Formal (rules and regulations) and informal institutions demand for better environmental and corporate social responsbility from firms. As a result, sustainability has become a key focus for multi national enterprises as it enabled companies to achieve better organizational performance. One of the Human Resources Management(HRM) function consists of assisting in creating and implementing sustainability strategy in various ways. Human Resources(HR) ensures that the employees of a global firm implement the strategy consistently across the globe. A sustaniable human resource management uses various methods and tools to create a global worksforce that trusts the organization and its strategies towards the global sustainability.
Protecting the environment has become an important issue in today’s society. There is no longer any doubt that businesses should consider their social responsibility and the impact of their activities on their stakeholders. In addition, firms are beginning to realize that corporate sustainability can prove to be a win win. There are multiple benefits of sustainability linked to costs, revenues, community relations, and more. The decision to strive for sustainability is obvious, but this process is easier said than done.
Sustainable Production Utilizing sustainability policies within a Corporate Social Responsibility framework allows companies to be socially responsible and respond to the concerns of third parties whilst still maintaining economic control and maximizing their profits (Dauvergne & Lister, 2013). The majority of the sustainability practices big brands are integrating focus on enhancing the eco-efficiency of production, in order to improve their bottom line (Dauvergne & Lister, 2013). The primary focus of sustainable production practices is to find ways to continue to make products, but with less resources, energy and waste. Looking for solutions to improve production efficiencies allows businesses to coast through financial downturns that cause
Businesses can increase their CSR by supporting public expectations, focusing on long-run profits, complying to ethical obligations, boosting their public image, bettering the environment, discouraging further government regulation, balancing responsibility and power, remembering stockholder interests, and building a superiority of prevention over cure. The benefits to developing a positive CSR are an enhanced ‘brand image’ with regard to trust and reputation, new customers and development of a strong relationship with consumers, a better ability to attract and motivate a talented workforce, and the availability of new resources by influencing key stakeholders (investors and policy makers). On the other hand, if a company was to not undertake CSR, there would be negative impacts on that organization. For example, there would be an unfavorable public opinion and increased reputation risk. This might lead to decreased shareholder value and a diminished stock price.
Moreover, Canon, Inc. has a global marketing and service aimed at achieving a sustainable society by having a general focus on sustainable technological products that succeed in enriching lifestyles and protecting the environment. To improve productivity the company emphasizes on raising quality and reducing costs by utilizing insights and full expertise of production employees through its cell production
Sustainable marketing is an approach to marketing that preferably aligns internal organizational methods and classified resources that form significance for stakeholders (proprietors, shareholders, workers, value chain partners) and through which the external natural and social environments are developed by the activities of the firm. This approach is used most successfully by organizations that have evidently stated values and goals for their desired effect on their own economic feasibility, as well as on the natural and social environments they work within. The term sustainable development means special things to special group. But, in essence, it is concerned with meeting the needs of public at present without compromising the aptitude of future generations to meet their own desires. (World business council for sustainable development 2005) Sustainable marketing is the method of promoting goods that are environmentally secure at the retail stage and touting a company's pledge to sustainable practices at the public relations stage.
Sustainability is a crucial social responsibility as it is linked with the business and how they enact on making effective resources that are eco friendly and ensuring that the future generation will be able to enjoy a healthy lifestyle. The Tata Steel definition of sustainability is ‘an enduring and balanced approach to economic activity, environmental responsibility and societal benefit’. With the notion of sustainability widely promoted by governments, businesses, NGO’s and academia, it is clearly vital that society understand its full implications and evaluate business ethics practices at least according to their potential to contribute to sustainability. The Managing corporate citizenship and sustainability in the age of Globalisation second edition Andrew Crane Dirk Matten, portrays a reliable source on a Sustainability Report which was undertaken in 2005 studied on Nokia which describes the statement they made
Sustainable Businesses have become imperative to the corporate industry in part due to global environment awareness. Although sustainability is not a new approach to doing business, sustainable businesses see the value in contributing toward a sustainable society. Today businesses are creating a sustainable strategy aimed not only towards the environment, but have included how the business will operate in the social, cultural and economic environment. Some important practices of sustainable businesses are to be more efficient, attract and retain employees, improve customer and community relations, grow supplier commitments and gain investors’ confidence by doing what is right. Sustainability has already been embraced by consumers, employee, shareholders and stakeholders who are demanding value in products and services but have also become aware of the growing need to protect the environments’ future.
By looking at the big picture and seeing the ultimate benefits it will have for the company not only in the short-term but also the long-term, they will understand that sustainability can help them do things in a “greener” or environmentally friendly way and help the organization have a better future. Upper management should make the leaders and managers below them aware of not only why they would like to implement
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). PwC also offers services on sustainability reporting.