There are three types of sustainability factors that impact the operations of a business which include economic, environmental and social. The management has to focus on these factors while taking business decisions to ensure that the companies conduct their operations in a sustainable manner (Schaltegger and Wagner, 2017). Maintaining these three business sustainability measures is a part of the social responsibility of the company. GRI reporting standards are the first global standards implemented to govern sustainability reporting of companies. These standards feature an interrelated structure and represent the global best practice for reporting on the three key areas of economic, environmental and social impacts (Global Reporting, 2019). The objective of these standards is to promote sustainability reporting in a global stage. The case study of Timberwell Constructions will be analysed in this report to prepare a sustainability assessment report based on GRI reporting standards.
Economic sustainability is referred to the practices that support long term economic growth without adversely affecting the social, cultural and environmental aspects of the community. Economic sustainability policies are focused on achieving smart growth, conducting long-range planning, reducing the cost of living, increasing R&D spending and cost savings (Rigamonti, Sterpi and Grosso, 2016). The key issues with implementing economic sustainability policies are that organisations did not prefer to invest their resources in adopting these policies since it could adversely affects their short term profits; however, sustainability policies are beneficial for the long term health of ecosystems and economic growth of the organisations (Rigamonti, Sterpi and Grosso, 2016). The actions taken are companies resulted in adversely affecting the environment and its resources which become a challenge for the future generations to fulfil their needs by using these resources (Blandin et al., 2015). Organisations have to take a strong stand against corrupt activities of their employees to maintain economic sustainability (Forson et al., 2017). Economic sustainability policies promote intergenerational decision making and prevent the consequences caused due to global warming.
The potential implications of the actions taken by Timberwell Constructions can adversely affect the profits, expenses or operations of the company. In this case, the company has faced financial implications which are a result of the complying with the amendments issued in the proposal of Stanwell Council. These amendments are a part of the Local Environmental Plan (LEP) which is issued by the council. These amendments are focused on addressing major issues relating to climate change and risks which businesses have caused in different areas of Stanwell District. The development made by companies in these areas meets higher standards of bushfire safety which include using fire-retardant building materials and increasing the space between building and land boundaries.
One of the development sites of Timberwell Constructions is situated in the area of Stanwell Council that is rezoned as a bushfire prone based on the amendments introduced in the LEP. The company is in consultation with the Stanwell Council in order to comply with the amendments of LEP which will take effect in six weeks. Based on these policies, the company is likely to suffer financial consequences of $4 million. Moreover, the company has hired an external town planning company which is charging $50,000 from the company to manage development application and minimise potential costs.
Five employees and two external consultants of Timberwell Constructions have been charged for corruption because they bribed a council project officer. The response of Timberwell Constructions to these charges has been strict and the company has suspended the employees without pay who were involved in corrupt activities. Moreover, the company provides that it will not involve with any business consultants who engage in corrupt practices and it will terminate its current partnership with those business partners as well. The management will redraft the Code of Conduct of the company and educate employees on a regular basis to comply with the Code. The objectives of these actions are to ensure that good business practices are conducted by the company which is crucial in order to achieve economic sustainability goals of the enterprise (Khlif and Hussainey, 2016).
Different cases are filled against Timberwell Constructions in which the company alleged for engaging in anti-competitive, anti-trust and monopoly practices. These actions have negative impact on the economic growth of the company which makes it challenging for the enterprise to achieve its sustainability goals (Herdegen, 2016). The Australian Competition and Consumer Commission (ACCC) have initiated a suit against Timberwell Constructions by alleging the company for engaging in anti-competitive practices. It is reported by the ACCC that the senior level executives of the company were aware that a small group of builder are deciding to join together to start a group in the Stanwell District in order to compete with local businesses in the area.
The executives of Timberwell Constructions addressed this competitive threat by threatening the builders that they will lose their business with the company if they continued with this plan. It shows that the senior level executives are misusing their powers in order to create a monopolistic approach in the market which will negatively affect the economic growth of Stanwell District and create challenges for the achievement of economic sustainability goals (Cosimato and Troisi, 2015). This case has not been heard yet, and the Federal Court provides its judgement in the next four year. Timberwell Constructions is budgeting for the costs of defending the court case and the company is taking stricter measures to reinforce its Code of Conduct by ensuring that the senior level executives comply with the Code.
Environment sustainability is referred to practices which are taken by organisations to meet the demands placed on the environment without reducing the capability of others to live well currently and in the future (Alshuwaikhat et al., 2017). Natural resources are limited in number and their excessive use negatively affects the environment and the ability of the future generations to fulfil their needs by using these resources. Sustainable energy consumption is key for companies to fulfil their environmental sustainability objectives which enable them to ensure that they did not exploit environmental resources (Owusu and Asumadu-Sarkodie, 2016). Environmental laws and regulations are aimed to ensure that companies ethically conduct their operations without exploiting natural resources (Percival et al., 2017). Organisations face issues when it comes to the achievement of environmental sustainability since there is limited number of resources and it leads to exploitation of these resources if they did not use them in sustainable manner. Globalisation and industrialisation have created challenges for the achievement of environmental sustainability since it has become easier for businesses to exploit environmental resources.
