All about the EcoVadis Platinum Medal

Winning the EcoVadis Platinum Medal is a dream come true for many companies.

Behind this medal lies a great deal of effort and commitment on the part of companies to CSR.

Through its assessment, EcoVadis encourages companies to build a sustainability management system rewarded with a score and a medal.

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In this article, we'll explore in detail what the EcoVadis Platinum Medalrepresents , our practical advice on how to earn it, and how to take your CSR commitment even further.

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What is the EcoVadis Platinum Medal?

Understanding the EcoVadis Platinum Medal

Before sharing concrete tips on how to earn it, it's important to have a clear understanding of what the EcoVadis Platinum Medal is.

EcoVadis is a CSR (Corporate Social Responsibility) performance assessment platform that evaluates the environmental, social, human rights, ethical and purchasing practices of companies worldwide. 

The EcoVadis Platinum Medal is the highest level of recognition awarded to companies that put in place a clear framework and precise actions in the field of sustainability.

Only 1% of the companies evaluated by EcoVadis in the last 12 months have been awarded it!

We share more details about the EcoVadis rating system in our article on EcoVadis medals.

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What earning the EcoVadis Platinum Medal really means

When a company is awarded an EcoVadis Platinum Medal, it's not just a grade, but recognition of an excellent sustainability management system.

In a nutshell, a sustainability management system is a structure put in place by a company to monitor, manage and improve its CSR practices and results.

This system aims to integrate the principles of sustainable development into ALL the company's 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 the relevant sustainability aspects and issues activated for the company.

In general, to ensure that they get off to a good start, companies align their management systems with recognized frameworks. These frameworks include : 

• the OECD Guidelines for Multinational Enterprises, 
• the United Nations Global Compact, 
• the Global Reporting Initiative (GRI), 
• and the ISO 26000 standard on corporate social responsibility.

A good sustainability management system allows you to structure all your company's CSR initiatives, maximize their positive impact and get a head start in preparing for potential certifications and assessments such as EcoVadis.

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Our practical tips for earning your EcoVadis Platinum Medal

Earning an EcoVadis Platinum medal should not be a goal in itself, but rather the logical consequence of implementing a comprehensive and robust sustainability management system.

Winning a medal highlights the company's commitment to an ambitious CSR approach.

At Beavr, we've helped over a hundred companies structure their sustainability management systems and win EcoVadis medals.

Based on these experiences, our experts have compiled 6 concrete tips for successfully earning an EcoVadis Platinum medal:

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A long-term approach

The efforts valued by EcoVadis are those made over the long term. EcoVadis takes into account developments and commitments made in previous and future years.

This enables EcoVadis to verify the seriousness of the company.

In general, companies awarded the EcoVadis Platinum Medal have already submitted one or more EcoVadis assessments in the past. 

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Define quantified objectives for the short, medium and long term

A company with no quantified objectives will not be eligible for an EcoVadis Platinum Medal.

Setting objectives is one of the key points of a good CSR management system. 

Ideally, you should define specific, measurable, achievable, relevant and time-bound (SMART) objectives for the short, medium and long term. 

For example, it could aim to reduce its carbon emissions by X% by next year, or increase the number of suppliers committed to sustainable practices.

An objective is a trajectory to be reached, not an obligation of result. The EcoVadis assessment will not judge the result, but the quality of the objectives and whether they are achievable and ambitious.

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Involving the entire organization

CSR should not be the sole responsibility of a specific department, but rather integrated throughout the organization. 

Involving all departments and employees in sustainable initiatives is valued by EcoVadis.

This enables EcoVadis to understand that sustainable issues are truly integrated into the company.

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Investing in training and awareness-raising

Providing training in 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.

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Working with suppliers and partners 

When we adopt sustainable practices, we realize that our company's entire supply chain has an impact. 

It is therefore important to involve suppliers and partners in your CSR approach. This can take the form of a responsible purchasing charter, for example.

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Measuring and communicating progress 

After setting objectives, the company needs to monitor and measure its performance and progress accurately over time. 

Communicating this progress regularly, both internally and externally, can reinforce the company's credibility and demonstrate its commitment to sustainability.

By following this advice and implementing strategic sustainability initiatives, a company can improve its chances of earning the EcoVadis Platinum medal, and strengthen its reputation as a responsible player in the marketplace.

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Going beyond the EcoVadis Platinum medal

Winning a medal is just one step in a continuous improvement process, not an end in itself!

Congratulations to all the companies that have been awarded an EcoVadis Platinum Medal! 

But it's important to bear in mind that it is possible to exceed the requirements proposed by the EcoVadis assessment.

To take things a step further, we'd like to share a few practical tips with you:

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Challenge your strategy and business model

Rather than seeing Corporate Social Responsibility (CSR) as a constraint, it can be fully integrated into corporate strategy by aligning commercial and financial objectives with sustainability goals.

For example, rethinking production methods to reduce pollution and consumption can have a positive impact on brand image and reduce production costs.

In the end, it's about going beyond compliance and making profound changes throughout the company.

To make this transition a success, companies often need to change the way they think. They can support this change by training their employees and communicating with all stakeholders to involve them in the transition.

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Going further by drawing on sector-specific or thematic standards

To deepen their CSR initiatives, companies can draw on standards specific to their sector or to particular themes. 

Using sectoral or thematic standards as a guide, companies can identify areas for improvement and implement effective measures to promote sustainability in their operations.

For example, a company in the textile sector might comply with Fair Wear Foundation standards, which guarantee fair working conditions throughout the supply chain.

By complying with these standards, a company can not only improve its social practices, but also enhance its reputation and competitiveness in the marketplace. 

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Investing in sustainable innovation

Investing in sustainable innovation can be a good way of developing creative solutions to environmental and social issues.

This means developing and adopting new technologies, processes and products that reduce social and environmental impacts while meeting consumer needs.

By investing in R&D based on circular economy principles, companies can radically reduce their environmental footprint, for example by reusing or recycling 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 principals.

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Collaborate with other players and advance the entire value chain

Collaboration with other companies, NGOs, governments and local communities is a great way of collectively thinking about and finding solutions to social and environmental challenges. In fact, this is the theme of the 17th SDG: "Partnerships for achieving the goals", which advocates the establishment of partnerships to achieve the SDGs at global, regional, national and local levels.

These exchanges enable companies to share knowledge, resources and best practices to stimulate collective intelligence.

This collaboration can also take place hand-in-hand with its stakeholders, to encourage them to improve their practices and mobilize its entire value chain.

For example, a company can work with its suppliers to improve working conditions in factories or to set up waste recycling programs. 

It can also join forces with other companies in its sector to develop common sustainability standards or invest in projects with a social and environmental impact.

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Conclusion

The EcoVadis Platinum Medal embodies much more than mere recognition: it is the symbol of a concrete commitment to sustainability and corporate social responsibility. 

By joining the top 1%, companies demonstrate their commitment to integrating the principles of sustainable development into ALL aspects of their business.

But this distinction does not mark the end of the road; on the contrary, it represents the starting point for a quest for continuous improvement.

By exceeding expectations, challenging strategies and investing in sustainable innovation, every company can move from reaction to action. 

This makes the EcoVadis Platinum Medal much more than just an award!