Sustainability is the key driver of innovation. There is no alternative to this element of enterprise and growth. It has to be practiced diligently to keep a system running for a longer period of time without exhausting resources and effecting the economic cycle poorly. A lot of companies in today’s world have emphasized on making their operations sustainable and dedicated towards development of “green” & “eco-friendly” goods to preserve various resources for the need of the future generations.
There are many advantages of sustainable practices. It helps to-
# Reduce the misuse of natural resources
# Abstain from bringing any damage to the ecosystem by building any projects harmful to it
# Optimize Energy usage
# Optimize Energy usage
# Conserve water resources
# Ensure a comfortable lifestyle for everyone
Linking various Management practices to sustainability can help in many ways to fight the future challenges of humankind. Looking at it from a global perspective, there is a need to direct universal management exercises towards eliminating adverse effects on surroundings, environment and the current economy. It should not only be the concern of the big companies and institutions, but also an individual contribution effort.
As Managers, it is our responsibility that every organizational behavior and involvement should be connected to sustainability. There is a growing need for sustainability professionals to address them in industries, governmental agencies and various organizational functions. Managers should be key drivers for creating a sustainable economy and environment.
Managers should have the following primary qualities to practice sustainability in their share of management:
Vision: Leaders with a sustainable foresight can take an organization forward for a long term. This vision should be spread across various departments of the organization for lowering costs, cutting down losses and maintain positive financial returns.
Action: Leaders lead by examples. Besides setting examples from personal practices of sustainable management, they should be inclined to motivate other team members to replicate them too. They should be actively engaged in the respective sustainability programs of the organization.
Accountability: It is necessary to give back to nature for the various resources that have been utilized for profit making mechanism. There should be genuine commitment towards this principle with core values and organizational strategies to achieve long term benefits.
There are several business risks associated with sustainability initiatives. Many of them are loss incurring in nature in the short term. But the future of sustainable practices goes beyond the mechanism of profit making. It is important to understand the needs of tomorrow and set standards to live up to them to bridge today’s business into the future.
Disclaimer: This article has been written by a member of Corporate Communications Team at FIIB and is inspired by the Sustainability Summit held at FIIB in 2013 where these suggestions were shared by the Speakers.