Social Sustainability is a Corporate Social Responsibility issue that describes how various processes and systems, environmentally, socially and economically, are maintained (Ward 2016, p. 46). It also refers to the commitment of an organization to practice social sustainability and also how to become good stewards of social landscape and the environment in which they operate in. this also includes building resilient infrastructure, fostering innovation and to promote sustainable and inclusive industrialization. Construction of new infrastructures by exploiting smart technologies potential or reconfiguring the infrastructure already in place reduces the environmental impact caused by the organization.
Deloitte investing in innovation and infrastructure could be crucial in driving its development and economic growth agenda. This is due to the fact that, over half of the population in the world live in cities making renewable energy and mass transport more important, also the growth of new information and communication technologies and industries. In order for Deloitte to facilitate sustainable development, there is a need for them to promote a sustainable industry and to also invest in innovation and scientific research. Also, Deloitte improves and manages its environmental and social impact by innovating its organization, strategy and operations.
Sustainability is key to driving technological and organizational innovations which results in a reduction in input costs (Owen 2018, p. 60). Therefore, Deloitte should put more emphasis on sustainability towards profitability and also considering environmental and social responsibility bottom lines. There is a growing sense that taking after environment and society, the organization initiates greater efficiencies in fostering infrastructure, promoting innovation which will translate to the purchasing power of the local customers increasing.
Sustainable and inclusive industrial development for Deloitte is their primary source where they generate income which translates to rapid and sustainable increases in living standards and also provides solutions to environmentally sound industrialization technologically. Also, it is recognized that corporations like Deloitte are engines for economic development and innovation, therefore, there is a need for them to be proactive in balancing this with environmental protection and also society equity (Mukherjee 2017, p.46). The contribution of the organization’s sustainable development to sustainability is twofold where it helps the company focus on areas like environment, infrastructure improvements, economic and social performances and also provides the government, civil society and the company a goal to look forward to industrial and economic sustainability.
The sustainable development shows the focus areas of the organization, which in this case are innovation, industrial and infrastructural areas and also contributes to the societal goals and vision that the organization should work toward. By doing this, it should help the company to promote innovation and sustainable industrialization and also build infrastructure that is resilient which will help them achieve their business goals and objectives and to also benefit the society in the long run.
Deloitte might face some challenges as the world is being changed by sustainability-related megatrends. The challenge of demographic shifts, resource scarcity and climate change might hinder their vision as these challenges redefine public policies, societal expectations, regulatory frameworks and hence investments outcomes and business environments. These challenges create new risks and opportunities that Deloitte Company should address so as to remain competitive (Bhargava 2018 p.14). The organization manages and anticipates the present and the future environmental, economic and social risks and opportunities by focusing on innovation, promoting industrialization, and productivity hence will emerge as leaders more likely to create competitive advantage. Reason being, the leading companies are identified and selected by its management, strategy and its ability to deal with the risks and opportunities that are deriving from social, economic and environmental developments.
The main question the executives and investors of Deloitte should ask themselves is whether sustainability is an advantage to the company or not they would realize that it provides some new deliverables and a larger purpose for the company to strive for which will help renew their commitments back to basic goals like sustainable growth and efficiency. But perhaps also, if they share their strategy in public, they might get a better reputation and a public goodwill which will enable them to get a market premium (Gaese 2011, p. 65). Also, for Deloitte Company to ensure that their financial success is long-term, they need to recognize their operation is within a larger social and biophysical environment and to respect the processes and limits that are governing the sustainability in the larger ecosystem. Consequently, they find it challenging to behave in a socially responsive and environmentally sustainable manner while trying to improve and maintain social and environmental developments.
Sustainable development goals will enable Deloitte Company to benefit from, and engage with, the partnerships around a set of priorities shared globally. Through these collaborations, they can build stronger relationships and scale their impacts on the topics that are critical to their business and those which matters in the market. Companies that are aligned with sustainable development goals have the opportunity to be aligned with policy priorities which are emerging which could potentially enhance their operating license.
Sustainability is a common area that the outside observers and consumers use for evaluation of the company’s responsibility. This could be achieved by, for example, choosing the most responsible products that can impact Deloitte in their role as a steward in the industry. The company can also use sustainable development goals to find opportunities and manage long-term risks so as to develop and grow their business and trying to generate significant environmental and societal benefits that their investors, customers and the global community value (Peddada 2015, p. 67). Deloitte should progress towards sustainable development goals so as to develop business models that are inclusive which offer the potential for both development impact and commercial success.
Management needs to come up with business strategies that will integrate value-creating economic and long-term social and environmental considerations where they also provide the resources which are necessary to implement those strategies. Secondly, they should also appoint a dedicated manager who will oversee the sustainability performance of the company. But still, all members of staff and management at every level are supposed to be responsible, individually, for promoting operations which are sustainable in the company. Incentive scheme for the executives should be in place and must include social and environmental goals and also the economic goals (Lion 2017, p. 66). Thirdly, they should operate in a manner that is ethical and respects the law. The behaviour which is expected from the staff members should be documented in writing and resources for its implementation should be provided.
Fourth, the life-cycle approach, with environmental impact and economic profit should inform the decision made by Deloitte Company. The company should be committed to a sustainable environment. Also when selecting partners in business, Deloitte should prioritize and consider sustainability factors. Again, through extensive cooperation and professional organizations, the company should integrate regulatory policies and processes and sustainability principles into their operations (Oliveira 2018, p. 58). Fifth, there should be transparency in decision making and operations. The company should collect information and reliable data about their activities, environmental, economic and social performance and impact on an ongoing basis. Finally, the company should always state their objectives as a written sustainability mission helps investors and customers see where their priorities lie which can also assist the company in formulating a long-term plan on their financial and social goals, and also networking with other sustainable companies which can assist them to achieve their goals.
References
Bhargava, A & Bhargava, S 2018, Environmental Sustainability – Global Need of the Day, Journal of Biodiversity, Bioprospecting and Development, Vol. 05, no. 01, pp. 13-24. doi:10.4172/2376-0214.1000e111
Gaese, H 2011, Response On Sustainability- Cliche In Conservation Circles, Journal of Natural Resources and Development, pp. 45-70, doi:10.5027/jnrd.v2i0.05
Lion, H 2017, The corporate sustainability recommendations, Corporate Sustainability Recommendations, pp. 40-66 doi: 10.4324/9781315534015-3
Mukherjee, JS 2017, The Millennium Development Goals and Sustainable Development Goals, Oxford Scholarship Online, pp. 34-56, doi:10.1093/oso/9780190662455.003.0003
Oliveira, JF & Trindade, TC 2018, Sustainability Indicators, Sustainability Performance Evaluation of Renewable Energy Sources: The Case of Brazil, pp. 45-62, doi: 10.1007/978-3-319-77607-1_3
Owen, M 2018, The Sustainable Development Goals Report 2018, The Sustainable Development Goals Report, pp. 59-90, doi:10.18356/7d014b41-en
Peddada, K 2015, Globally Competitive Corporate Governance: Solutions For Indian Corporate Sustainability, Journal of Advances in Business Management, vol. 1, no. 2, pp. 68-75, doi:10.14260/jadbm/2015/9
Ward, H 2016, Corporate Social Responsibility in Law and Policy, Perspectives on Corporate Social Responsibility, pp. 45-76, doi: 10.4337/9781848443792.00005
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