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America’s ESG hiring boom is starting to cool

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Wall Street Journal or enjoy below:

🗞️ Driving the news: U.S. companies are scaling back on hiring for environmental, social, and governance (ESG) roles amid finance executives' scrutiny of costs and pursuit of quicker investment returns
• This trend marks a significant shift from previous years, with ESG job departures outnumbering arrivals in several months of last year

🔭 The context: The slowdown reflects a broader reassessment of ESG initiatives, influenced by investor skepticism and political challenges
• Despite a general commitment to sustainability goals, companies, especially in tech, financial services, and consulting, are recalibrating their ESG strategies and staffing

🌍 Why it matters for the planet: The reduction in ESG-focused hiring suggests a potential slowing in corporate sustainability progress
• However, it also indicates an integration of ESG responsibilities into broader roles, potentially embedding sustainability more deeply into organizational strategies

⏭️ What's next: The future demand for ESG roles will likely be shaped by regulatory developments and investor sentiment

💬 One quote: “2023 saw a real cooling in chatter around ESG and in some quarters, quite a pronounced attack on what ESG was about,” (Joe Dubbin, managing director at Cripps Leadership Advisors)

📈 One stat: In December 2023, there were 3,071 ESG departures compared to 2,897 arrivals among U.S. companies, according to Live Data Technologies

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