The most efficient contribution Intrum can make towards a sustainable world is by promoting sound finances for companies, individuals and society in general.
In our mission to act as a catalyst for a sound economy, we maximize our contribution to a sustainable society through our expert knowledge in our day-to-day dealings with companies and consumers.
We have gathered our thoughts on how we can contribute to sustainable development in this document.
Payments made on time generate the possibility of sustainable communities
Sound provision of credit means that people do not risk placing themselves in unsustainable debt situations. It also means that companies are able to lend money or sell goods and services on credit without incurring substantial financial risks. When companies are paid and on time, this affords them the opportunity to invest, develop and offer people jobs. These two things lead to a third – financial opportunities to build sustainable societies.
The environment, society and the economy
Sustainability involves three areas that are also interwoven – the environment, society and the economy. All three areas are dependent on one another in achieving sustainability. None of them can function sustainably without the other two. The basis for achieving sustainability builds on companies’ business functioning well and preferably expanding. Sound finances provide opportunities to invest in sustainability. They also allow companies to hire more people, which is good for society’s economy, and is, in turn, a prerequisite for being able to build a functioning society with the resources to invest in a responsible environmental approach.
Within Europe there was considerable variation in 2015 in countries’ environmental objectives, how their societies function and their economic status. There is still an imbalance between the three areas of sustainability – environment, society and economy – in many countries in the EU. In particular, several countries are struggling with exceptional economic challenges, making it difficult to develop a more environmentally friendly way of life and to change society as a whole for the better.
Intrum is a catalyst for a sound economy
Since 1998, Intrum (Intrum Justitia) has studied payment behaviors in Europe. European Payment Report 2015 shows that late payments are a major threat to companies. Asked whether they would hire more employees if they received payment faster, 32 percent of the respondent companies answered yes. This means that approximately 8 million businesses in Europe would recruit more people if credit management functioned properly. The results also show that 24 percent said late payments cause them to consider dismissing staff, while 40 percent believe that late payments prevent their businesses from developing and growing.
Our other survey, European Consumer Payment Report 2015, in which Intrum examines consumers’ payment behavior, reveals that life is difficult for young Europeans (18-24 years of age). More than 20 percent are unemployed and 23 percent are willing to leave their country to build a better future. Eighteen percent say they are not in control of their financial situation, and only 62 percent know what bills to expect each month. If a change is to be achieved, researchers say that everyone must contribute – governments, authorities and other organizations, as well as individuals and, in particular, companies.
As a company, Intrum must find ways of contributing towards sustainable development. These ways must also be profitable – otherwise, they risk being short-lived ventures that fade without achieving a long-term impact. Through our mission to act as a catalyst for a sound economy, we maximize our contribution to a sustainable society through our expert knowledge in our day-to-day dealings with companies and consumers. The most efficient contribution Intrum can make towards a sustainable Europe is working for healthier provision of credit, shorter payment times in several European countries and reducing the quantity of unpaid receivables.
UN Global Compact
In 2016 we signed the UN Global Compact and 2017 is the first year we report on the progress towards meeting the principles of human rights, labor, environment and anti-corruption in the UN Global Compact. The report is available here: