The assignment reflects upon Corporate sustainability practices as part of their business operational characteristics.

INTRODUCTION

 Corporate sustainability practices have become a common trend and businesses are increasingly incorporating sustainability as part of their business operational characteristics.  Individuals, communities, organizations and governments are increasingly focussing on making sustainability as a part of their business routine. There are significant benefits experienced by organizations incorporated sustainability as part of their business practice. The current discussion is about the Triple bottom line and its relevance to the sustainability of business, Six forms of the capitals used by business, six phases of business approaches used by businesses in general. Also there are examples provided about the businesses that are successfully employing sustainability as part of their business practices.

SUSTAINABILITY- TRIPLE BOTTOM LINE AND BUSINESS

Sustainable business practices do mean a lot for business. There are numerous benefits for organizations by incorporating sustainability into the business. Not only the business, the entire mankind will get benefited if sustainability is adopted in entirety by all organizations in general. For example environmental sustainability, sustainable employment and sustainable business practices are the three bottom lines that one need to consider in business practices, which formally termed triple bottom line(Gimenez et al.,2018). It is true that the organizations when mold themselves towards environmental sustainability they will do so, creating practices and features that are more environment and ecology oriented. They do promote innovation in creating services and products that are environmentally friendly. Such change in paradigm from traditional orientation will provide business organizations a competent and an everlasting customer loyalty and brand prestige. Compliance of organizations with environmental sustainability will create let the customers purchase for companies rather than products. Sustainability in employment will make sure employees do have the necessary privileges and considerations in reasonable rewards and salary benefits. Such practices will make sure employees do find the necessary satisfaction in job and also it will enable them to get the necessary motivation to stay for long time and will let them yield higher productivity benefits. Also the employees will get more motivated and their productivity and creativity levels will excel. Corporate risk management essentially contains sustainable business practices as part of their business operations. Organizations are now seeking to involve in operations that are good for corporate reputation as part of their sustainability initiatives. As a whole organizations embracing sustainable business practices are now amassing profitability on long term. This is indeed a proactive attitude and is needed for organizations ofcourse.

THE SIX FORMS OF CAPITAL USED BY BUSINESSES

  There are different types of capitals employed in general in business operations. The first is the financial capital which includes the money, currencies, securities as well as other important financial instruments which are vital for the sustenance of business and its operations. Social capital is all about the influences and the connection that exist in business in general. They do provide the necessary social recognition as well as social sustenance for business operations.  Whatever non – living resources are employed in the business, they all fall in this category of capital. Typical examples will include raw and processed resources like stone, metal, timber etc. Capital invested in living species, plants, water, soil etc fall in this category it is also called some times as natural capital as well. Intellectual capital is all about the intellectual investments and related outcomes investment in business typical examples like capital investments in terms of patents, research and science all fall in this category of business operations. Human capital is the investment made in organizational human man power. Human resources make up the vital organizational capabilities for moving the organization day to day functions. These are six important forms of capitals employed by business organizations (Blewitt et al., 2018).

THE SIX PHASES OF BUSINESS APPROACHES TO SUSTAINABILITY

   Dunphy, Griths and Benn (2003) proposed six different phases of business approaches for sustainability (Ben et al., 2014).  These six phases on critical reflection are quite appealing and are just fit to enable sustainability in business organizations. They are perfectly fit and applicable for contemporary uncertain and unpredictable business domains. There are several innovations, organizational operational framework changes etc, all these occurrences made the business operations complex and the need for a comprehensive framework of approaches have raised. The first phase is rejection, the second is bunker wombats, the third is reactive minimalists, the fourth is industrious stewards, the fifth is proactive strategists, the sixth is transformative futurists. The last four phases of sustainability are real phases that are of use for sustainability. Each of these phases can be further informed as rejection, non-responsiveness, compliance, efficiency, strategic proactivity and the sustaining corporation. The actual sustainability orientation starts with compliance, and in further phases efficiency in resource usage, enforcing sustainable proactivity and further proceeding with sustained collaboration are employed in (Ben et al., 2014).

EXAMPLES OF BUSINESSES INVOLVED IN SUSTAINABLE PRACTICES

There are numerous organizations involved in sustainable practices like for example Woolworth is an organization involved in retailer business and has enforced sustainability in business operations. It has enforced dealing with only those vendors who do have sustainability practices adapted in. Dell accommodated recycling as part of sustainable business practices. Amazon has accommodated sustainability corporate practices as part of its business practices. These are some of the several organizations now taking up sustainable practices and achieving the benefits of organizational resilience through sustainable business practices (Ortiz-de-Manojana et al.,2016).

REFLECTION

Sustainability is both a proven strategy as well a necessity of contemporary business domains. Day to day reliance and enforcement of sustainable business practices will yield value addition as well will work for providing benefits to society also.

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