Viksit Bharat @ 2047: Transformative Role of Commerce, Management and Technology (Edition-III) (ISBN : 978-93-49468-06-1)

Sustainable Business Practices in Human Resource, Marketing and Finance: An Integrated Strategic Perspective

Author: Ms. Shivani Negi, Ms. Namita Aggarwal & Mr. Ankit Kumar

Sustainability has become one of the cornerstones of corporate strategy for a variety of reasons (e.g., socio-economic, environmental and legislative) and today almost all major corporations have embraced sustainability as a key component of their business model. Examples of how sustainability has been incorporated into corporate strategy are seen throughout the major functional areas of any corporation. This chapter will review sustainable strategies utilized by corporate organizations in these three areas (HR, Marketing, Finance) and discuss how they are being implemented within modern corporations. Human resources strategies that promote sustainability consist of respectable employment practices, providing a healthy work environment and maintaining a diverse workplace. Sustainable marketing practices can include green brands, creating sustainable communication methods and promoting responsible consumption of products. Lastly, sustainable finance can be achieved through the implementation of an ESG (Environmental, Social and Governance) strategy. This chapter will use interdisciplinary ways to explore how these subjects interact. It should be highlighted that the individual execution of the efforts in each area is likely to fail; however, a combined approach to these initiatives might lead to synergy in terms of their efficacy and the building of stakeholder confidence. The reader may also learn about the challenges of adopting sustainability in this chapter, including greenwashing, cost-related issues, the lack of standardized reporting, and data collection ethics.

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