Can TCFD drive business change and improve performance?
We are the only global pure-play specialist staffing business focused on roles in STEM, and have consistently demonstrated our commitment to climate action. We’re listed on the Financial Times 300 Climate Leaders in Europe list in 2021 and scored a B through CDP for five consecutive years.
And the UK government’s announcement that the Taskforce on Climate-related Financial Disclosures (TCFD) reporting requirements would be mandatory didn’t catch us cold. We had already identified the need to utilise the TCFD framework to understand better the impact of climate change on our business.
However, our focus had been on how the actions of the business impact climate change. Now we want to know how climate change would affect our business and particularly the STEM markets in which we operate. That’s where market-leading independent sustainability consultancy, Avieco comes in.
Avieco works closely with organisations across the economy. They bring sustainability expertise to support companies in their operational, commercial and strategic ambitions.
Before both parties collaborated, it was crucial we identified climate risks and opportunities that would directly impact our markets. We then worked together to develop climate scenarios using underlying data from the Networking for Greening the Financial System (NGFS).
It was crucial we identified climate risks and opportunities that would directly impact our markets.
This work allowed us to look at how the identified risks and opportunities would appear in a way that resonated within individual regions. It highlighted the effects of climate change and the potential consequences within our specific markets.
And more importantly, the developed scenarios then informed strategic decisions around how we would respond to those risks and opportunities at any point in the future. These have been vital in ensuring we can prepare and respond to the potential effects of climate change on our markets – instead of waiting for it to impact our business.
The result? We are now enabled to be reactive as well proactive in our strategic response to climate change.
Having an independent, third party delivering the project facilitated honest conversation and strong external insights. It also provided us with the space to truly observe and analyse the changes needed.
Gemma Branney, Head of ESG at SThree, said: “I hadn’t fully appreciated the outcomes and impact implementing TCFD would have on our business when we first partnered with Avieco. Having an independent, third party delivering the project facilitated honest conversation and strong external insights. It also provided us with the space to truly observe and analyse the changes needed. It was also a good learning opportunity for me as I had limited experience of climate-related scenario analysis.”
The results of our work with Avieco are clear to see. Our risk management framework now details climate change as a risk. And there are detailed risks and mitigations in place which inform strategy for the Group.
On top of this, we have set ourselves the target of doubling the size of our renewable energy business. We are also expanding Scope 3 emissions reporting to understand our climate impact better.
We have set ourselves the target of doubling the size of our renewable energy business.
Implementing TCFD has led to SThree establishing an internal global renewable energy network. The network shares best practices and improves services to better serve our renewable energy partners.
It also identified the green skills gap, which has informed our community programming. This includes delivering green skills development and awareness initiatives to expand the green talent pipeline our clients and future clients will need to achieve net-zero.
Not only that, but it has improved our understanding of how our clients might be impacted as a result of changing policies and investments. For example, how high emitting sectors are likely to need skills related to their transition rather than the recruitment trends we have previously experienced.
Read our feature in the ICRS COP26 Learning Zone
Our case study also features in the Institute of Corporate Responsibility and Sustainability's (ICRS) COP26 Learning Zone. There you'll discover more information about TCFD, resources for COP26 and ways we can tackle climate change.
Find out how we're helping to build the future the world needs
View our people and planet page to find out more information on our ESG goals and why they're so important to us.
Read more insights

A day in the life of a recruitment consultant at SThree
If you want to know what it’s really like in recruitment, here are some honest insights from five members of our team

How to heal the heavy blow of a retiring workforce
What are the solutions to help your business and current staff cope with the retiring workforce – not just today but for the future?

Diversity of thought leads to better decisions: How to achieve diversity quotas in the engineering industry
By rethinking recruitment practices and embracing a wider talent pool, businesses can pave the way for a more diverse workforce.

The STEM world is evolving, attitudes are changing – should we be panicking?
The evolving global economic climate has triggered significant shifts in the concerns and priorities of STEM professionals, leaving some ...

Engineering skills aren’t really changing but job titles are
Yves Urban asks whether changing traditional job titles could attract more people to the engineering industry.

Net zero: are there enough engineers?
Companies must leave no stone unturned in the hunt for green engineering talent

The next jobs boom will be in green tech
According to the Intergovernmental Panel on Climate Change, greenhouse gas emissions are at an all-time high.

Can we really ramp up net-zero manufacturing?
Companies are already sharing engineers as onshoring stretches the available talent

Why hourly rates for tech contractors are still rising
Long-established sectors like banking and energy are snapping up IT professionals as digital transformation accelerates