Question

The term social sustainability? What does it mean for organizations in the developed world?

Answer 1

Social sustainability

Social sustainability denotes the set of methods and practices that an organization used to ensure the well being of present and future generations both inside and outside of the organization. For a business organization, social sustainability could be the sum of all the measures taken by it to ensure the welfare and wellbeing of the workers, customers, and the community in which it is operating. It is concerned with the improvement of the lives of various stakeholders of a business concern. It ensures equal rights for men and women, empowerment of women, protection of child rights by refrain from child labor, etc. Beyond the limits of a business concern, Social sustainability deals with the removal of poverty, inequality, illiteracy, etc. in the community.

The relevance of social sustainability for organizations in the developed world

Social sustainability is very much important for business concerns in the modern world in various ways. The following are the importance of social sustainability for organizations in the developed world.

• It can create social brand value that helps in the selling of products and services of a business concern.
• It helps businesses to identify the impact of their business decisions.
• It helps in proactively respond to various business problems.
• It helps in improving employee morale towards the businesses.
• It helps businesses in exploring new business opportunities and in entering new markets.
• It helps to retain important stakeholders of a business.
• It helps a business to manage its risks better.
• It can reduce the tension between corporates and societies.

Please give Up-vote if you like the answer. Thank you.