Sustainability a new buzzword for corporates: Study

Sustainability seems to be a new buzzword in the corporate world with firms adopting various means towards it, a report says.

Sustainability seems to be a new buzzword in the corporate world with firms adopting various means towards it, even as the definition of the term differs according to industry, region and country, Economic Intelligence Unit’s report says.

The report – Action or Aspiration? Sustainability at Workplace – indicates that the concept of corporate sustainability has not yet been adopted by most companies, but holds a huge potential to attract talent.

“Sustainability has become a major issue for companies in every sector and region in the world, but remains a work in progress. While goals may vary depending in regional circumstance, there are certain best practices that apply to all firms,” says the report.

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The problem of sustainability in workplace is that “it is seen as a top-down initiative,” says Professor Paul Palmer of Cass Business School.

Denis Macaulay, director of Global Economic Research of the Economic Intelligence Unit leading a discussion on the topic recently said sustainability provokes different emotions amongst different people — environment, social and economic.

Whatever the feeling may be, the business houses across the world are making it an important business strategy, says Macaulay.

Major findings of the study, sponsored by BT and undertaken by Economic Intelligence Unit, point out that Coca Cola stepped up its sustainability activity in 2007 with thrust on water resources. Its aim is to ensure that there is potable drinking water wherever it operates and that the company replaces every drop it extracts.