How Sustainability Is Used In the Business World and Professional Business Communication When talking about sustainability numerous people associate it with just protecting the environment. Sustainability is far more than going green, but it is a principle that many companies have adopted and have worked persistently to improve over the last several years. Sustainability is defined as the ability to continue a behavior indeterminately, but it also includes improving human life overall. Sustainable development is broken down into three pillars: economic, social, and environmental (Harich & Bangerter, 2014). Economics is the study of how people use resources, which correlates to the goal of sustainable development by using resources to their full potential (Laszlo, C., & Zhexembayeva, N., 2011, p. 60). Economic sustainable development allows companies to give their customers what they want without overusing mutual resources. Social development combines the social world with the physical realm to provide a good quality of life (Benoit, 2010, p. 7). Social sustainability focuses on the well-being of people and their communities. Environmental development, the most recognizable, includes protecting the environment by reducing pollution, recycling, switching of electronic devices when not in use, etc. All three of these pillars make up what is known as sustainable development. In this paper, I researched a company and their involvement in sustainability and how it applies to the
Background The Tata Group founded its roots in Indian history almost a hundred years prior to its independence from England. It was established in 1868 as a trading firm by Jamsetji Tata in Bombay. (Tata, 2012). A single textile mill marked the journey of business prosperity for the Tata generations in 1874 during the time of the British Raj. Even till today, the Parsi group has always retained ownership. With its ancestral roots in the Zoroastrian community, Tata Group has been the creator of entire industries in India. Before the arrival of independence in the Indian realm, the Tata brand was synonymous to being a pioneer across a spectrum of versatile and diverse market segments. From the first luxury hotel (1903), first airline (1932), the first private steel company (1907), and the first national software entity (1968), the Tata name is one revered in Indian society.
Major Project: Origin Energy Introduction This report discusses the Corporate Sustainability Strategy of Origin Energy,
In today’s business world, sustainability can make all the difference in the world. According to Tomson (2015), “sustainability has become an economic and strategic imperative with the potential to create opportunities and risks for businesses by creating new customer relationships, and inspiring new products and business models that drive growth. Consequently, companies that are, or aspire to be, leaders in sustainability are often challenged by rising public expectations, increasing technological innovation, continuous quality improvement, effective governance measures, high standards of ethics and integrity, and heightened social and environmental challenges” (p.1).
In other words, these socially responsible companies will evaluate not only the short and long term economic outcomes of their present decisions but also the long-term environmental and societal outcomes of their current actions. This thus leads to the triple bottom line approach of reporting environmental, social, and economic performance. In addition, Wilson from the Ivey Business Journal argues about corporate social responsibility or the CSR. The CSR has been around longer than the term and implication of “sustainable development” but has similar guidelines. From about 1953 the on, the main debate was whether corporate managers had an ethical responsibility to consider the needs of society and by 1980, it was generally and consensually accepted that corporate managers should and did have this moral responsibility. So by incorporating sustainability plans or even creating a separate branch dedicated to doing so, the company’s reputation often is increased, which over the long term, will contribute to accentuate customer loyalty, market share, and brand value and awareness. (Wilson, 2003) This case study done on Johnson & Johnson published by the IMA Educational Case Journal analyzes the impact that implementations of these sustainability
Tata Group is an Indian multinational host company based in Mumbai, Maharashtra, India. It was founded in 1868 by Jamshedji Tata and gained international recognition after purchasing several global companies. It is one of India 's largest conglomerates.
Sustainable development is very important to our human being, meanwhile, it is one of the most significant developments for a company. The meaning of sustainable development is a “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” (Strange and Bayley, 2008, P24). Sustainable development actually is a synthesis that trying to find the way which can most benefit our current generation and future generation, thus, we have to consider the 3 pillars which are society, environment and economy because they are the three main aspects of human development. For example, we need an appropriate planet for us to stay and raise the food firstly, and in order to maintain equity and stability of the society, we have to balance work, culture and others which are related to people. Also, since these three pillars are interconnected, the economic pillar is very important,
Sustainability has been a difficult concept for companies to understand and implement. Sustainable development is a serious obstacle due to the fact that corporations are used to running their business the same way that they always have. Implementing a new process and operation takes time to understand and incorporate. In addition to learning a new way of business, corporations are faced with strict government regulations,
In the new global economy, sustainability has become a central issue for the corporate world. Sustainability is mostly understood as a one dimensional phenomenon that is in relation to environment but it is a three dimensional phenomenon consisting of environmental, social and economical dimensions. Reconciliation of environmental, social equity and economic demand; form the three important pillars of sustainability and are best described as 3 Es of sustainability. In the recent years there has been an increasing interest in the field of sustainability. The main aspects which run the field of sustainability are increasing demand for more responsible products and services, along with new scientific knowledge. Thus the field of sustainability is rapidly evolving. Companies are taking effective initiatives for making sustainability as part of their business system but are facing failures. These failures are due to three major deficiencies which are as follows:
The Company’s Vision for Tata Steel: “to seize the opportunities of tomorrow and create a future that will make it an EVA positive Company and to continue to improve the quality of life of its employees and the communities it serves”
Tata Steel acquired Corus Group in April 2007 for £6.2bn. Tata Steel is India’s largest private sector steel company with 2005/06 revenues of US$5.0 billion and crude steel production of 5.3 million tons across India and South-East Asia. Corus Group is Europe's second largest steel producer with annual revenues of
Ibrahim Alojeel Is Sustainability a path to Profitability and Competitive Advantage for Small Business in America? “If we each take responsibility in shifting our own behavior, we can trigger the type of change that is necessary to achieve sustainability for our race or this planet. We change our planet, our environment, our
1. Sustainability a) Business Challenges related to Sustainability: Sustainability is more than corporate social responsibility. It is a challenge to companies, how they grow and make more profit without harming the environment, society and efficiencies of the employees.
Executive Summary: The following business report will examine some critical concepts which apply to all businesses small or large more specifically to the company of Tata. This report will provide an in depth analysis and evaluation of the areas of corporate social responsibility, sustainability and approaches to managing culture and diversity of employment practices of the company. The methods used to analyse these key areas comprise of the textbook, a wide variety of articles, a quote and a youtube clip. Tata has been successful in the global world of business which helps other companies in learning techniques to help their businesses go global. In addition to this the report will conclude by identifying three specific ideas that an individual may consider implementing in the future as a manager.
Since its establishment, Tata has shown a strategy of incremental change. Arguably, that point was important because so the group might vary within the current market. In the nineteenth – century steel was seen as an unprofitable section. Even more than 50 independent steel producers went into bankruptcy in the USA (Business Monitor International Ltd, 2010: 54).