Sustainability is a new green trend that will shape society in the future. With mega global trends such as security issues, health crises, energy industry uncertainty, climate issues, food crises due to population growth, it becomes a priority in many organizations. Why should we be sustainability-oriented? Not only to act in a socially responsible way by promoting social and environmental changes, but also because there are many benefits of acting sustainably. Corporate social responsibility should be understood in a broader sense, encompassing economic, social, and environmental performance of an organization. The benefits of sustainability include:
- ENHANCING REPUTATION
By having a proper sustainability strategy that protects the environment and your employees, you can protect yourself in the event of unforeseen situations, while strengthening your reputation in the marketplace as a socially responsible, innovative and sustainable organization that shares the same values as its increasingly socially conscious stakeholders.
- WHERE ARE THE OPPORTUNITIES?
By complying with increasingly stringent regulations, the organization avoids unnecessary sanctions and disruptive situations that negatively affect its business. According to the Business & Sustainable Development Commission’s report “Better Business, Better World” (2017), based on the UN’s 2030 Agenda for Sustainable Development, the opportunities for organizations are valued at least $12 trillion annually.
- INCREASING COMPETITIVE ADVANTAGE:
The most attractive job positions for job seekers and innovative partnerships are companies that have recognized their sustainability potential and have gained the privilege of charging higher prices due to their recognised sustainability credentials in markets.
- COST REDUCTION
A higher return on investment (ROI) is achieved by reducing operational costs, which can be achieved through sustainable energy consumption. A study by the University of Oxford has shown that good business practices can lead to profitability because they lead to higher revenues and overall business performance. Despite higher initial costs, savings can be achieved by reusing materials, optimizing workspaces or saving energy.
Climate change, which is increasingly disrupting our plans, is a reflection of exceeding planetary boundaries. The Earth is becoming less hospitable, leading to a significant and rapid deterioration of human well-being around the world. By taking sustainable steps, both individuals and organizations can learn to live within the Earth’s limits which does not mean scarcity, but rather significant benefits and advantages.