In recent years, Environmental, Social, and Governance (ESG) factors have gained significant attention as many businesses strive to align their operation with sustainable and responsible practices. Companies with a strong commitment to ESG practices demonstrate stronger brand value and greater success (Preet, 2022). As well, stakeholders are constantly looking for companies that uphold ESG values. In this blog, we will take a closer look into ESG and explore why Payquad Solutions, a leading property management software, stands out as an exemplary ESG company.
Understanding ESG
Firstly, it’s important to understand each component of ESG. ESG refers to a set of criteria used to evaluate a company’s performance in relation to its environmental, social, and governance factors. Let’s briefly discuss each term:
- Environmental: Environmental factors refer to how a company impacts the environment and what risk management practices they have in place (Peterdy, 2022). This includes when a company makes efforts to reduce carbon emissions, conserve resources, and adopts sustainable practices.
- Social: Social factors refer to how a company treats their stakeholders. It also refers to how a company engages with its community along with commitment to diversity and inclusion. Social factors also prioritize employee health and safety.
- Governance: Governance factors assess a company’s leadership and accountability. This includes adherence to ethical business practices, and proper management.
Incorporating these practices is crucial in today’s evolving business landscape. So how does Payquad implement these practices?
- Environmental consciousness: Payquad recognizes the environmental impact of the property management sector and takes active steps to minimize its carbon footprint. Payquad replaces the need for lengthy paper documents such as leasing agreements by providing these services online, contributing to lower waste. Property management software also replaces paper cheques and paper maintenance requests, by providing everything in digital form.
- Social responsibility: Payquad understands the importance of social responsibility and has integrated it into its core values. The company promotes the well-being and development of its employees as well as clients. Payquad fosters diversity and inclusion by ensuring equal opportunities for all employees. Additionally, Payquad allows property management companies to take social responsibility. The software fosters positive tenant experiences and community engagement, emphasizing inclusivity and wellbeing. Payquad also allows for transparent communication between management and tenants. Management can promptly address tenant concerns using the maintenance feature, promoting a sense of community within their properties.
- Strong governance practices: Payquad demonstrates a high level of transparency and adherence to legal and ethical standards. Data is kept private and secure at all times and the trust of clients is valued highly. The company is transparent throughout the decision making and onboarding process and works closely with clients at every stage. Payquad also allows for transparency between managers and tenants by providing reporting features and ensuring tenants that their information is kept secure and private.
Adhering to ESG practices pays off in the long run. ESG has been shown to improve company performance greatly with an average return of 1.59% (Horton, 2022). ESG has also been shown to improve risk mitigation and operational efficiency. At Payquad, incorporating these principles into our operations is of utmost importance. We hope to empower the property management sector to adopt responsible ESG strategies and make positive impacts on our communities. Learn more today about how you can get involved with Payquad and begin improving your company’s ESG.
References:
ESG (environmental, social and governance). Corporate Finance Institute. (2022, June 30). https://corporatefinanceinstitute.com/resources/esg/esg-environmental-social-governance/
Horton, C., & Jessop, S. (2022, July 28). Positive ESG performance improves returns globally, research shows. Reuters. https://www.reuters.com/business/sustainable-business/positive-esg-performance-improves-returns-globally-research-shows-2022-07-28/
Preet, K. (2022, November 3). Fedex Express Brandvoice: By prioritizing ESG today, smes can look forward to a successful future. Forbes. https://www.forbes.com/sites/fedex-express/2022/11/02/by-prioritizing-esg-today-smes-can-look-forward-to-a-successful-future/?sh=e22fab4599d5
