Fostering Business Resilience through Sustainability
What is sustainability? To me, it refers to the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.
Today's businesses are becoming more mindful of the impact they have on the environment, society, and the economy. The concept of sustainability is no longer limited to mere reporting compliance but has now become an integral part of building a resilient business. Companies that prioritize sustainability not only earn the trust and loyalty of customers but also the positive attention of investors. Join us as we delve deeper into this topic and discover why sustainability is crucial for the success of businesses.
For those in the manufacturing industry, a critical question to consider is how to make their operations more sustainable. To help provide some solutions, in this blog, we've outlined 5 points solution that can be taken towards a more environmentally friendly approach.
Objective 1: Sustainability has long been viewed as a mere compliance process. However, it's time to shift our mindset and see it as a valuable investment in the future. By implementing internal policies, educating employees, and democratizing the way sustainability is perceived and discussed within the organization, we can drive meaningful change and reap long-term benefits. It's time to move beyond boardroom discussions and bring sustainability to the forefront of our organizational priorities
In a recent conversation with a customer the shop floor manager of a large cement company suggested “workers safety is not just a problem of managing operations, but it is a problem of sustainable work practices and business continuity citing a small incident that can cause shutting down of the plant for days and sometimes weeks!”
Objective 2: Increase employee engagement in sustainability efforts by providing training and education on the company's sustainable goals and how they can contribute, link executive pay and incentives to sustainability performance and implement a gamified system for employees to suggest and execute sustainable ideas with a dedicated budget for investment.
Many leading organizations are linking the executive pay’s to ESG performance. A world-leading food company, links 25-30% of its executives’ annual variable compensation to its social, societal, and environmental targets. Its long-term share awards are also based in part on it’s CDP climate scores over three consecutive years.
Objective 3: Reduce energy consumption and emissions. This can be done through implementing energy-efficient processes and technologies, such as using renewable energy sources, implementing measures to save energy, and investing in machinery and equipment's that has a lower environmental impact. Optimizing resource use by reducing waste, recycling materials, and using sustainable raw materials.
Objective 4: Implementing sustainable practices in the supply chain. This includes working with suppliers who share the company’s sustainability values and ensuring that the products and materials they use are sustainable.
According to a Mckinsey report, “ESG leadership begins at home, but it can’t stay there. That’s where procurement’s role becomes so critical.”
Objective 5: Start green by adopting circular economy principles, to design products and processes that can be easily disassembled, repaired, reused, refurbished, remanufactured, or recycled at the end of their useful life.
A head of manufacturing facility for a chemical company asked us how can I retrofit my existing equipment's to reduce the wastage and how do I adopt more circular methods to ensure i deliver on my sustainable goals. We suggested that the mantra for continued ESG performance is to start green, stay green and reciprocate green.
Embracing Sustainability for a Stronger and More Resilient Business Future
In conclusion, fostering business resilience with sustainability is an investment that pays off in the long run. Companies that adopt sustainable practices are not only better equipped to handle economic uncertainty, but they also create a more stable, secure, and sustainable future for everyone. By taking steps to reduce waste, conserve resources, and promote sustainable business practices, businesses can not only improve their bottom line, but also make a positive impact on the environment and the communities they serve. At Tech Mahindra we are helping many of our customers solve some of the most critical and demanding questions pertaining to the business making them more sustainable and resilient.
