Sample Assignment on Sustainability
16 Pages2591 Words110 Views
Added on 2021-06-14
Sample Assignment on Sustainability
Added on 2021-06-14
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Chapter 1Sustainability has become the need of the hour as it helps in meeting the needs of thepresent without compromising the future. The module intends to explain the meaning ofsustainability, its history, and current forces for business sustainability. It is determined that thereare three pillars of sustainability- social, economic and environmental. Social sustainabilityensures that the people are provided with a safe environment. Economic sustainability ensuresthat the financial, employment and consumption issues are addressed. Environmentalsustainability ensures that there is waste management, optimum energy usage and pollutionreduction ideas. The main reasons why sustainability must be applied in real-life is that it helpsin creating long-term value by taking in consideration every dimension of the above statedpillars. For example, every individual can address the climate change issue which is the mostdreading issue in the recent times. The four key principles of corporate governance aretransparency, accountability, responsibility and fairness. Not only individually, the corporatecompanies can inculcate sustainability in their business practices. It is because there shall beincreased trust between management and employees. There shall be better life work balance,equity of opportunity and increased respect among the employees. For a real-life example,Starbucks may be reviewed. Starbucks supports farmers and communities by responsiblygrowing coffee beans. It may be noted that such initiative by Starbucks has helped them lowercost of production, reduction in pest disease, increasing the yield of coffee and benefit to thecommunities (Starbucks.ca 2018).
ReferenceStarbucks.ca, 2018.Supporting Farmers and Communities. [online] Starbucks Coffee Company.Available at: <https://www.starbucks.ca/responsibility/sourcing/farmer-support>[Accessed 4 May 2018].
Chapter 2The customers, investors, employees, government, suppliers and other variousstakeholders have differences in the type of relationship they have with the firm. A firm needsproper engagement with their stakeholders. They have different perceptions that impact theobjectives. The importance of a stakeholder can be adjudged on the basis of three attributesnamely power, legitimacy and urgency. The business paradigm should be updated as per therequirement of sustainability. Dow Jones Sustainability indices are a group of indices thatevaluate these sustainability performances of number of companies. It also possesses industrybased indexed. For the application, the firm should try to make sure that it has more of thesupportive (positive) stakeholders than the Obstructive (negative) ones. The basic awareness andunderstanding shall be possessed by the firm on sustainability. Another example for thestakeholder is government in which it plays a vital role as the regulations laid by them affects thefirm directly. Therefore, the firm needs to make sure they are in harmony with the governmentrules and regulations. The basic awareness and understanding shall be possessed by the firm onsustainability. The government need to keep a benchmark for their performances. Their focusshould be on sustainability and have the basic idea about what and how to achieve suchobjectives related to sustainability. The framework includes wide range groups, organisationsand government bodies. They need to have social awareness, support the NGOs and ultimatelythe government support is also needed by the firm for achieving objectives (Harik et al. 2015).
ReferenceHarik, R., El Hachem, W., Medini, K. and Bernard, A., 2015. Towards a holistic sustainabilityindex for measuring sustainability of manufacturing companies.International Journal ofProduction Research,53(13), pp.4117-4139.
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