By Kim Kerry Tyerman, VP of Corporate Social Responsibility
Billtrust’s VP of Corporate Social Responsibility explores how the company approaches CSR, explains a materiality assessment and more.
Billtrust, by its DNA, is a climate positive company. We’re helping our customers do business better with automated accounts receivable solutions, which can have less impact on the environment because tasks can be done electronically—for instance, sending electronic invoices vs. paper invoices.
But that’s just one aspect of Billtrust’s commitment to corporate social responsibility.
In 2021, Billtrust invested in creating a corporate social responsibility department. Environmental and social considerations have always been essential for driving our business performance. But the department is new, and I’m excited about this journey for Billtrust.
We’re in growth mode, expanding our global footprint. We’re more committed than ever to living out our values and positively impacting the communities where we live and operate.There are two essential goals that we’re trying to meet. Let me explore those for a moment.
We’re going to engage more with our stakeholders on the great work we’ve been doing internally around diversity and sustainability and operating our business ethically. We want to ensure that our investors, our customers and partners understand that we’re operating our business to have a positive impact.
The other goal is making sure that we’re meeting growing investor expectations. Soon, we will be required to disclose how we are managing our carbon emissions, our diversity makeup and how we are future-proofing. This is more important than ever in the wake of COVID-19.
As the VP of Corporate Social Responsibility, part of my role is to make sure that we’re sharing that story externally. We have a values-based culture, one that's focused on the future and how we can be the best that we can be.
A materiality assessment is a forum to engage stakeholders and invite them to provide input on environmental, social, and governance topics. Where can we have the most impact in communities? What is most crucial to our business performance and long-term success? Where do those meet, and how do we realize value from investing in those areas?
We conducted a materiality assessment in 2021 with our key stakeholders.
It helped us understand what topics to prioritize and how to think about our ESG investments? In other words the MA helped us focus. Those priorities include:
Billtrust is investing in ESG now and in the future. We are focusing on our employees, how we’re engaging them and taking care of their well-being. I’m sure I don’t need to tell anyone how important that is. The great resignation, COVID and work-life balance are now part of our dialogue. Billtrust takes that seriously with our value of “Family First.”
We’re taking a comprehensive look at diversity and equity. Our Talent team leads a great culture of inclusion and has created employee resource groups (ERGs) that are distinct communities to support awareness, learning and change.
And it doesn’t stop with our workforce. Our incredible procurement team has launched a supplier diversity initiative to track and manage our spending. This will ultimately help us identify how to generate economic opportunities for underrepresented businesses and individuals.
I joined the company because I thought Billtrust’s values were amazing, and it’s been so great to see that they’re all “lived” values. If I had to pick my favorite, I’d say that “family first” is most meaningful to me as a mom.
When I was interviewing with my Billtrust colleagues, my daughter had a 105-degree fever and everyone said, “You should go home.” I appreciated that. That’s a “lived” work ethic and more critical now than ever in the wake of COVID because families feel the pressure. But that’s not to say that we’re not hard workers.
Everyone at Billtrust has a role in fostering a culture of inclusion, sustainable innovation and responsibility. And I think that’s the most exciting part. You don’t have to have CSR or ESG or social impact in your title to contribute.
It’s important to note that pursuing positive impact and realizing profits are not mutually exclusive. I’d argue the opposite. For instance, if you’re not…
…your business will struggle to be successful in the future.
Billtrust is a climate-positive business, and we’re committed to helping our customers reach their own sustainability goals. And I think that puts us in an exciting position.
Our business is all about moving paper billing to electronic. Some people may think, well, that’s great. They’re reducing paper, so there will be less logging. But it’s not only about the paper. There’s also the water used to make the paper. And then the fossil fuels used in transportation.
Plus, we know that mail is not reliable. Paper processes create inefficiencies for businesses.
We enable our businesses to be more efficient, get paid faster, and reduce their environmental impact? That’s pretty incredible! And it’s something we’re going to be leaning into very much in the future. I will share more about this at Billtrust Insight 2022 and hope many of our customers and partners tune into that.
At Billtrust, we have an open-door policy.
I want Billtrust’s network of customers, suppliers, partners and community representatives to contact me! Why? Because, as I’ve said, this is a dynamic, collaborative process. And what we’re most excited about is partnering with our customers to extend our positive impact.
Please reach out to me or your CSM today! We can talk about how you’re addressing environmental goals and how our solutions can help. Contact me at [email protected], and let’s have a conversation about how Billtrust can make a difference for your business.