Exploring Contemporary Issues in Sustainable Business Practices Assignment Sample

Reflective Analysis of CSR and Sustainability Strategies - Reflecting on own experiences and outcomes by using a relevant model

Gibbs Model of Reflection

To evaluate one own learning's and related aspects Gibbs model of reflection has been used. This is one of the most effective methods which help in ascertaining and evaluating positive & negative experiences (Main, 2023). By this, I can assess the skills and abilities that need further development.

Learning About Sustainability in Business (Week 1)

I attended the module, which is based on the contemporary issues in sustainable business, which was beneficial for me to increase my knowledge and improve my skills. In week 1, my professor gave a lecture on the introduction to sustainability. From the module, I learned about sustainability and its significance for the business sector, i.e. retail. Sustainable business refers to a strategy that is implemented by all organisations to reduce the adverse negative impact resulting from their operation in the specific market (Di Vaio et al, 2020). After attending the module, I felt that sustainability is significant for organisations and all are looking towards sustainability because it helps in protecting the brand and mitigating the risks. I learned that sustainable business also helps in gaining the competitive advantage over competitors, which ultimately impacts the profitability, sales and productivity as well as brand image positively.

Benefits of Sustainability for Businesses

During this module, my professional was also providing the knowledge to all the students about the benefits of sustainability in business. From this module, I also learned that sustainability is important for companies because it helps in enhancing brand image and gaining competitive advantages. Attending this module was beneficial for me because it assisted me in enhancing my knowledge and skills regarding sustainability and its relevant topics. Adoption of sustainability is advantageous for all the organisations within the retail sector because it helps in increasing the productivity, minimising costs and making it easy for them to follow all the rules and regulations, which ultimately positively impacts on overall operation (Khan, Ahmadi and Majava, 2021). In the present environment, most of the customers are likely to purchase eco-friendly or sustainable products to protect the environment. Before attending the module, I didn't know how much sustainability is for companies within the retail industry.

I learned that sustainability has a positive impact on employee retention. My professor said that the organisations which adopt sustainable business practices the employees feel valued and happier, as well as likely to remain for a long period. I learned that, majority of the companies in the retail sector are likely to focus on sustainability because it helps in reducing waste. Sustainability also ensures the continuation of the business, which positively impacts the brand image and reputation within the competitive environment. Apart from this, my professor also explains how sustainability is important for society. From this module, I learned that promoting sustainability in society is beneficial because it creates a better environment in which people can thrive and also preserves resources for future generations.

Understanding Corporate Social Responsibility (CSR) (Week 2)

In week 2, my professor provided a lecture on theoretical perspectives of corporate social responsibility (CSR) and contemporary issues in sustainable business. Attending the module was beneficial for me because I had little knowledge about the importance of corporate social responsibility within the retail sector. My professor provided deep and complete information about corporate social responsibility and its significance in business, effectively and concisely, from which I was able to understand all the aspects properly. From the module, I learned that CSR helps in building a positive brand reputation, increasing sales and customer loyalty within the competitive market. The organisation which emphasises CSR then the customers and employees are likely to retain with them for a long period (Marczewska and Kostrzewski, 2020). I learned that CSR also facilitates operational cost savings, greater capability to attract and retain workforces, easier access to capital and organisational growth & development. Apart from this, my professor also described the theoretical perspectives of CSR, such as stakeholder, agency and triple bottom line theory. Attending the module was beneficial because it helped in increasing my knowledge and understanding of all the relevant topics. From the module, I learned that the implementation of triple line bottom theory is useful for companies within the retail sector because it supports the sustainability and CSR strategies. Adaption of this module is beneficial for the retail sector because it helps in improving brand reputation, attracting and retaining talent, enhancing investment opportunities and minimising the compliance risks (De Giacomo and Bleischwitz, 2020).

Contemporary Issues in Sustainability

From this module, I learned that, in current times, customers are consciously discerning about the companies which are more aware of the environmental impact. However, this week my professor also gave a lecture on one of the significant topics, i.e. contemporary issues faced by the retail sector in relevant to sustainability. My professor described all the contemporary issues with examples from which I easily understand and retain the information for a long time. By evaluating experience using the Gibbs model, I found that attending the module was valuable for me because it helped in improving my learning skills regarding sustainability, which will be helpful for me in future. From the module, I learned that poverty, youth unemployment, advancing the circular economy, government actions, climate change, etc., are considered as vital contemporary challenges faced by businesses.

