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SUSTAINABILITY AND BUSINESS - Research Paper Example

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Sustainability is one of the most important issues in contemporary times, encompassing almost all businesses, industries, services, and other areas. It is being severely impacted by the demands of increased populations, human activity and business processes…
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SUSTAINABILITY AND BUSINESS
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Download file to see previous pages This results in degradation of land, accumulation of waste, and depletion of water, oil, fuel, forests, fishing, minerals, and other natural resources. Hence conservation of natural resources is vital. Uncontrolled production of waste has to be reduced, and recycling of used products undertaken. Corporate social responsibility that advocates sustainable business practices is increasingly required. In the information-based environment business and government practices are becoming more transparent. The Triple Bottom Line of economical, social and environmental regeneration underscores corporate operations. Together with creating a more sustainable world, ethical behavior and sustainable business operations provide organizations with a competitive advantage, resulting in increased customer loyalty, greater productivity and profitability. Introduction Sustainability is defined as “meeting the economic, social, and environmental needs of the present without compromising the similar needs of the future generations”1. It is an ongoing process and includes the regeneration and equitable distribution of resources, awareness of the mutual inter-relationships between the economy, the society and the environment, prevention and control of environmental degradation, waste reduction, and the sparing use of non-renewable and renewable resources. Sustainable businesses replace nationally and internationally produced goods with products created locally and regionally; are responsible for the effects they have on the natural world; grow and develop without the need for exotic sources of capital; and use production processes that take into account the dignity and human rights of individuals and communities. Additionally, sustainable business practices result in durable and harmless products which have long-term use; and they convert consumers to customers by educating them on product purchasing2. Thesis Statement: The pupose of this report is to investigate the importance of sustainable business practices and to highlight the sustainable strategies used by contemporary global organizations to tackle the issue. Recommendations will be presented on how global businesses can improve their advocacy of sustainability. CSR Aids Economic, Social, Environmental & Business Sustainability Corporate Social Responsibility (CSR) is business’ contribution to sustainable development. Organizations in a global environment often play an important role beyond the creation of employment and wealth, to include responsibility for societal and ecological issues3. Sustainability of the environment and the natural resources of the earth is one of the most vital concerns underscoring corporate social responsibility. Another important force that drives corporate social responsibility is the practice of business ethics with transparency of information, and corporate accountability for actions taken4. To promote ethical business processes, new regional and bilateral trade treaties are focusing on human rights issues such as labor rights and fair trade5. Other major trends that drive corporate social responsibility include the greater access to information by consumers on ethical and sustainability issues. Additionally, the rise of globalization creates powerful capitalist development which calls for the harmonizing of corporate interests with the larger public interests. Moreover, the failure of the public sector necessitates the private sector to resolve sustainability issues6. Corporate social initiatives are major activities undertaken to support causes and to fulfill commitments to corporate social responsibility. Six important social initiatives are: cause promotions, cause-related marketing, corporate social marketing, corpor ...Download file to see next pagesRead More
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