These days, there is a tidal wave of companies committing to corporate sustainability. Unfortunately, the business community and all its relevant stakeholders still aren’t entirely clear on what it is and why it’s needed. Navigating the complexities of corporate sustainability can feel like a daunting task for many businesses. That’s where sustainability consultants in Melbourne come into play. These experts provide the guidance and expertise needed to understand and implement sustainable practices effectively. In this article, we establish what it actually means, and how you must implement it in your business. We also explain why you need to do this.
Corporate sustainability is effectively a branch of sustainable development, which is an old concept. When company executives engage their employees in sustainability, it needs to be the start of a new company culture It is economic development that meets the needs of current generations. It should be done without tarnishing the prospects of future generations, while still maintaining a profitable business.
How To Build A Corporate Sustainability Strategy
When implementing a corporate sustainability strategy, businesses need to consider three primary factors in their operations. Firstly, businesses need to focus their strategies on treating their employees, and the communities that they serve, well. Secondly, they need to focus on using natural resources responsibly. Finally, businesses need to focus their attention on secure long-term investment, not just the immediate, short-term future.
We have a basic blueprint that businesses should make an effort to follow when implementing a sustainability strategy. Businesses need to take a good look at themselves, before deciding on their sustainability criteria and making it a part of the company culture. Additionally, businesses should work with their suppliers and customers, to ensure that they use and dispose of their products responsibly.
Sustainability Helps Improve Project Outcomes
Sustainability has the potential to improve project outcomes in your business. That can primarily be achieved by making use of locally sourced materials. By doing this, you are reducing schedule delays (if not eliminating them altogether). Sourcing materials locally also means reducing the risk of transportation accidents. These projects will also have greater buy-in from locals, reducing the risk of disruption.
As an extension of this, improving project outcomes also means becoming more desirable for investment. Investors are becoming increasingly attracted to companies with good environmental, social, and corporate governance (ESG) records This (ESG) evaluates how much a company has taken social and environmental factors into account. This matters because sustainable development assets have surged worldwide, according to the Global Sustainable Investment Alliance.
Sustainability Helps Drive Innovation
According to the Harvard Business Review, sustainability has now become a key driver of innovation. Being socially responsible means that businesses need to adopt newer techniques in their operations. Those newer techniques require a certain degree of innovation. According to the American Society of Civil Engineers, as many as 48% of businesses use sustainability to boost innovation. Here are some practical examples.
An example of business sustainability is the conservation of water. This is something that saves money and energy. One example of conserving water is the introduction and installation of low-flow toilets. This is an innovative technology. Another example would be energy-saving bulbs in the workplace. Using these bulbs saves a considerable amount of money for the company in the long term.
Sustainability Helps Boost The Bottom Line
Sustainable companies are effective at lowering facility costs. This can be achieved by using, what is commonly known as, the life cycle approach. Sustainability experts will refer to the Four Rs — Reduce, Reuse, Recycle and Rebuy. Sustainability means using resources more efficiently. A report by consulting firm McKinsey reveals that this can swing a company’s profits by as much as 60%.
Sustainability Helps Attract And Retain Talent
The creation of a more diverse workforce is a by-product of attracting more talent (because of sustainability). All of that has a positive impact on things like boosting the bottom line, driving innovation, and better project outcomes for the company and the community. Companies that are more diverse foster innovation through inclusion, gain new perspectives and world-views and employ purpose-driven individuals.
Sustainability Contributes To Job Growth
Localizing your business is a key element of successful sustainability initiatives. While there is no doubt that this helps reduce risk at your company and increases company profits, the impact this has on local communities is more significant. It will, undoubtedly, lead to the creation of employment opportunities. In this context, sustainability extends well beyond just boosting a company’s bottom line.
However, this is not just about the job creation, as compelling as that is. The spending power of a local community increases a lot when the local economy thrives. Not only is more being generated by that community in the way of taxes but the people living and working there will also have greater spending power. This will achieve increased market growth.
Sustainability Is The Future
Maximizing shareholder value used to be the only thing that mattered. But corporate attitudes are changing fast. Corporations around the world now promote an economy that serves all stakeholders which include customers, governments, employees, suppliers, communities, and shareholders. Corporate social responsibility and sustainability are no longer just progressive perspectives on how to run a business. They are central and powerful business tenets.