The recent report, The RSM Middle Market Sustainability Survey 2024: US and Canada, sought to detail the steps middle-market companies in the United States and its neighbor to the north are taking to adapt to sustainability regulations, both those that have recently been enacted and those that have yet to be determined. The report, which included responses from over 400 employees of middle-market companies and nonprofits in the United States and more than 100 employees from Canada, including the following findings:
- Thirty-nine percent of respondents expect that their organization's top challenge will be “training and educating staff.” Thirty-four percent of those surveyed cited “understanding regulatory requirements” as a top challenge and 32% believe “managing supply chain compliance” will be a major obstacle.
- On the question of why their companies are motivated to embrace sustainability initiatives, 38% of respondents said their employers wanted to reduce environmental impact. Thirty-five percent responded that the main motivation was complying with government and regulatory requirements, while 32% said their organizations were simply being consistent with their own commitment to sustainability.
- Twenty-eight percent of the survey's respondents cited attracting or retaining customers as a consideration that drove organizational embracing of sustainability. But U.S. respondents were far more likely to claim that motivation, with 32% citing business retention as a consideration, compared to 18% of Canadian respondents.
- Technology is playing a major role in sustainability tracking and reporting, but there are several different ways to go about the task. Almost half of respondents (45%) are using AI and machine learning solutions, while 39% are using data analytics platforms. Supply chain management systems are the method of choice for 38% of those responding.
- Eighty-two percent of respondents say their companies are “considering a substantial investment to meet the requirements of new regulations.”