As we know it, sustainability is progressively becoming a requirement for businesses because of shifting outlooks around the globe. International organizations and countries have set a common agenda with goals that they intend to achieve shortly in this matter. In the end, the final objective is to direct common efforts toward a more sustainable and responsible concept of productivity.
All the efforts that are being invested in this type of policy only mean one thing: his trend will not subside anytime soon. While 90% of executives understand the significance of sustainability, still merely 60% of corporations have sustainability practices. You will find businesses that claim to be sustainable are still deficient when implementation is required. And, we understand that implementing actions toward sustainability demands time, effort, and hard work, but is a task that cannot be delayed. Sustainability isn’t the future, is the present of business.
Defining Corporate Sustainability
We will be reviewing corporate sustainability throughout this discussion so let’s buckle your seatbelts because it is going to be a fun ride. We will be starting with the fundamentals; what exactly is corporate sustainability? Corporate sustainability can be understood as the strategy that will allow your startup, company, or business to deliver its products and services in a way that not only supports your economic progress but that also promotes environmental sustainability and people’s well-being. The world is transiting towards sustainability, which means that we will achieve a point where your degree of sustainability will also be an asset that will help you have better opportunities and relationships within your ecosystem. In the end, corporate sustainability will offer you lasting progress via sustainable means.
Pillars of Corporate Sustainability
You must be aware that your business will not scale up overnight without the appropriate measures. Of course, it takes time to prosper. The most relevant aspect that you need to understand is what your business needs to do to be more sustainable, thus, you need to understand the three main pillars of sustainability: environmental, economic, and social. Let’s get into some details, shall we?
1. The Environmental Pillar
The environmental pillar focuses on the influence of corporate actions and choices on the environment. We are all aware of the increasing climate problems, and, regardless of if it is a startup or an established business, it has never been more relevant to comprehend how their corporate actions influence the environment. According to Thomas Fuller, “We never know the importance of water till the well is dry”. So, let’s not be too late to limit and modify such maneuvers that can harm our Earth because we have only got one unless you want to settle on Mars.
2. The Economic Pillar
Moving on to the next step, which is the economic pillar that emphasizes the main essence of business: making revenue. Of course, you want to increase the profits so that your business can endure sustainability. But don’t be mistaken, economic gain at the cost of harming your environment or stakeholders. This pillar also requires that the company has precise and straightforward bookkeeping strategies that include compliance, governance, and risk management.
3. The Social Pillar
The Social Pillar focuses on how internal and external stakeholders are impacted and managed by the corporation. The idea is rather vast and entertains a grander assessment of the world regarding societies, cultures, and modernity. You can confer that protecting new generations and recognizing the impact your business can have on others is what the social pillar is about. Overall, this area alludes to human capital, which means the creation of instruments that make strides in the citizens’ quality of life and well-being within the workplace.
The Impact of Sustainability on Business Today
A business approach that addresses sustainability can complement brand trademark, fulfill customer demands, enhance competence, entice talent and generate innovative opportunities. It illustrates that businesses can considerably upsurge their values by implementing sustainability practices, and multiple worldwide noted brands are doing that as Apple is persistent in becoming 100% carbon-free for its products by the year 2030.