In a survey conducted by the Korea Chamber of Commerce and Industry respondents said young consumers would prefer to buy from businesses that uphold environmental, social and governance values. (ESG)
65% South Korean Millennials and Generation Z said they would pay more for products & services from ethical businesses over companies that have an unethical business practice.
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Environmental Awareness
Korean environmental issues may came from a different perspective from the rest of the world.
In a 2020 survey done by the Asian Institute of Policy Studies on South Korean Perception on Climate Change. The respondents chose air pollution (56.2%) followed by waste management (14.4%) and radioactive waste (10.1%) as the most pressing environmental issue they are concerned with.
Less than 9% of the respondents stated that climate change was the most important environmental problem.
Social impact of business
In terms of positive social impact, the expectation from Young Koreans somewhat follows a traditional viewpoint, with more focuses on the internal governance of the organisation and how employees are treated, rather than focusing on sociality, diversity, equality and inclusion impact.
Majority of respondents believed the most important factors contributing to social responsibility: The company’s operation is conducted in a transparent and ethical manner. Followed by Jobs creation at 28.9%
Who are the top choice when it comes to ESG
The respondents chose Samsung, SK, LG, Ottogi, Yuhan-Kimberly, Pulmuone and Hyundai Motor as among the top ESG-conscious companies in Korea.
Consumer’s impressions on the brand often have a spillover impact on employer branding. A direct impact on how talents perceive the attractiveness of the company as a potential employer.
Companies that have dedicated resource, and process toward ESG and Diversity, Equality and Inclusion (DEI) has proved to be more successful in attracting and retaining talents.
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