People, Planet and Prosperity - The triple bottom line for business sustainability and resilience
Floods, fires, droughts and heatwaves dominate news headlines, while industries have been brought to a standstill by a pandemic and the pandemonium that followed. Natural disasters are affecting local and global supply chains and the window for addressing the global climate crisis is closing fast. Drastic action is needed — tomorrow may be too late.
South Africa’s energy crisis has left the country and its people in the dark, and businesses and their employees are increasing. lt is impacted by social unrest and political shortcomings. Corporate South Africa knows that waiting for state-implemented solutions is not viable — business and industry leaders must step up to become societal leaders and make the changes that the nation needs for a sustainable and resilient future.
The third pillar and final bottom line is the planet, without which there would be no people and there would be no profit. Historically, big business has been one of the worst perpetrators of environmental crimes and one of the worst contributors to the climate crisis. However, the opportunity exists for them to restore the injustices of the past, drive positive change and position themselves on the right side of history.
This state of affairs has also placed pressure on CEOs and other business leaders to take a stand. Customers are no longer satisfied with companies who remain silent — and inactive — when it matters the most. Consumers are driving the conversation and driving the agenda and it is up to businesses to heed this call and remain relevant, or risk getting left behind as the world moves into the future.
Women are also increasingly being recognised as more vulnerable to the impact of climate change than men. Women constitute the majority of the world’s poor and are more dependent on natural resources most threatened by climate change. The climate crisis has amplified existing inequalities and puts the lives and livelihoods of the world’s most vulnerable populations at risk.
In his research, Lebakeng describes CSR as “the commitment of organisations to act in the interest of both business and sustainable economic development based on ethical values, compliance with legal requirements and respect for engagement with people, communities and the environment.” He adds that CRS does not stop with the company’s employees and investors, but extends to how a company responds to, and continuously interacts with, its vital stakeholders.
“As a group, respondents ranked communicating values higher even than company strategy or profitability,” the study found. A deeper look at this decision reveals that 23% of boycotting consumers have made this decision based on accusations of racism from a company or its employees, with the diversity of a company’s executives also playing a role in whether they choose to do business with a company or not.
“Consumers want to know more about the inside deals that businesses have done in the past,” the study found. Whether in-person or remote, these engagement initiatives are powerful team-building exercises and go a long way to encourage a company culture of giving and sharing It increases morale and job satisfaction among employees. It also stimulates inter-team and inter-departmental collaboration.
“There is waste in manufacturing, there is waste in retailing and distribution, and there is waste in and after use,” he explained. “Often the product is designed to be obsolete at the end of its lifetime, and this in itself is incredibly wasteful.” “We must build an economy that eliminates waste and pollution, keeps products and materials in use, and regenerates natural systems. The circular economy can help address climate change by reducing emissions from industry, land use and agriculture.”
“As we recover the waste in manufacturing processes, instead of just discarding it and losing that value, we can create opportunities,” he explained. “Not just recycling, but recycling and reprocessing, remanufacturing and more — this is really the frontier of business.” For smaller businesses though, this is not always possible, despite the obvious benefits like reduced running costs, lowers carbon emissions, and increased customer loyalty to brands that show a level of environmental awareness.
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