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Importance of Stakeholders in Sustainability (Week 3)

In week 3, my professor gave a lecture on theoretical perspectives of stakeholders and attending this class was also beneficial for me because it helped me improve my knowledge and skills. The professor also provides the how stakeholders are important for companies within the retail sector. From the module, I learned that without the contribution of the stakeholders, the organisations are unable to focus towards sustainability to enhance brand image, profitability, and gain a competitive advantage. I learned that, implementation of stakeholder theory is beneficial for the company because it aids in addressing the business morale, ethics and values when the managing stakeholders are involved with the business. My professor also provides information regarding the significance of using the stakeholder theory for companies within the retail sector. Adaption of stakeholder theory can be beneficial for the business because it helps in increasing investment, drives more productivity and profitability (Díaz et al, 2020).

Stages of CSR and UN Sustainable Development Goals (UNDGS) (Week 4)

My professor told me that, with the help of stakeholders' engagement, the companies are capable of determining and prioritising the social and environmental issues that are crucial to solve and developing solutions that meet their needs and requirements. Apart from this, I also attended the lecture which is given by the professor in week 4, which is based on the stages of CSR and UNDGS. Before attending the module, I didn't have in-depth knowledge about the stages of CSR. However, after attending the module, I gained a lot of knowledge regarding this. From the module, I learned that elementary, engaged, innovative, integrated and transforming are the critical stages of CSR. Adaptation of all the stages of CSR is beneficial for the business to become a responsible business. In the engaged stage, the organisations of the retail sector are more sensitive and aware of the expectations of the individuals. I learned that, innovative stage the retail companies are looking towards new methods to perform the work in comparison to competitors. In the integrated stage of CSR, the companies are incorporating citizenship programs such as diversity and sustainability initiatives, which positively impact the overall efficiency and business operation (Parmentola et al, 2022).

Sustainability Strategy, Implementation, and Governance (Week 5)

Along with this, attending the module was valuable for me because before, I didn't have much knowledge about the UNDG's goals. After attending the module, I learned that, generally, companies implement 17 sustainable goals which help the business to become eco-friendly and more sustainable. The sustainable goals are no poverty, no hunger, good health and well-being, quality education, gender equality, as well as clean water and sanitation (Ikram et al, 2021). I also gained knowledge about various sustainable goals such as affordable and clean energy, decent work and economic growth, reduce inequalities, industry innovation and infrastructure. Additionally, the other sustainable goals are responsible consumption and production, sustainable cities and communities, climate action, partnership for goals, etc. I learned that the implementation of all the goals is beneficial for the country because it helps in protecting the planet, ending poverty and enhancing the standard of living of people, which ultimately positively impacts the business operations. In week 5, my professor provided the complete information about the sustainability strategy, implementation and governance.

Sustainability Standards and Certifications

Apart from this, to become a sustainable business, the companies are emphasising the implementation the sustainability strategies. From the module, I learned that the companies within the retail industry implement various sustainable strategies such as going paperless, recycling, limiting overproduction, and reducing waste, as well as ethical procurement and transparency. Before attending the module, I was not aware of the significance of the implementation of sustainable strategies within the business. After attending the module, I learned that the adoption of sustainable strategies is beneficial for the retail sector because it helps in reducing costs, increasing profits, enhancing public image, greater employee satisfaction and improving social responsibility, which ultimately positively impacts the overall business operations. Execution of sustainable strategies is beneficial for companies because it helps in redressing all the contemporary challenges that are faced by them (Elamin and de Cordoba, 2020).

I learned that, to become a sustainable business, organisations must embrace a comprehensive supply chain oversight and prioritise efficient waste management. Attending the module was advantageous for me because I gained knowledge about governance. I learned that governance is a system by which a company controls and operates its business. My professor said that governance makes a significant contribution to sustainability. I know that, if the organisation has good governance, then it helps in reducing costs, increasing trust, improving sustainability, mitigating risks and enhancing sustainability. Having good governance is beneficial for the business because it helps in improving data quality, improving decision-making, regulatory compliance, and increasing operational efficiency, better risk management and greater return on investment, which ultimately positively impacts the overall effectiveness of the business (Osmundsen et al, 2020).

