The power of giant enterprises to shift towards economic, social and environmental impact

The power of giant enterprises to shift towards economic, social and environmental impact

Companies that are aligned with the sustainable philosophy are unquestionably important drivers of the shift to sustainability. Others, including individuals and corporations, should think about doing their share and being acknowledged as positive contributions to a better society. Within an industry, reaching a consensus on responsible principles and practices can have far-reaching implications, resulting in industry covenants that go beyond what any single enterprise can accomplish.

• How can big companies exert their influence?
• Through their talents- organizations that hire great leadership talent and empower their (young)leaders to make change will ultimately help drive the message and action of sustainability.
• Through their value chain - It is critical that these corporate influencers ensure that they are pushing sustainable values throughout each part of their supply chain.
• Through their stakeholders network- companies that push to only work with other sustainable brands are sending a powerful message to others.

With reference of University of Cambridge Institute for Sustainability Leadership, the following ten principles,  emerged as central to developing and integrating a sustainable purpose:

• Take an ‘outside-in’ view that engages external stakeholders
• Take an ‘inside-out’ view that engages employees 
• Engage the Board to align purpose and strategy and broaden ownership
• Integrate the purpose into strategies and objective-setting
• Align rewards and incentives
• Integrate the purpose into core business practices
• Build the capacity and capability of employees 
• Select and build external partnerships and advocacy
• Integrate the purpose into metrics and external disclosure
• Integrate the purpose into corporate positioning and communications strategy.

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Reference

University of Cambridge Institute for Sustainability Leadership (CISL). (2020, November).Leading with a sustainable purpose: Leaders’ insights for the development, alignment and integration of a sustainable corporate purpose.Cambridge: University of Cambridge Institute for Sustainability Leadership.