Sustainability is one of the most pressing issues in the world at the moment. As we continue to experience the impact of climate change, many of us are seeking out ways to reduce our carbon footprint and help protect the planet.
Individuals have a responsibility within their households and day to day lives, but it is clear that businesses and organizations play the biggest role if we really want to see a change.
They are the pioneers in paving the way to a happier and healthier planet which is why corporate sustainability is should play a key role in all business strategies.
What is corporate sustainability?
Corporate sustainability is defined as: the strategy whereby a business delivers its goods and services in a manner that is both environmentally sustainable and supports its economic growth.
It places sustainability at the forefront of business growth rather than short-term financial gains.
Every business should place significant value on corporate sustainability and make it a priority, especially with a growing demand from the public. There has been a 71% rise in online searches for sustainable goods globally over the last five years and this will continue to increase as we experience an ‘eco-awakening’ amongst consumers.
This highlights just how critical it is for businesses to establish a clear plan for their shift towards sustainability and to start taking action as soon as possible.
Corporate sustainability is broken down into three pillars which are all given equal weight: social, environmental and economic. This can be more informally referred to as people, planet and profits.
The focus is on the strategy that a business has within each of these categories in order to make a positive impact on the environment and the community. The emphasis is on how a business is going to achieve their social, environmental and economic goals over the coming years.
Economic sustainability
Economic sustainability is all about supporting long-term economic growth without negatively impacting social, environmental and cultural aspects of the community.
Essentially, a business must be profitable in order to be sustainable but this cannot be at the cost of the other two pillars of corporate sustainability.
Often, the more sustainable methods of running a business come with a higher price tag which can massively impact the profits of a business and is what makes it difficult for many businesses to adopt more sustainable practices. The solution is to find a balance between greener business practices and low costs.
A couple of simple things businesses can do that will actually save them money in the long run is reduce their waste and energy usage. Waste, whether it be food from a restaurant or paper in an office, can be costly for businesses as they are, essentially, throwing money away. Yet, in many cases, it can be avoided.
A great example of this is when supermarkets include a massively discounted section in their store with food items that will expire that day. They give customers the opportunity to purchase these goods at a very low price to try and get rid of all stock before it can no longer be sold or consumed rather than throwing it away.
Another example is when fashion retail stores have seasonal sales to get rid of last season’s stock so that they don’t end up in a landfill.
Businesses can also consider launching recycling schemes, donating to food banks or charity stores or reusing products wherever possible – all in a bid to reduced their waste and embrace economic sustainability.
This can also be applied to excessive energy usage within a business. Energy comes at a cost and it is now at the highest rate that it has ever been; therefore, by reducing energy usage a business can simultaneously cut their expenses and their negative impact on the environment.
Even the smallest changes can have a great, long-term effect such as investing in motion-sensor lighting systems, turning off all electrical appliances when not in use, installing high-quality insulation and planting trees to offset their carbon footprint.
Social sustainability
Social sustainability is a proactive approach to identifying and managing business impacts on employees, workers in the value chain, customers and the local community.
At its core, it is about recognizing the importance of relationships with people, communities and the society.
In order for a business to achieve social sustainability, they must value equality and diversity, have fair labor practices and implement thorough health and safety policies.
They can also consider ways to broaden their social sustainability beyond their employees and customers by engaging with the community. This could be through fundraisers, donating time, providing job opportunities and attending local events.
Environmental sustainability
Environmental sustainability is the practice of conserving natural resources and protecting global ecosystems to support health and wellbeing, now and in the future. It is a concept that we immediately think about when talking about sustainability and the one that people are most familiar with.
The best strategy to support environmental sustainability within business is circular economy. When a business can find ways to contribute to this cyclical system, by keeping materials and goods in use for as long as possible, they are fulfilling a big part of this category within corporate sustainability.
Other ways to commit to environmental sustainability as a business or organization include switching to renewable energy, reducing pollution and minimalizing the use of single-use plastics.
If you want to make a start on your journey towards being a business that upholds corporate sustainability then the easiest thing you can do is invest in eco-friendly and ethically-sourced products for retail and promotional purposes.
We can help you create and design custom products that represent your business in the best light. We use only sustainable materials and the most ethical production methods to source all of our products so you can rest assured that you are fulfilling all three pillars of corporate sustainability when you work with us.