Furthermore, my professor was also providing information regarding the sustainability standards and certifications. During the module, my professor explained that sustainability standards and certifications are voluntary guidelines that are implemented by the traders, producers, service providers and retailers to represent their commitment to good social, environmental and ethical practices. From the module, I know that companies within the retail industry implement various sustainability standards such as the EU sustainability reporting standards, the International Integrated Reporting Council, the Global Reporting Initiative, etc. I learned that, implementation of sustainability standards is beneficial for organisations because it helps in encouraging decision making, increasing financial profits and improving reputation. Before attending the module, I didn't know the various types of sustainability standards which are crucial for the business to implement. From the module, I learned that, execution of sustainability standards is beneficial for the business because it helps in improving the risk management strategies, modernising the process of decision making and optimisation of costs and savings as well as boosting the corporate reputation and trustworthiness.

Understanding Sustainability Certifications (Week 6)

Apart from this, in week 6, my professor is also giving a lecture on the sustainability certifications. Attending this lecture was beneficial for me because I learned about various types of sustainability certifications, such as Positive Luxury, Reinforce Alliance Certificate, Certified B Corporations, Green Business Bureau, etc. After attending the module, I learned about the significance of implementing sustainability certifications for the business. Having the sustainability certifications is beneficial for the business because it validates that the business operations and practices are eco-friendly or not. The sustainability certification is important for organisations because it helps them to meet sustainability standards, conserve natural resources, reduce the impact on the environment and promote social responsibility (Di Vaio et al, 2020). I also gained knowledge that if companies have sustainability certifications, then the customers are capable of determining which products align with their values. In the last. I also learned about the diverse type of CSR drivers and their massive impact on the nature and scope of business economic, ecological and social responsibilities. My professor taught that political reform, investment incentives, governance gaps, crisis response, supply chain, stakeholder activism, etc., are regarded as significant drivers of CSR and it have an immersive influence on the social, economic and ecological responsibilities within the company.

References

Books and Journals

• De Giacomo, M.R. and Bleischwitz, R., 2020. Business models for environmental sustainability: Contemporary shortcomings and some perspectives. Business Strategy and the Environment, 29(8), pp.3352-3369.
• Di Vaio, A., Boccia, F., Landriani, L. and Palladino, R., 2020. Artificial intelligence in the agri-food system: Rethinking sustainable business models in the COVID-19 scenario. Sustainability, 12(12), p.4851.
• Díaz, S., Zafra-Calvo, N., Purvis, A., Verburg, P.H., Obura, D., Leadley, P., Chaplin-Kramer, R., De Meester, L., Dulloo, E., Martín-López, B. and Shaw, M.R., 2020. Set ambitious goals for biodiversity and sustainability. Science, 370(6515), pp.411-413.
• Elamin, N. and de Cordoba, S.F., 2020. The trade impact of voluntary sustainability standards: A review of empirical evidence. UN.
• Ikram, M., Zhang, Q., Sroufe, R. and Ferasso, M., 2021. Contribution of certification bodies and sustainability standards to sustainable development goals: an integrated grey systems approach. Sustainable Production and Consumption, 28, pp.326-345.
• Khan, I.S., Ahmad, M.O. and Majava, J., 2021. Industry 4.0 and sustainable development: A systematic mapping of triple bottom line, Circular Economy and Sustainable Business Models perspectives. Journal of Cleaner Production, 297, p.126655.
• Marczewska, M. and Kostrzewski, M., 2020. Sustainable business models: A bibliometric performance analysis. Energies, 13(22), p.6062.
• Osmundsen, T.C., Amundsen, V.S., Alexander, K.A., Asche, F., Bailey, J., Finstad, B., Olsen, M.S., Hernández, K. and Salgado, H., 2020. The operationalisation of sustainability: Sustainable aquaculture production as defined by certification schemes. Global Environmental Change, 60, p.102025.
• Parmentola, A., Petrillo, A., Tutore, I. and De Felice, F., 2022. Is blockchain able to enhance environmental sustainability? A systematic review and research agenda from the perspective of Sustainable Development Goals (SDGs). Business Strategy and the Environment, 31(1), pp.194-217.

Online

• Main, P., 2023. Gibbs Reflective Cycle. Online. Available through: < https://www.structural-learning.com/post/gibbs-reflective-cycle >.