Business Responsibility and Sustainability Financial Opportunities

Question: Discuss about the Business Responsibility and Sustainabilityfor Financial Opportunities. Answer: Introduction Sustainability is defined as the management of the triple bottom line activities. It is the process of managing the social, environmental and financial opportunities, obligations and risks by the companies. The three impacts of the companies include people, profits and planet. Sustainability of the business requires the company while adhering to the various principles of sustainable development. The company chosen for describing the nine principles of sustainability is Emirates. The nine principles of the sustainability that will be described for the selected company are ethics, governance, transparency, business relationships, financial return, economic community development, value of services products, employment practices and protection of environment. Nine Principles of Sustainability Sustainability approaches of the company are focused on triple bottom line as it is discussed earlier. They are environmental, social and economic aspects. The organizational processes can be both formal and informal that can be categorized into nine principles of sustainability. The nine principles of sustainability are described on the perspective of Emirates as a global renowned airline service provider. The impact of the products and service provide by Emirates on the aspect of sustainability affect the managing capabilities of the company to the external and internal stakeholders associated in it. Ethics: Emirates is proven to maintain a good relation with the external and internal stakeholders of the company while establishing promoting, monitoring and maintaining the ethical practices and standards in doing all the sustainable practices for environment protection. The ethics is also maintained in formulating strategies of business. The company is strict in maintaining ethics in its process of business operations along with strategies of corporate social responsibility, sustainability, etc. in its different branches (Eccles, Ioannou Serafeim, 2014). Governance: Corporate governance of Emirates is an aspect that is considered as the vital strategy for the growth of the company in different parts of the world. The company is successful in managing all the resources in different branches of operations. Emirates is successful in recognizing its resources effectively in order to utilize the resources. Apart from that, the corporate managers and the boards are constantly focusing on the interest of the stakeholders. Transparency: Transparency is the vital constituent of the sustainability that focuses on the different aspects of maintaining employee relations. Employees of Emirates are the strength of the company while providing great serviced to the customers of the company. The different types of changes in regulations in terms of compensation, benefits, products and services are informed to the employees including the stakeholders so that the company can maintain fairness to its employees. Ultimately it helps in the growth of the company in terms of improved customer service to the people using Emirates (Hahn et al. 2014). Business Relationships: Fair trading practices are the policies that reputed companies across the world like Emirates follows in order to maintain transparency in the aspect of the business relationships to the partners. The distributors, suppliers and partners of Emirates are in long term relation with the company for trust building and maintaining fair prices for the goods. The economic and social practices of the company are maintained fair by formulating prices and quality of the services based on environmental, economic and social practices. Financial Return: The financial returns of Emirates to their investors are competitive in nature. The company provides full protection of its assets by providing to the different types of facilities to the shareholders and other investors of the company. It can be said that the financial results of the company and its financial return of Emirates helps in investment of more investors to the company. Emirates is committed to balance all the interests of the investors and shareholders. The sustainability principles of Emirates help in maintaining long term relationships with the customers (Eccles, Ioannou Serafeim, 2014). Community and Economic Development: It can be said that the concept of corporate social responsibility of the company also acts as a different aspect of sustainability in terms of brand building and community developmental programs. Emirates is focused on sustainable development of both community and company as a whole. Economic development of community also helps in improved reputation of the company. Rigorous standards in the education, economic development and health of the members of the community are encouraged by the company. Value of Services and Products: Emirates used to create different explicit programs for assessing the impact of the stakeholders on the service provided by it to the customers. The strong commitment of Emirates towards integrity, safety and customer satisfaction is the key to success of earning global reputation from the different parts of the world. The values provided to the customers are important because they need to realise the value of the amount spending by them while travelling through Emirates. It is the right to customers to different services offered to the customers by Emirates (Benn, Dunphy Griffiths, 2014). Employment Practices: The employment practices of Emirates are world famous. The company puts emphasis to the different strategies that are formulated for maintaining a sound employee relation within the different branches in various parts of the world. The work environment of Emirates is friendly while the employees are responsible for maintaining a sound work life balance by providing excellent customer service to the customers. Protection of the Environment: Sustainable approaches of Emirates towards environment protection include investment on technologies that are used in minimizing the pollution to the environment. The minimized use of the technologies by Emirates is a step towards environment protection. Using noiseless fleets is a sustainable approach for combating sound pollution (Epstein Buhovac, 2014). Conclusion Emirates is considered as the worlds largest international airline that provides high quality service to the customers of the company. The company is focused on seeking global opportunities for the development of business in different parts of the world. The sustainable approaches for Emirates are described in details in the study. It can be said that the sustainable approaches of the company helps in brand building to different parts of the world. The aim of the company is to acquire the most admired position as a air travel service provider. The company is also focused in implementing various sustainable approaches in order to reduce the environmental impact. References Benn, S., Dunphy, D., Griffiths, A. (2014).Organizational change for corporate sustainability. Routledge. Eccles, R. G., Ioannou, I., Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance.Management Science,60(11), 2835-2857. Epstein, M. J., Buhovac, A. R. (2014).Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Hahn, T., Preuss, L., Pinkse, J., Figge, F. (2014). Cognitive frames in corporate sustainability: Managerial sensemaking with paradoxical and business case frames.Academy of Management Review,39(4), 463-487.