- The EcoVadis Platinum medal is the highest level of recognition: the top 1% of assessed companies.
- It recognizes an excellent sustainability management system covering all material issues, with consistency between policies, actions and results.
- It requires quantified SMART objectives (short, medium and long term) across all KSIs, and usually several prior assessments.
- Beyond the medal: embed CSR in your strategy, rely on sector standards and invest in sustainable innovation.
Obtaining the EcoVadis Platinum medal makes more than one company dream.
Behind this medal are hidden a lot of efforts and concrete commitments taken by companies in terms of CSR.
Through its evaluation, EcoVadis encourages companies to build a robust sustainability management system rewarded with a score and a medal.
In this article, we will explore in detail what represents The EcoVadis Platinum medal, our practical advice for obtaining it and courses of action to go even further in CSR commitment.
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What is the EcoVadis Platinum Medal?
Understanding the EcoVadis Platinum Medal
Before sharing concrete tips for obtaining it, it is important to clearly understand what the EcoVadis Platinum medal is.
EcoVadis is a CSR (Corporate Social Responsibility) performance assessment platform that assesses the environmental, social and human rights, ethical and purchasing practices of companies around the world.
The EcoVadis Platinum medal is the highest level of recognition awarded to companies that set up a clear framework and specific actions in terms of sustainability.
It is awarded to only 1% of companies assessed by EcoVadis over the last 12 months!
We share more details about the EcoVadis assessment system in our article on EcoVadis medals.
What it really means to get the EcoVadis Platinum medal
When a business gets an EcoVadis Platinum medal, it's not just a grade, but the recognition of an excellent sustainability management system.
In a nutshell, a sustainability management system is a structure a company sets up to monitor, manage and improve its CSR practices and results.
This system aims to integrate sustainable development principles into ALL company activities and decisions, to optimize its positive social, environmental, ethical and economic results.
A sustainability management system is considered to be excellent when it covers all aspects and challenges of sustainability relevant and activated for the business.
In general, to ensure that we start off on a good basis, companies align their management system with recognized frameworks. Among these frameworks, we find in particular:
- the OECD Guidelines for Multinational Enterprises,
- the United Nations Global Compact (or UN Global Compact),
- the Global Reporting Initiative (GRI),
- and the ISO 26000 standard on corporate social responsibility.
A good sustainability management system lets you structure all of your company's CSR initiatives, to maximize its positive impact and to get ahead of the curve to prepare for possible certifications and evaluations such as EcoVadis.
The complete action plan to succeed in your CSR assessments
Structure your governance, centralize your evidence and cover all your sustainability issues
Our practical advice for getting your EcoVadis Platinum medal
Get an EcoVadis Platinum medal does not have to be a goal in itself, but rather the logical consequence of setting up a comprehensive and robust sustainability management system.
Winning a medal lets you highlight all the commitments taken by the company to register in an ambitious CSR approach.
At Ditto, we have supported more than a hundred companies in structuring their sustainability management system and obtaining EcoVadis medals.
From these experiences, our experts have compiled 6 concrete tips to successfully obtain an EcoVadis Platinum medal.
Be part of a sustainable approach
The efforts valued by EcoVadis are the efforts made over the long term. EcoVadis takes into account The evolutions and the commitments made over the previous and future years.
This allows EcoVadis to ensure the seriousness of the company.
In general, companies that receive the EcoVadis Platinum medal have already submitted one or more EcoVadis evaluations in the past.
Define short, medium and long term numerical goals
A company that does not have a quantified objective will not be able to obtain an EcoVadis Platinum medal.
Set goals is one of the key points of a good CSR management system.
The ideal is to define specific, measurable, attainable, relevant and timely goals (SMART) in the short, medium and long term.
For example, it could aim to reduce carbon emissions by X% by next year or increase the number of suppliers committed to sustainable practices.
An objective is a trajectory to reach, not an obligation of result. The EcoVadis evaluation will not judge the result, it will judge the quality of the goals and whether they are achievable and ambitious.
Involve the entire organization
CSR should not be based solely on a specific department, but rather be integrated into the entire organization.
