| Pub. Date | : Dec' 2020 |
|---|---|
| Product Name | : The IUP Journal of Business Strategy |
| Product Type | : Article |
| Product Code | : IJBS31220 |
| Author Name | : Nitu Saxena |
| Availability | : YES |
| Subject/Domain | : Strategic Journals |
| Download Format | : PDF Format |
| No. of Pages | : 13 |
Managing businesses in a sustainable way is not only a necessity from the ecological point of view but also from the perspective of a long-term strategic vision for growth and sustenance of business operations. The paper explores various aspects related to sustainable development and examines the initiatives taken by large corporates in the arena of sustainability. Sustainability as a strategy seems to be a panacea for all the troubles of the world, but as we go deeper into the practical issues involved, the story is not a fairy tale. Corporate sustainability has to take care of three pillars of sustainable development: economic, social and environmental. Faltering at any level affects the companys image and equity. This paper also presents case studies of the Tatas and the Mahindra group.
Business sustainability covers a broad range of issues and holds the key to a win-win situation for businesses, its customers, stakeholders and the society at large. Business sustainability refers to the adoption of managerial processes and policies which ensure creation of long-term value by responsible, ethical and environment-friendly business operations. This is also referred to as corporate sustainability whose cornerstone is looking beyond the myopic business goals and profit targets and be able to contribute to the societal concerns, while making sound business decisions.
Corporate Sustainability: A Road Less Traveled
Corporate sustainability has been one of the most discussed issues in recent times and is definitely the need of the hour. One of the key concerns of corporate sustainability relates to the use of natural resources. The natural resources are limited and businesses need to chalk out a strategy to sustain economically while managing the environmental resources in such a manner that it does not lead to their depletion. Gro Harlem Brundtland (1983)1 defined sustainable development as meeting the needs of the present without compromising the ability of future generations to meet their own needs. The definition aptly throws light on the need for sustainable development in the current scenario. Sustainability as a strategy seems to be a panacea for all the troubles of the world, but a deeper look into the practical issues involved reveals that the story is no fairy tale at all due to several implementation challenges. Several studies have attempted to figure out the opportunities, challenges, and