The company is efficient when it comes to energy consumption. It uses calculation tool which is recommended by the Australian Department of Industry and Science in order to report its fuel consumption. Fuel consumption of Timberwell Constructions through non-renewable sources is 1.0 Gigajoule. From renewable sources, its fuel consumption is 0.5 Gigajoule, and its electricity consumption is 2.0 Gigajoules. The company is planning to increase its reliance upon renewable sources by 50 percent within the period of new three years.
Organisations have to take reasonable precautions and measures to ensure that their actions did not adversely affect the biodiversity in the areas where they conduct their business operations (Bennett et al., 2015). The company has a site situated in Otford Park which is the home of rare wallum sedge frogs. In case the company continued its operations, then it can make it difficult for these frogs to live in the area which could lead to their extinction. In order to address this issue, the company is working together with Stanwell Council and other environmental groups. The objective of the enterprise is to develop a strategy which will enable it to conduct its operations while conserving the wallum sedge frogs. The management of the company has developed biodiversity management and conservation plan which is a key part of the social responsibility of the company (Turnhout, Dewulf and Hulme, 2016). The company has undertaken an Environmental Impact Assessment in order to reveal the actions taken by its management for conservation of rare wallum sedge frog in its site at Otford Park. The company is considering changing its location as well to protect the biodiversity in the area.
A fine of $200,000 is charged on Timberwell Constructions because the company cleared 0.45 hectares of critically endangered ecological community coastal grasslands while conducting its business operations. The company was ordered to review its vegetation management plan and extend its audit program which oversees the operation of contractors. Moreover, the company was ordered to implement a rehabilitation plan for no less than $440,000. The management approach is focused on training all contractors to make them aware of their environmental responsibilities which will leads to achieve environmental sustainability goals.
Social sustainability is defined as a proactive way of managing and identifying business impacts on employees, customers, and local communities to promote their well-being and support the ability of future generations to maintain a healthy community (Eizenberg and Jabareen, 2017). Providing a safe work environment is a duty of companies to fulfil their social sustainability goals which include prohibiting discrimination in the workplace between employees based on race, colour, age, gender and religion (Mani, Agrawal and Sharma, 2015). Social sustainability issues have become a bigger problem as the number of discrimination cases increases across the globe. Organisations are expected to take strict actions to protect their stakeholders in order to achieve their social sustainability targets.
There are 58 male staff members hired by Timberwell Constructions for conducting its operations along with 12 apprentices. 17 employees of the company left to join its competitors or start their own businesses. The hiring rate of the company is 20.6 percent whereas its employee turnover rate is 29.3 percent. Moreover, the majority of the employees in the company are between the age of 30 and 50 years. One of the key social sustainability goals of companies is maintaining equality between their employees and protects them from discriminatory behaviour (Mani, Agrawal and Sharma, 2015). Timberwell Constructions is focusing on increasing the percentage of female employee by launching policy that 60 percent of newly hired employees are females. It aims to increase the number of female employees up to 48 percent by the next year to promote gender diversity and equality in the workplace.
|
Total Employees |
58 male |
|
New Apprentices Joined |
12 |
|
Employee left |
17 |
|
Rate of hiring |
20.6% |
|
Rate of turnover |
29.3% |
Disclosure 406-1 Incidents of discrimination and corrective actions taken
The Fair Work Commission upheld a complaint against Timberwell Constructions on the grounds of age-based discrimination which involves the use of age-based jokes against the employee in the workplace. It is reported by the employee that other workers used inappropriate humour against him because he was above 50 years whereas others were between the age of 30 and 50 years. The employee is compensated by the company, and the company has updated its anti-discrimination policy. Training is given to employees as well in order to avoid anti-discriminatory behaviour in the workplace.
Disclosure 413-1 Operations with local community engagement, impact assessments, and development programs
The company initiated different programs for engagement and participation in the development of the local community. The management of the company engaged with local community in development programs and local resident meetings which were conducted under the need of affordable social housing in the community. The company is working with the Stanwell Council and external town planning firm for frog conservation in order to protect the biodiversity in the local area.
Conclusion
In conclusion, Timberwell Constructions faced many economic, environmental and social sustainability issues which affect its profits, expenses and operations. The company took measures to update its anti-discrimination policies and educate its employees to avoid discriminatory behaviour in the workplace. The Code of Conduct is reinforced by the company to avoid anti-competitive behaviour and training its employees to avoid corruption. The management has taken many decisions to protect the biodiversity in the area and support the development of local communities. Timberwell Constructions looks forward to providing a more positive GRI report in the next reporting period.
References
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