Funds investing according to so-called “ESG” criteria – environmental, social and governance – have long put the spotlight on the first letter of the acronym, and giving meaning to one’s savings is still often limited to choosing climate-focused funds, energy transition, natural resources.
“But favoring virtuous growth also means now focusing on the S, which was until recently the poor relation of ESG funds”, estimates Béryl di Nota, manager at OFI Asset Management. “By accentuating this filter, we are investing in companies committed to improving the well-being of their employees », She explains.
“Taking into account the well-being of employees contributes to a stronger corporate identity and culture. These elements give more cohesion and promote the capacity for innovation ”, judge Delphine Riou, ESG analyst at BNP Paribas AM.
Recent and still little known, the funds focused on the quality of life at work are today less than ten, more or less specialized on this vast subject. “Thanks to an in-house indicator launched in 2017, our objective is to measure the social footprint of each company just as we determine a carbon and energy footprint”, explains Aurélie Baudhuin, director of SRI research at Meeschaert AM, which notably manages the MAM Human Value fund.
Absenteeism, holidays, wages …
In order to build up a basket of values in line with the care given to “human capital”, which is difficult to understand, all the management companies involved in this field have also set up their own methodology, combining quantitative and qualitative criteria.
Several data reflecting the atmosphere within the company are analyzed, for example employee turnover, absenteeism rate, number of work accidents. Social policies (duration of leave, days granted for births, etc.) and wages (level, difference and evolution of wages) are deciphered, as is the training policy and the establishment, or not, of a shareholder structure. employee. The evolution over time of these indicators is also examined.
“But well-being at work cannot be tackled only with numbers. It is not uniform and varies according to the activities. This is why we measure the score of the company in relation to its sector », Specifies Mme Baudhuin.
The analysis also involves consultation “Data and international rankings such as Greatplacetowork or Glassdoor. The latter is the company’s Tripadvisor, with reviews left by employees of more than 6,000 companies ”, explains Cyril Charlot, founding managing partner of Sycomore AM, which offers Happy @ work. This pioneer fund, created in 2015, incorporates 85 selection criteria.
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