Aaradhya Khanna is a young and dynamic combination of innovative ideas and technically advanced knowledge. At a very young age, Aaradhya has developed his own unique identity through his out of the box thinking and the zeal to explore new avenues in the e-commerce space. Through his dedication, he has been successful in revamping the online business of the company by introducing various Tech innovations. Under his supervision Gem Selections launched three exclusive online platforms- Gem Selections Astro Dose, Gem Selections Live and Gem Selections Forums- all of which are focused towards providing in-depth knowledge and exclusive online services to its customers.
In today’s world, sustainable and societal business has gained a new prioritisation and a name- ESG (environmental, social, and governance)- this is doable for both short and long term phases. With the high significant approach towards environmentalism, companies might need to take a different approach towards the future growth starting from 2022.
There are quite a handsome number of strategies that can pan out the growth phases and profit in a company- however, certain facts might play out to be the most valuable irrespective of all the others. Approach towards DEI- Data, Equity and Inclusion has certainly changed since the approach of the pandemic, as did the employee-employer relation. The simplest ways to call out the pillars of sustainability in business are the socio-economic forms that might include- Social, Human, Economic and Environmental- creates a dynamic yet sustainable strategy. Then comes the data-driven approach and strategy- all that will be explained later in the article if you continue reading.
Social
This might be the least perplexing to the readers as we know that business grows with the keen help, interest and participation of the mass falling in a particular niche. When it comes to a larger mass or audience- the social pillar impacts a business on a local, national and a variant form- like global level.
Social sustainability irrespective of the odds is deeply important as it creates growth, reflects the open-minded governance of the companies, shares and proclaims diversity- irrespective of race, sex, gender and ethnicity. A critical and straightforward planner would create company individualism by- for starters, keepin the employee content and happy. Sharing company perks and maintaining an Agile flow of communication can have an ethical approach. The critical environmentalism starts from the employee approach itself.
Human
As we have given a nosedive into the human pillar, it will be easier to understand that a company’s vision and mission can impact anything, anyone, anywhere. Yes, it is blatantly the strongest call when a company switches to change the whatsoever business mission- can create a huge impact on the employees as well as the consumers- the laymen. To be more precise, nothing diabolical must be introduced in this strata, as this is purely didactic in simpler forms. Hence, the Human Pillar focuses on creating an optimistic proliferation in production, consumption, quality, quantity and provision- right from the consumer’s perspective. Nowadays, MNCs foster on humanitarian grounds by offering free courses to the employees- bearing healthcare, paternity as well as maternity leave- showcases glamorous and luring perks offered by the particular brand. Such activities and bearings can showcase the individualism in a company, growth and encouragement.
Economic
We are almost nothing without the means of monetary expansion as individuals. A study research had pinpointed the chronology of laymen often going through depression, addiction and abuse- finally, concluding with the absolute fact the finance is the ultimate achievement that one is often deprived of.
Hence, of course by all means and regard to the sentiments, legitimacy, societal adjoinings- a company must look forward to its growth from a major financial aspect as well. Business can be often tricky, but then comes the terminology- ‘Management’. Financial Management is an everlasting department that received the most importance as the make such subjects and sentiments- mutually beneficial for both the parties.
For Example: Your business could join hands or collaborate for a significant campaign, having the similar vision board of your company. This must include promotions, shout-outs, media advertising and creating allies. This simply puts together more strength and initiative in future operations.
More and more frequently, companies are deciding on financially sustainable practises or are holding themselves accountable for failing to fulfil environmentally friendly criteria. Visa issued a green bond in the amount of $500 million in the year 2020 with the intention of promoting environmental sustainability and a sustainable payments ecosystem. In a recent announcement, Tesla stated that the company will no longer accept Bitcoin payments due to concerns about the environment.
In addition, regulations passed by the EU oblige financial market players and financial advisors to provide information about sustainability to potential investors. This constitutes a significant advance for the cause of investment transparency in the EU.
If you and your company currently employ environmentally responsible financial practices, you will not only be ahead of any anticipated law, but you will also be contributing to the establishment of an economy that is environmentally responsible.
Environmental
The Environmental Pillar examines the effects that a company’s operations have not just on the natural ecosystems but also on the social health systems of the community. A firm that is environmentally sustainable is able to satisfy the requirements of the existing population without jeopardising the requirements of the population in the future.
In the real world, this may imply that your company does not emit pollution, deplete resources, or do environmental damage to the communities in which it operates. For instance, you might build a paperless procedure that does not result in any deforestation at all, or you could plant trees to offset the amount of paper that you consume.
The Environmental Pillar examines the effects that a company’s operations have not just on the natural ecosystems but also on the social health systems of the community. A firm that is environmentally sustainable is able to satisfy the requirements of the existing population without jeopardising the requirements of the population in the future.
The public’s support for environmentally responsible behaviours is continually growing, as evidenced by the fact that 85 percent of customers around the world have made more environmentally responsible purchase selections in the past five years. One in three millennials have claimed that they would be ready to pay more for environmentally friendly goods and services. Change is being driven by younger generations, who are seeking more environmentally friendly solutions, and your company may match that desire.
Data has the Ultimate Spotlight
It is a significant difficulty for businesses and other organisations to evaluate the results of their sustainability initiatives. In the years to come, the methods of data analytics could be leveraged to ensure that organisations are receiving outcomes from the ESG projects they are working on.
According to Professor Tai-Yuan Chen (below), associate Dean of MBA Programs at HKUST Business School, “There is a demand for data-driven decision makers who consider social impact when making business decisions.” “There is a demand for data-driven decision makers who consider social impact when making business decisions.”
It is not enough for leaders to embrace the idea of sustainability; they also need to execute their plans based on the data. “It is not enough for leaders to incorporate the concept of sustainability.”
This strategy is already being used by a number of corporations, notably the colossal Italian tyre manufacturer Pirelli. The business compiles the data on consumption that is collected by sensors embedded in its tyres in order to make better informed judgments about what inventory to store, thereby reducing the amount of waste produced.
This data-driven strategy is made sure to be incorporated into MBA instruction at HKUST by Tai-Yuan and the rest of his team. Students can have a better understanding of how to make decisions based on data by completing modules in big data analytics.
Increasing transparency
Transparency in commercial dealings is another emerging trend.
It is already required by UN standards that organisations above a certain size report on environmental statistics. This not only helps stakeholders across the board know what efforts are being made, but it also holds corporations accountable.
It is anticipated that there will be an increased push for disclosure in the months leading up to the United Nations Climate Change Conference in November, which may result in additional initiatives toward transparency in the next year.
Eason feels that one of the most significant challenges will be figuring out how to navigate the various different approaches of ESG reporting from an investing perspective.
According to him, the fact that there are many different standards for the same or similar items makes it difficult to integrate them into actual businesses.
Eason has had the opportunity to acquire knowledge regarding a variety of standards thus far throughout his time at HKUST.
Later on in the course, he will also have the opportunity to acquire knowledge about the wider world of sustainable business, which will go beyond green finance.
According to Professor Tai-Yuan, “Students are required to do a capstone project before graduating in order to guarantee that they keep sustainability in mind.”
He goes on to say that this will be critical for their jobs after they have completed their MBA.
“A well-rounded leader in the corporate world needs to pay attention to stakeholders in all areas, including the economy, society, and the environment.”