Sustainability? Triple bottom line? CSR?
What does this mean? For SKF it starts and ends with SKF Care – including the dimensions of Business, Environment, Employees and Communities. Long-term success is about balancing these aspects properly. For SKF, all aspects need to be considered in the decision making process.
In order to maintain performance, we cannot do everything, we need to focus on the most important aspects and deal with them in a systematic approach. Based on the latest materiality analysis, the most important aspects are:
The fundamental ability to anticipate, meet and exceed customer expectations in terms of value, quality and service in the highly competitive global market place.
The ability to conduct all business in a highly ethical manner, which complies with all applicable laws and conforms to the SKF Code of Conduct.
The ability to deliver sustained financial performance with efficient working capital management, and cash flow over time, which meets the expectations of investors and customers and communicate this transparently.
Health and safety
The ability to assure the health and safety of all SKF’s employees and working to protect the health and safety of the customers and users of SKF’s products and solutions and work to assure good work environment also in the supply chain.
Application driven innovation
The capacity and ability to commercialize application driven innovations and new business models in order to support customers in the rapidly changing and evolving markets and industries where SKF is present.
Attract retain and engage a diverse and effective workforce
The ability to create positive and engaging workplaces through openness, high ethics, teamwork and empowerment.
Equality, human and labour rights
The ability to assure equal opportunities, fair remuneration and working conditions, human rights and positive and constructive relations between labour and management, at SKF and its supply chain.
Environmental impact over the value chain
The capacity to assure that the environmental impact resulting from SKF’s products, related processes and activities is understood and minimized and supporting SKF customers to do the same. The ability to realize the significant business opportunities that result from the associated environmental and economic constraints while at the same time reduce related risks and costs.
Create additional value in the communities around SKF
The capacity to use business and economic growth to support the local communities and to create additional value in the communities around SKF’s operations, enhancing the company’s reputation within the community and workforce.
For an brief description of these aspects and what makes them important over SKF's value chain, please refer to our Annual Report, page 123.
These have been established from the overall risks and opportunities managed by SKF, in combination with formal and informal stakeholder dialogue. Most of the issues include one or more aspects as defined by the GRI G4 sustainability reporting guidelines, please refer to our Sustainability statements for the details.
Including stakeholder views
SKF works in different ways to interact with key stakeholder groups. This allows us to better understand different perspectives and concerns and can respond promptly to external trends. Read here on our stakeholder engagements and materiality process.
External drivers and trends
SKF’s strategy is developed and refined through an understanding of the external drivers and trends which have the potential to impact our markets, regions and industries. These are some of the high level external drivers of relevance to SKF.