Top Business Sustainability Trends in 2024: Social Justice
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Social issues are an important, albeit sometimes overlooked dimension of sustainability. In 2024 social concerns will be a growing consideration. According to IMD, “Sustainable business models, where profitability converges with societal impact, will drive entrepreneurship and innovation.“
In recent years there has been meaningful action on issues like modern slavery. The social journey starts by listening to the concerns of stakeholders. This allows a firm to identify and embed initiatives into a supportive corporate culture. This can in turn be scaled by AI and assessed with relevant social metrics.
The focus on social issues is holistic and includes employee’s mental health, inner development, and personal growth, all of which have been shown to contribute to organizational success. Inner Development Goals (IDGs) are the adjunct to the SDGs, and they are positioned at the intersection of personal and societal advancement. The IDGs five pillars (Being, Thinking, Relating, Collaborating, and Acting) foster individual growth while encouraging personal action that contributes to social advancement. The IDGs focus on a better more sustainable future is intended to spur individual transformations alongside corporate transformations.
There is also a need for companies to respond to stakeholders’ demand for authentic social engagement and consumer’s demands for more equitable products. Both consumers and investors support socially responsible brands.
Historically, the unwieldy complexity of social engagement has led corporations to provide financial or material support without really understanding what it means to be socially engaged. This has introduced an element of reputational risks when, for example, these efforts make a firm vulnerable to accusations of greenwashing.
Companies are getting socially engaged in creative ways. Art is a powerful medium that can help people to connect with social issues. It can render complex messages in a way that is often more accessible than words.
📰 Reference: Top Business Sustainability Trends to watch in 2024 and Beyond [ Ссылка ]
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