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Sustainability in a business context
Sustainability in a business context
Sustainability in a business context
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This assignment will discuss the response of the Canadian business market to the force of sustainability. Sustainability includes both sustainable development and corporate sustainability. When sustainable development and corporate sustainability are valued in a company, it aligns the views of various stakeholders, which can lead to financial success. In the past, sustainability was not valued, mainly because of a lack of knowledge and an aversion to the costs of sustainability reporting. However, with increased consumer awareness and the promotion of environmental and social value, more companies are moving towards a state of sustainability. In Canada there has been some adoption of sustainable development. Regulating bodies and third party evaluators have implemented systems to promote a triple bottom line in corporations. TELUS Corporation is an example of a company that is focused on sustainable development. Their vision, policies, and practices all display the company’s support for the community, the environment, and the shareholders. While there are still barriers to the adoption of sustainable practices, the market will naturally shift towards a state of corporate sustainability through sustainable development.
Assignment #1
Introduction
In the business world, there are four forces of change. These are innovation, customer focus, globalization, and sustainability. Innovation involves technological and non-technological advances that create new value for a company. Customer focus entails directing an organization’s efforts towards increasing the value given to customers as opposed to the value kept in the organization. Globalization has lead to integrated markets and has exposed businesses to new risks, such as pol...
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Conclusion
It is evident that sustainability is becoming a strong force in the business world. Environmental issues, such as greenhouse gas emissions, and corporate social responsibility are becoming increasingly important to internal and external stakeholders. Companies can no longer focus solely on financial measures, but must incorporate the triple bottom line into their performance metrics. This will give a company a long-term focus that supports future growth and profitability through sustainable development.
Adoption of sustainable initiatives is varied in the market. While companies such as TELUS Corporation can be labeled as a sustaining corporation, others remain in a state of non-responsiveness or compliance due mainly to costs. However, as environmental and social awareness increases, the market will naturally progress towards a sustainable state.
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
Often times when one hears the word “change” in any aspect of life, they are often, put off, and intimidated by the word itself and the intended implication. This is a normal and understandable reaction for anyone engaging in any type of change. In terms of organizational change, this type of behavior often seen as, but is not limited to pushback, resistance, lack in productivity, turnover, drop in overall customer service, etc by team members. Thus, as organizational leaders, it is our responsibility to ensure that any change management implemented is smooth and has lasting benefits; by considering the impact on the organization as a whole and most importantly, the impact it will have on the team members within the
The term leadership and change management are interrelated between each other. Leadership direct the company to reach in the destination. Eventually, it is concentrate to formulating the business strategies require to transfer in new state to achieve the corporate goal (Hayes, 2010, p.159). Kotter (2011) explains that leadership is act as an engine on entire change process, that drives, controls and manages to move quickly in efficient way. According to Northouse (2013), “Leadership is a process whereby an individual influences a group of individuals to achieve a common goal.”
Prosci’s tools and methodology—based on best practices research with over 3400 international organizations—are used by more than three quarters of Fortune 100 companies. The Prosci methodology has become one of the most widely used approaches to managing the people side of change in business and government. The origin of Prosci’s name is derived from the combination of the terms professional and sciences, reflecting Prosci’s commitment to a research-driven and results-oriented approach to change management. Prosci has been directly engaged with a diverse group of customers, including 80% of Fortune 100 companies and entities across six continents. Our customer list includes organizations in nearly every sector, including international enterprises, government institutions, and global consulting firms. Prosci’s research and intellectual property have been deployed in 3,500 client organizations across 65
Change is the only constant in life. And therefore it should be understood as part of a continuing work in progress that calls for a much broader canvas that seeks out competing voices, and works with the resulting ambiguities, contradictions and tensions of messy reality (Graetz, F. & Smith, A., 2010). In this submission I try to show that organizational change is majorly based on the environment surrounding it much more than the desire of the members or change agents working in that organization. This view diverts from that of Lippitt, (1958) who suggests that implementing planned organizational changes successfully depends on premeditated interventions intended to modify the functioning of an organization. It also diverts from the traditional approaches to organizational change that generally follow a linear, rational model in which the focus is on controllability under the stewardship of a strong leader or ‘guiding coalition (Collis, 1998). In this discussion therefore, comparison made between the different philosophies of change and I try to show that successful change implantation largely depends on an organizations appreciation of what goes on around it rather than what they have planned as a strategic direction.
