5 - Sustainability Flashcards
1
Q
What are the 3 main focuses of sustainability?
A
- Social
- Environment
- Economic
2
Q
Describe social sustainability
A
- Understanding the impact of an organization on people and society
- Doing the right thing for people
- Considers employees -> fair wages, flexible work schedules, childcare, diverse workforce, fair income, gender equality
- Considers labour involved -> humane and safe working conditions
- Considers the bigger community where business is done -> giving back to the community (global or local)
3
Q
Describe environmental sustainability
A
- Making responsible business decisions that decrease negative impact on environment
- Consider long-term impact rather than short term financial gains
- Opportunity to decrease expenses longer term
- Competitive advantage
- Consumers use services or products that match their own moral values
- Environmentally sustainable businesses are recognized for their innovation and social responsibility
- Differentiating your business from others based on sustainability
4
Q
Describe economic sustainability
A
- Must be profitable to be sustainable
- Reduce resources being used
- Includes good corporate governance -> transparency; shareholders and board members align w/ companies’ values
