A brief on Organisational Sustainability
Every organizations works for two main objectives which are not meant to set or to be stated into the companies’ mission or visions statement. These two main objectives are understandable and none of the organization can neglect the availability of these objectives. Actually every private or public sector organization works for these two aspects and these are sustainability and profitability. Both these elements are the ultimate objectives for corporate world and it has association with so many factors. Here in current scenario sustainability has been taken into special consideration. In order to ensure the sustainability there are various monitoring techniques related to organizational activities and strategies that determines the high level of sustainability within the organization. In current scenario the monitoring techniques has gained special priority (Bell and Morse 1999). Further the sustainability dimensions and specific areas which indicate towards the organization’s long terms sustainability has been explained in an articulated manner. At last the indicators for monitoring have also discussed within the study. The monitoring techniques are the alignment of company with the external environmental factors. These aspects can provide the level of sustainable competitive advantage for the company and future possibilities could also be identified.
Here the elected organization is Bendigo and Adelaide bank which come into existence in the year 2007 when the both the banks merge with each another. Currently the bank has divided their business in retail banking and wholesale banking. The retail banking is actually handled by the Bendigo bank all over the states and approximately the bank has 900 outlets and other facilities. On the contrary the Adelaide bank is active into the whole sale business that deals in providing the big mortgage loans and work as credit providers. The Bendigo is providing the banking services to the small and medium sector business. Moreover the wealth management also comes under the umbrella of Bendigo bank. The growth of this bank is based on their professional approach and after merger lots of differences has been experienced. The main aim behind this merger was to ensure that Bendigo and Adelaide bank must be connected to the large number of customers. Further the major objective revolves around developing sustainable growth and profitable business model (Klemmer, 2002). Thus here both profitability and sustainability has been covered directly by the bank within their vision statement. For the same purpose the organization has focused upon variety of parameters that allows them to achieve their objectives.
There are various sustainability factors which are required to be followed by every organization. Here also the bank has followed these dimensions in an appropriate manner. Failure to these sustainability dimensions could harm the success of business at very large scale the major sustainability dimensions are social cultural environment, economic environment and environmental factors. These aspects cover the three major external factors and it provides the high level of relevance with sustainability of any organization.
Here the cited bank has done tremendous job in dealing with these three sustainability dimensions and gaining the competitive advantage. Most importantly it is clear that the social cultural factor includes the responsibility of an organization towards the society and maintaining the business by aligning with the cultural aspects. It directly deals with the company’s decision making process with relevance to the existing societal aspects of the Australia. It is something that can’t be neglected by the banks at any level. The sustainability dimensions has direct relevancy with the social cultural factors. It is essential to measure that how much society is benefitted form the business operations of any company. Here in current scenario It is acknowledgeable that the bank has set the vision to cater the maximum number of customers and delivering the quality banking services to them. The sustainable business position of any organization could be reflected within their mission and vision statement. The cited bank has definitely make alignment with those objectives so that they can definitely ensure their long term sustainability (Jacobs, 1998). They have provided huge level of employment as well which is another socio cultural issue. Skill development and enhancement chances have been provided to the staff. This kind of opportunity improves the well being of society and changes within the society could be noticed at very large scale. If bank has got success in providing the banking services to people’s life then definitely it provides its contribution to society.
Ahead two major factors are environment and economic factors. In other terms it also could be related to the profit and planet related responsibilities. It is essential to mention that sustainability dimensions have direct relationship with the triple bottom pyramid and its related elements. It includes three major components which are people, planet and profit. Further it is also clear that the banks have to understand their responsibilities as more they fulfill their responsibility the sustainability dimensions could become stronger. Thus through planet factor the environmental issues could be taken into special consideration. Every enterprise needs to show their reverence towards the natural resources and environmental factors. In case of banks the paper must be avoided as the technology has become major source to store or disseminate the information. Further it is also clear that in current scenario the banks need to adopt some recycling techniques as well. Thus these aspects of triple bottom approach are the basis of sustainability dimensions. Another element of this approach is indicating towards the profit related element. It directly has its relevance with the economic aspects at very large scale. It is clear that in economic aspects the banks need to utilize their financial resources need to in such a way that they manage the operations for the long period of time. Their money could not be stuck within the market and the flow of money within the market among the customers should be perfect and appropriate. The economic factors deal with the currency fluctuations, providing the loans and advances to the customers and most importantly delivering such product which should be lucrative for both customers and banks (Berkes and Folke 1994). Thus in this way the social cultural factors and elements of triple bottom approach (economic as profit and environmental as planet) indicate towards the sustainability dimensions. These aspects are the responsibility of company and help on the ground of becoming the sustainable organization.
