Are we be able to sustain?

We often hear about the concept of sustainability in the context of the environment and climate change. Thanks to Greta Thunberg, this awareness is consistently maintained. In this article, unlike Greta, I will talk about Corporate Sustainability.

As the name suggests, is about maintaining, and sustainable management means "sustaining management." In other words, it is about continuing our business activities, our current situation. In today's rapidly changing business world, sustainable management has become an urgent concern for all businesses. As EU regulations and competitive pressure increase, companies realize the importance of integrating sustainability into their core business practices.

By signing the Paris Climate Agreement, Turkey has committed to achieving net zero carbon emissions by 2053. Adapting sustainability to our way of doing business will inevitably become essential for Turkish companies, especially with the demands of our largest export market, the European Union.

Instead of seeing this as an obligation, focusing on the potential benefits, it would be a perspective that enhances the motivation of companies and top management. Sustainable management holds companies accountable for the financial results of their activities and their impact on the environment and society. In addition to financial success, it involves using inputs responsibly and consciously, reducing carbon and water footprints, and ensuring social equality.

The good news is that companies embracing sustainability principles will shortly have easier access to financial resources as their ESG scores are expected to be higher.

Looking at the current benefits before reaching the future, we can see:

Cost Savings: Sustainable management ensures operational efficiency, waste reduction, and low energy consumption. Businesses can lower costs, enhance competitiveness, and increase profits by optimizing resource usage.

Enhanced Reputation: Consumers are becoming increasingly sensitive to sustainability and prefer to engage with businesses that share their values. By adopting sustainable management, companies can boost their brand reputation and attract environmentally and socially responsible customers.

Risk Mitigation: Sustainable management helps businesses identify and mitigate potential environmental, social, and governance risks. By proactively addressing these risks, companies can protect their reputation and long-term viability.

Attracting Talent: Today's workforce, especially millennials and Gen Z, seeks purpose-driven employment. By incorporating sustainable practices, businesses can attract and retain top talent passionate about positively impacting society and the environment.

So, how can companies transition to sustainable management, which will become mandatory and beneficial in the future? Some initial steps could be:

Setting Sustainability Goals: Define clear and measurable goals aligned with your organization's vision and values. These goals may cover reducing carbon emissions, increasing energy efficiency, or promoting diversity and inclusion.

Integrating Sustainability into Strategic Planning: Ensure that sustainability is integrated into the core of your business strategy. Embed sustainable practices into decision-making processes and consider them when developing new products, services, and marketing plans.

Engaging Stakeholders: Foster collaboration with employees, customers, suppliers, and other stakeholders to create a shared understanding of sustainability goals and promote a culture of sustainability throughout the organization.

Investing in Sustainable Technologies: Embrace innovative technologies that enable sustainable practices.

Measuring and Reporting Progress: Regularly monitor and measure your sustainability performance to track progress toward goals. Transparently report this data to stakeholders to demonstrate accountability and build trust.

Overcoming Challenges: Implementing sustainable management practices may encounter resistance from within the organization. Change can be met with skepticism, fear of disruption, or concerns about increased costs. To overcome these challenges, businesses should:

Create Awareness: Educate employees and stakeholders about the benefits of sustainable management and the potential risks of inaction. Highlight success stories and case studies to inspire change.