Involve all departments and all employees in sustainable initiatives is valued by EcoVadis.
This allows EcoVadis to understand that sustainable issues are really integrated into the company.
Investing in training and awareness
Offer training about sustainable practices and raising employee awareness can help create a corporate culture focused on sustainability.
The more employees understand the issues and are motivated to contribute, the easier it will be to implement effective initiatives
Collaborate with suppliers and partners
When we adopt sustainable practices, we realize that our entire company's supply chain has an impact.
So it is important to engage its suppliers and partners in its CSR approach. This can be translated into the drafting of a responsible purchasing charter, for example.
Measuring and communicating progress
After setting goals, the company must precisely monitor and measure its performance and progress over time.
Communicate regularly on this progress, both internally and externally, can strengthen the credibility of the company and demonstrate its commitment to sustainability.
By following these tips and implementing strategic sustainable initiatives, a company can improve its chances of earning the EcoVadis Platinum medal and strengthen its reputation as a responsible player in the market.
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Going beyond the EcoVadis Platinum medal
Obtaining a medal is only one step in a journey of continuous improvement, not an end in itself!
This is a great recognition, congratulations to all the companies that have obtained an EcoVadis Platinum medal!
But you have to keep in mind that it is possible to exceed the requirements proposed by the EcoVadis evaluation.
To go further, we share some practical tips with you:
Challenging your strategy and business model
Rather than considering Corporate Social Responsibility (CSR) as a constraint, it is possible to integrate it fully into the business strategy by aligning business and financial goals with sustainability goals.
For example, rethinking production methods to reduce pollution and consumption can have a positive impact on brand image and the reduction of production costs.
Finally, it's about going beyond compliance and engaging in profound changes across the organization.
To make this transition successful, businesses often need to change the way they think. They can support this change by training their employees and by communicating with all stakeholders to involve them in this transition.
Going further by relying on sectoral or thematic standards
To deepen their CSR initiatives, companies can rely on standards specific to their sector or to particular themes.
By using sectoral or thematic standards as a guide, businesses can identify areas where improvements are needed and implement effective measures to promote sustainability in their operations.
For example, a company in the textile sector may comply with Fair Wear Foundation standards, which ensure fair working conditions throughout the supply chain.
By complying with these standards, the company can not only improve its social practices, but also strengthen its reputation and competitiveness in the market.
Investing in sustainable innovation
Investing in sustainable innovation may be a good approach for develop creative solutions to environmental and social issues.
This involves developing and adopting new technologies, processes, and products that reduce social and environmental impacts while meeting consumer needs.
By investing in R&D on circular economy principles, companies can radically reduce their environmental footprint, for example by reusing or upgrading their products.
This investment can reduce a company's costs, open up new markets, and signal its readiness for the new economy in Europe in the eyes of consumers, investors and contractors.
Collaborate with other actors and advance the entire value chain
Collaboration with other businesses, NGOs, governments, and local communities is a great tool for thinking and finding solutions collectively to social and environmental challenges. This is also the theme of the 17th SDG: “Partnerships for the achievement of the goals”, which advocates the establishment of partnerships to succeed in the SDGs at the global, regional, national and local levels.
These exchanges allow companies to share their knowledge, resources and best practices to stimulate collective intelligence.
This collaboration can also be done hand in hand with its stakeholders to encourage them to improve their practices and engage its entire value chain.
For example, a company can collaborate with its suppliers to improve working conditions in factories or to implement waste recycling programs.
It can also partner with other companies in its sector to develop common sustainability standards or to invest in social and environmental impact projects.
Conclusion
The EcoVadis Platinum Medal is much more than just recognition, it is a symbol of a concrete commitment to sustainability and corporate social responsibility.
By joining the top 1%, companies demonstrate their desire to integrate the principles of sustainable development into ALL aspects of their activities.
But this distinction is not the end of the road; on the contrary, it represents the starting point for a quest for continuous improvement.
By exceeding expectations, challenging its strategies and investing in sustainable innovation, every business can move from reaction to action.
Thus, the EcoVadis Platinum medal becomes much more than a reward!