Here the selected area is environmental factor which indicates towards the responsibility of organization towards the planet. Now in further it could be segregated into three major elements; corporate social responsibility, business ethics and management of resources. However CSR has concrete relationship with the people related aspects but in planet it includes adopting such techniques which provide benefits to the planet or natural resources. In corporate social responsibility people try to educate people towards the proper utilization of natural resources and using them for maximum output. At the same juncture it is essential to mention that all the sustainability dimensions have some sort of integration with each another. Focusing on any aspect completely is something is impossible as the impact of one factor could be realized upon another factor. Thus the corporate social responsibility has leverage to ensure the genuine efforts of company towards the society in educating them for the protection of natural resources. Like wise the banks can urge their customers to use net banking or avoiding the receipts from customers so that the paper could be used at very small scale. It indirectly helps in saving the trees which is highly useful for the protection of environment. In this way this element could lead towards the sustainability factors. Further the managem3ent of resources is another factor lie into the category of environment element into the sustainability dimensions. The banks need to ensure that the resources which have high level of usage should be used properly (Bosch , 2002). The same element is the paper and using the technological aspects. There is need of practicing the small components that can help on the ground of protecting the environment. The paper usage must be negligible in the era of technology. It just helps in protecting the trees as mentioned above and above all the environment could become healthier and safer for society people. Here also the integration of one element could be realized upon others. The sustainability area of environmental factors is highly considerable and must be prioritized. Another area of concern within the same sustainability dimension is the saving the electricity or water at work premises. The bank taken into this study should focus on both the aspects. It is their duty to ensure that the electronic fittings must have their appropriate usage and it should not be burden over the environment (Connor and Dovers , 2004). The electricity must be used as it is required to done the work. Further saving the water is another responsibility comes under the management of natural resources. It is very common practices that should come under the sustainability dimensions. It has been declared in various environmental conferences and summits that when organizations will save water and electricity at their workplace the sustainability could be ensured at very large scale. It can contribute towards the success of business towards the long term sustainability of business operations. Positive impact could be put down at the mindset of people and benchmark could also set in front of various other organizations and society. Business ethics is very broad category which actually caters all these aspects within the organization. Business ethics is very wide periphery which also involves the sustainability dimensions for the purpose of environmental factors. It includes adopting such business practices that lead towards the safety of environment and it is business ethics that banks should follow with dedicated approach (Bossel, 1999).
In order to monitor the alignment of bank with the environmental sustainability dimensions there is need of relying upon highly effective and reliable monitoring indicators. Here in current scenario the banks can make use of auditing plan as indicators to monitor the level of environmental sustainability. Through auditing the organization can get information about actual scenario and loopholes could be identified very easily. The most important element of auditing is that it provides the basic information about the problems and issues that have been faced by the organization. In cited bank the adherence towards the environment aspects should be taken very seriously. It can help in gaining the long term sustainability and profitability could also increase. Through auditing the alignment of internal policies could be established with the external policies. It is essential that the set benchmarks at the external level should be followed in appropriate manner. The industry standards related to the environment protection could be identified and balance between the actual external policies and scenario in internal environment. The workplace must have warning or slogans related to make people responsible towards the safety of electricity and water consumptions. These are natural resources and must be prioritized with an aim of protecting the environment and ensuring the sustainability (Dale and Beyeler, 2001).
Further the main aim of monitoring indicators is to focus on identifying the issues and challenges as well. The auditing process can increase the familiarity with the opportunities related to bringing the improvement within the environmental business practices. The banks can select the option of using the solar panels or technology which seems to be costly but have positive impact at the environment. The greenery could be promoted at workplace by making the innovative workplace. The construction or infrastructure could be developed on the basis of green house development. Thus these are certain environment related favorable business aspects that have been suggested by the environmentalists. Thus it become clear that the organization have leverage to set the audit in both internal as well as external environment. First the monitoring technique must be based upon the identification of proper alliance of internal legal policies with the external legal policies related to environmental protection (Hezri and Dovers, 2006). Second factor is that the company should identify the set of instructions provided by external parties for saving the environment. The parties like environmentalist, government and scientists etc. the Bank can follow the instructions of these external parties and align with their suggestions. The monitoring indicators like auditing can provide the appropriate results on the ground of identifying the fact that how much bank is following these aspects and what are the scopes of improvement in near future. The major benefit of auditing is that the resources used for the environment protection could be identified and could be easily installed within the business operations (Faucheux S. and O’Connor, 1998). Thus it become clear that the companies should do the auditing with two perspectives one is related to understand the responsibility and maturity level of staff people and other one should be based upon the responsibility of higher authorities.
Thus on the basis of above report it can be concluded that the sustainability is very demanding component of today’s business organizations. The sustainability could never be achieved with one element. There is need of focusing upon the group of activities or external factors. Here the role of social environment, economic factors and environmental elements has become clear with respect to ensuring the sustainability. Further the detailed description about the environmental sustainability area also provides knowledge about business ethics, corporate social responsibility and managing the environmental or natural resources. At last the knowledge of study is wide with the perspective of using the auditing technique for the purpose of monitoring the relevance of an organization with the sustainability dimensions.
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