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Economic, Environmental and Social Sustainability

INTRODUCTION

In present business environment it is necessary to sustain in the industry for long term. But due to intense economic pressure and change in social and environmental factors business are not able to sustain (Sonnemann and et.al., 2015). This has reduced their capacity and impacted on culture. As per the report of GRI, there has been several standards which are developed. these standards are modified according to laws and regulations of different countries. This report will show about set of GRI related to economic, environmental and social sustainability.

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Sustainability report

It refers to report of business gives a detailed information and data about their performance in social, economic and environmental field. There are various guidelines and standards which are prepared under global reporting initiative (Ren and et.al., 2015). it is voluntary for organisation to follow those guidelines. Sustainability report is prepared every year that measures performance with set standards. GRI reports briefly describe about different types of standards that has to be followed by business. They follow rules and regulations developed by Australian government. Business is effectively engaged in CSR activities. With this it business makes improvements in their operations and ensure ESG practice are up to date with stakeholders (Waas and et.al., 2014). The outcome of this is it has created a distinct image in consumer mind. Other firms are also making efforts in providing sustainability reports. This trend has made it easy to measure performance of particular organisation. This report provides the performance evaluation of organization by analysing its social, environmental and financial aspects. It aims at providing guidance to organization so that it can improve its business performance and can meet its sustainable development goals. It analyses the operational activities which requires improvement and can serve as barrier in organization's commitment to sustainability. Sustainability is long termed goals and objectives for business development process. This report is important factor to improve the organization initiative and relationship with the clients or investors.

Economic

It refers to change in economic conditions of a country. The financial condition of country includes currency rate, foreign exchange rate, etc. in GRI it is shown that business should analyse various information such as risk and opportunities caused by change in climatic condition. It must be integrated with change operations, income, etc. (Maas, Schaltegger and Crutzen, 2016) here, business must include factors like financial implication of risk, methods used to control it, etc. this will be beneficial to take effective decision and reducing impact of risk. Moreover, with the help of this business will be able to grab opportunities. furthermore, by determining cost it is easy for business to measure impact on operations and profits. it can help business in developing of new technologies through which risk can be controlled. GRI has set certain methods which can be used by business to sustain. They are implementing concept of reduce, reuse and recycle, using renewable resources of energy, etc. (Onat, Kucukvar and Tatari, 2014) stakeholders are also responsible to monitor activities related to climate change. By inventing new technologies business efficiency can be enhanced.

In order to maintain sustainability, there are many actions taken by business. Now they have to provide report each incident related to corruption. Due to this, it has useful in finding the root cause of problems and taking strict actions against people responsible for it. this has created awareness among people about where their money is invested. Actions taken against those incidents enforces business to follow rules and regulations in effective way.

Organisation and GRI should also develop report on types of corruption and legal action taken in specific time period (Sala, Ciuffo and Nijkamp, 2015). In addition to this, outcomes and judgements of those cases has to be evaluated. This supports in economic efficiency. It also led to change in practices followed in market and business.

By following the GRI standards organisation can mitigate risk of facing any economic circumstances. It enables in determining challenges which can occur. In addition economic policies are developed to avoid problems. it has to be analysed that how cost is reduced and what methods are taken for this. Moreover, report disclose outcome of decrease in cost and its impact on sustainability. Furthermore, by collecting data and information it is easy to analyse business related matters. GRI engage with it and monitor economic change and its results.

Environmental

Business should also focus on providing sustainable environment to society by following some practices. It will benefit in developing a better image in society. GRI has made some standards which can be followed by business. It is required that business should provide report in which detailed information is present. The report include details regarding fuel consumption from non renewable resources (Waas and et.al., 2014). Moreover, renewable resources used must be included as well. It will be useful in getting an insight on contribution towards CSR. Furthermore, government can take strict action against business in case of ineffective use of resources. Through this, changes can be done in strategies for utilisation of resources. This may enable in making efforts to provide a healthy atmosphere to society. Developing reports shows factors that restrict in consumption of resources. GRI has given a standard formula for calculating energy consumption. It allows business to find out total consumption of different resource in particular time period. The organisation is responsible to disclose data, methods, etc. related to use of resources.

Business operations and activities are closely related to environment. they operate and work by using natural resources (Huang and Mauerhofer, 2016). Industries like construction, transportation, etc. create an impact on environment to a great extent. They destroy the natural habitat. Therefore, it is important for them to protect atmosphere. GRI has issued some regulations regarding this. Now business have to generate and provide report to stakeholder regarding it. apart from this, they have to analyse the negative and positive impact in certain areas. then, measures are taken to reduce it. disclosing information provides a background of business efforts and strategies to mitigate impact on biodiversity.

Another aspect that must be followed by business is to comply with environment laws and regulations. It consists of non monetary sections that are based on different levels (Yigitcanlar, Dur and Dizdaroglu, 2015). This may vary from local, regional, national and international level. In order to compile information, business should include administrative reasons for failure. Non compliance indicate ability of management to ensure operations are performed as per parameters set. this may give an advantage to organisation to gain permits in different areas to expand their operation. With the help of it, business can maintain ability to survive for long term. Moreover, quality of operations will be ensured by following rules and regulations strictly.

