead their ESG transformation according to guidelines in their respective region? And where will these new and high-demand experts emerge from?
Osmii recently put together material on how the European market looks for ESG hiring. We are covering topics from salary benchmarking to the concentration of candidates and pitfalls to avoid when hiring in the ESG and sustainability space.
Please get in touch to learn more and access the document - maia.visnikar@osmii.com
