Sustainability refers to the use of resources in such a way that the quality of the resource can be maintained for future generations. The environmental, social and economic sustainability framework implementation provides standardized and structured measures to improve the business practices. It anticipates the requirements of an environment and associates it in a holistic manner. The nine safeguard standards of precautionary and human right based approach are as follows:
• Measures to conserve biodiversity, natural habitat, and resources of living.
• Ensure efficiency of resources, proper management of chemical and waste to prevent pollution.
• Economic sustainability refers to the economic growth of the company without affecting society, environment, and culture.
• Safety of Dams
• Proper working conditions for labor
• Equality at the workplace
• Protection of cultural heritage.
The corporate sustainability refers to all the activities and demonstrate the social and environmental concerns of the business operations and with the influence of shareholders. Every organization has its own goals and approaches to maintain high sustainability. The policies and strategies of the company must respond to conditions of sustainability and requirements to improve it. The sustainability of an organization depends on three principles:
Economic sustainability: It considers the following factors of sustainability which are as follows:
• Smart growth of the company
• Long term planning of the company
• Cost-saving techniques
• Investment in Research and development of the company
• Raise the cost of living of all members of the company.
Environment sustainability: It considers the following factors to ensure the environmental sustainability of the company, which are as follows:
• Optimum utilization of resources of the company.
• Adoption of measures for environment protection
• Preservation and restoration of life standard of members of the company.
Social sustainability: It includes the following factors to ensure high social sustainability:
• Quality of life of members
• Growth and development of the company
• Provide equal opportunity to all without any discrimination.
• Follow all legal laws and ethics.
• Reporting and publishing of all reports of the performance of the company.
To develop principles for the company to maintain high sustainability a company has to follow the following process:
Perform a stakeholder analysis: It requires the identification of direct and indirect factors affecting the operations of the company. The interest of shareholders is the major influencer of sustainable development of the company. the management must consult all the stakeholders and record the statement of wording with them. The analysis will provide the knowledge of potentials areas of sustainable development with integration of interest of shareholders and management.
Set policies and objectives of sustainable development: The business management must design development policy for its organization to achieve objectives. As business gets affected by environmental, economic and social factors, it requires integration of all these factors in planning a decision making processes, product research and development and deciding manufacturing methods or acquisition of resources. To ensure high sustainability, a manager must have recycled and reused the resources. The best policy and plan can be formulated if management has complete information or knowledge of the business environment, which can be gathered from the following sources:
• Proposed or newly implemented legislation.
• Standards and practices followed by the industry in which the company is dealing with.
• Strategies of direct or indirect competitors of the company.
• Policies and activities are undertaken by community and special interest groups.
• Policies and concerns of trade unions.
• Technological developments in the market.
Design and implement the plan: The management has to prepare a complete implementation plan of the company, all the operations, and activities to be followed. It requires timely changes and modifications to be consistent with the objectives of a company.
Develop a supportive corporate culture: To implement high sustainability approach in an organization, management has to update the overall culture of the company to adopt high standards and requires effective communication model in an organization. but some managers of multinational companies are not in the view to make changes in the frameworks of the company for sustainability development.
Develop measures and standards of performance for effective control.
Prepare reports of implementation and its effects on the overall organization.