Expanding the concept of sustainability
If you want to be successful tomorrow, you'd better start planning today. While the focus of companies used to be on growing as fast as possible in order to increase financial prosperity, the view of entrepreneurs has broadened. Prompted by scientific findings, companies are now trying to position themselves more sustainably in order to be better equipped for the future.
In addition to economic sustainability, environmental and social sustainability also play a major role. In fact, the view today is that all corporate decisions should be made with equal consideration for these three principles. Actions that are not either economically, ecologically or socially sustainable are thus considered to be incompatible with the company's objectives.
Change of mood
The trend toward managing companies in this way was probably spurred by the growing realization that all companies and corporations are increasingly constrained from time to time by environmental and social requirements and circumstances. While economic sustainability has always been the great guiding principle of every company, ecological and social sustainability have only come onto the agenda in recent decades. But what exactly can be understood by these three forms of sustainability?
Economic sustainability
Economically sustainable companies operate with foresight, make sensible long-term investments, are liquid at all times, have a competitive market position and contribute to increasing social prosperity by providing services and products.
Social sustainability
Socially sustainable companies pay attention to basic social needs of employees and society through participation, equality and freedom rights. Fair pay is just as much a part of this as gender equality and respect for governmental and ethical values and standards.
Ecological sustainability
Ecologically sustainable companies operate in a way that conserves resources, is energy-efficient and avoids avoidable emissions that have a negative impact on the human environment. Measures to protect the environment are linked to increasing the value of the company.
If companies act in accordance with these three objectives, this constitutes sustainable corporate management, which benefits employees, shareholders, the environment and the company itself in the long term.
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Nachhaltigkeit als Unternehmensziel. Konzepte, Ansätze und Prinzipien
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