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1Sustainability Practices in Business

Sustainability Practices in Business

Sustainability Practices in Business

As a company, Umicore has stood out as the most sustainable company globally. Sustainability is a term that means recognizing that a company’s long term interests are both financially and intellectually consistent with resource efficiency, responsible leadership, safety practices and proactive health. Sustainability is seen when a firm balances its goal of increasing its overall stock of wealth that should be grounded in social, natural, financial, produced, and human capital.

One of the reasons why this classical corporation is voted as the best company in terms of sustainability practices is embedded in the way it drives corporate disclosure of core environmental and social metrics. This is very important because a company can never manage what it cannot measure. This is coupled with the fact that the company further manages governance, social, and environmental performance indicators. The area of employee turnover, leadership diversity, and manager-to-average-worker pay ratio. The company has also increased its resource availability by getting more products and services from less energy and material (a process known as dematerialization). The company has ensured that its intended sustainable business practices apply to business operations and exceed the traditional recycling of waste management.

The present energy technologies adopted by the company have been creating very serious environmental problems. The company has acknowledged that the sustainable business development movement is enshrined in the growing interest in its CSR. It is thus mandated with covering social, environmental, and financial performance. Broad spread adoption of the key approaches described in this paper will enable the company to attain utilization of non-renewable virgin resources, wastes reduction, and smooth transition to renewables.