Developing risk assessment is very useful for business. They have to face certain challenges related to environment. this impacts their functions to a great extent. In recent time, atmosphere is highly affected by business. So, they have to take controls and measure about energy consumption. It allows them to implement concept of using renewable resources. it is the main concern through which GRI has set standards. If there will less risk of polluting atmosphere, it will let business to sustain for more time (Nleya, Simate and Ndlovu, 2016). There is significant role of government laws and regulations. They restrict organisation to monitor parameters and reduce impact on biodiversity. Stakeholders get details about what methods are followed and how much climate is affected due to non compliance of laws.

Social

Social responsibility of business expands in wide area. It is responsibility of organisation to regulate and manage stakeholders’ interest. GRI monitor approaches of management that how material topics are shown and disclosed (Santoyo-Castelazo and Azapagic, 2014). Here, usually three approaches are followed that is as follows :-

New employee hire and turnover- it is related to recruitment process of candidates and how they are terminated. Organisation has to show the overall process where how employees are hired for different job profiles. also, they have to make report on it. data and information of employee’s turnover is described as well. From this it can be analysed that a high rate of turnover indicates dissatisfaction among employees. there is unbalance in organisation core operations. Moreover, a lot of cost is incurred to hire new employees.

Benefits provided to employees- in this there are many things covered. Organisation has to provide information about what benefits are given to full and part time employees. this is useful in evaluating the difference between them (Alshuwaikhat and et.al., 2017). There ae several elements included such as health care, life insurance, etc. alongside this, organisation has to report on provisions and standards made by them.

Incidents of discrimination and corrective actions taken- business must ensure that no discrimination activities are practiced. Thus, it is necessary to monitor whether policies are followed or not. On the other hand, business must provide report about those activities which has occurred. This will useful in giving information about incidents happened and actions or measures taken to solve it. stakeholders get overview on organisational culture. It also enforces to reduce those practices so that effective culture is maintained. the presence of policies enforces in taking correct actions. It ensures those issues no longer exists.

Operations with local community engagement, impact assessments, and development programs- contribution to society is very much essential for business. This is because it reflects value and goodwill in the market. Thus, reports have to be made on social engagement with society, development programs, etc. many functions of business are directly related to society. So, it has an impact on them (Pintér and et.al., 2018). Also, there are several governance bodies which regulate community develop programs. Other than this, organisations form social groups, work councils, health and safety community, etc. hence, information and report have to given in order to evaluate social impact.

From this it can be stated that to sustainability reports includes all that information which are related to CSR. This provides a brief view of methods and efforts that has been done by business within society (Eastwood and Haapala 2015). It shows what contribution business has made to society. With this it can be easily analysed whether organisation will sustain or not. The reports disclose efforts done and outcome of its impact on environment. social contribution is a tool through which business can create a distinct image in industry. they can lower its impact by working in creative way. however, if no effective measures are taken it can create a critical situation. It may result in loss and impact on operations.

In context to sustainability assessment it can be stated that standards set by GRI is necessary to be followed. This is beneficial for organisation to sustain. There has been change in trends of operating business. Now, due to monitoring and working on basis of set standards by GRI, every organisation is bound to provide report (Ren and et.al., 2015). They have effectively doing risk assessment of various factors. it shows the contribution towards society and environment. furthermore, it becomes easy to analyse positive or negative impact on community.

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CONCLUSION

It can be summarised from report that GRI standards must be followed by business in order to sustain for long time. These standards have provided a platform through which reports are provided to stakeholders. Also, each information related to use of resources, its impact, etc. is given in detail. This makes it easy for them to make changes in strategies and policies related to utilisation of resources. it is also concluded that operational parameters are effectively followed. This has ensured transparency is followed in process and methods. 

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REFERENCES

  • Alshuwaikhat, H.M. and et.al., 2017. The development of a GIS-based model for campus environmental sustainability assessment.Sustainability,9(3), p.439.
  • Eastwood, M.D. and Haapala, K.R., 2015. A unit process model based methodology to assist product sustainability assessment during design for manufacturing.Journal of Cleaner Production,108, pp.54-64.
  • Giampietro, M. and et.al., 2014.Resource accounting for sustainability assessment: The nexus between energy, food, water and land use. Routledge.
  • Huang, B. and Mauerhofer, V., 2016. Life cycle sustainability assessment of ground source heat pump in Shanghai, China.Journal of cleaner production,119, pp.207-214.
  • Maas, K., Schaltegger, S. and Crutzen, N., 2016. Integrating corporate sustainability assessment, management accounting, control, and reporting.Journal of Cleaner Production,136, pp.237-248.
  • Nleya, Y., Simate, G.S. and Ndlovu, S., 2016. Sustainability assessment of the recovery and utilisation of acid from acid mine drainage.Journal of Cleaner Production,113, pp.17-27.
  • Onat, N.C., Kucukvar, M. and Tatari, O., 2014. Integrating triple bottom line input–output analysis into life cycle sustainability assessment framework: the case for US buildings.The International Journal of Life Cycle Assessment,19(8), pp.1488-1505.
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