Introducing a new concept of work practice to an organization means changes have to occur in order to accommodate it. This would lead to organizational changes and may disrupt work patterns. Often, a change is necessary if an organization means to be competitive, and unless new ways and methods are developed and introduced, an organization may find itself lagging and not competitive. Benchmarking is one of those concepts that aim to improve work practices and achieve optimum results. Because change can bring negative connotations, it is important to take careful steps to effect change without major disruption to employees who would, more likely, be resistant to a new concept that may threaten their work comfort zone. So, effective communication, team building, offering support and being patient by allowing time for adaptation are very important steps in implementing change.
Improving sustainability within the firms upgrades talented workers to be more proficient and profitable as a factor of their commitment to the organization. It is comprehended that organizations pay special mind to reasonable procedures as there can be an orderly way to deal with spotlight on business targets like decreasing expense of job,, expanding income, overall industry and benefit et cetera (Bob Willard 2012). Thus, firms can hope to produce better profits for their speculations for their partners and shareholders and enhance the organization’s advancement sustainability is
Under the business strategy of services, PwC will assist clients in identifying risks and opportunities with strategic sustainability goals in mind. They also provide guidance when developing strategies for change management, stakeholder engagement and reporting. They support and encourage organization to moving towards Sustainability 2.0 which “process that builds prosperous businesses creating innovative products and services; businesses founded on good financial results, responsible use of resources, and community well-being” (as cited by Albinson, 2011). Sustainability becomes a means for an organization to strategically change business processes, create new innovative products, and implement new updated technologies (steps to sustainability, 2011).
Triple bottom line is defined as “a corporation’s ultimate success or health can and should be measured not just by the traditional financial bottom line, but also by its social/ethical and environmental performance” (Norman and MacDonald, 2003). There are many advantages when it comes to being a triple bottom line corporation. While incorporating the triple bottom line, you are also incorporating sustainability you’re your business. Therefore, becoming a triple bottom line corporation means it is one step higher towards helping save the planet. Becoming sustainable is cost efficient. Although it may cost a significant amount of money to convert, it will pay itself off in the long run. Additionally, it will help reduce expenses while saving
Stuart Hart, in a business article, discusses the tough task for companies to make a sustainable global ec...
When it comes to defining the meaning of “sustainability”, there are many different perspectives from different people. One may say “sustainability” relates to “going green”, and another may conclude that it refers to reducing negative effects to the environment. These thoughts are not wrong at all, but I personally think “sustainability” in a broader concept since it can relate to many things such as business sustainability, social sustainability, or even human sustainability. For me, “sustainability” is simply about developing and sustaining something in an efficient and harmless way. For instance, I think of “sustainable business” as the way a specific business maximizes its profits and revenues through an efficient operation without causing any negative externalities. This essay will focus on the major ideas of sustainability and sustainable business, the relationship between profitability goals and sustainable business, and how marketing can be involved in this topic.
The change process within any organization can prove to be difficult and very stressful, not only for the employees but also for the management team. Hayes (2014), highlights seven core activities that must take place in order for change to be effective: recognizing the need for change, diagnosing the change and formulating a future state, planning the desired change, implementing the strategies, sustaining the implemented change, managing all those involved and learning from the change. Individually, these steps are comprised of key actions and decisions that must be properly addressed in order to move on to the next step. This paper is going to examine how change managers manage the implementation of change and strategies used
1.- INTRODUCTION: Without doubt, the 20th century has changed our priorities, especially when it comes to the way we do business. Popular sustainable business models, as advertised in the media, have evolved into much more than a moral obligation or an external requirement to generate money. Essentially, they are forcing companies to reinvent the systems and approaches with which they generate value and profitability for the company.
In conclusion, I have to say that there is a solid invisible relationship between impacts of businesses on environments, profitability of sustainable business, and responsibility of business. When one of these ones changes, it will effect to others. When a business adapts efficient and sustainable system, it will reduce negative externalities and increase positive externalities to environment. Once the business adapted efficient business model, it will reduce cost and maximize its profits. Obviously, the sustainable and efficient business model will make the business social more responsible to environments.
The sustainability of the ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact.