Sustainability is the ability to provide for the need of current generation using available resources without causing problems for future generations with providing their own needs. The concept does not only apply to the environment, but also to other aspects.
Changing customer purchasing behaviour in favour to those suppliers who do their part to engage in sustainable efforts bring number of sustainability research and methodologies.
"Three pillars of sustainability" concept is broken down into environmental sustainability, social sustainability and economic sustainability. It suggests that for business to be truly sustainable it needs to take a holistic approach to their practice and balance of the three pillars.
Let's take a look at the sections individually.
Environmental
This pillar refers to minimising our impact on the environment. Researches suggest that in order to be environmentally sustainable we need to take a closer look at renewable resources, pollution and non-renewable resources. Within this approach businesses aiming to reduce waste usage, carbon footprint and overall effect on the environment. Whenever big or small company, everyone can make a positive impact on the environment: going paperless, office compost bins, re-use packaging, recycling and partnerships with circular economy waste providers, solar panels installations, using more sustainable materials in the design process.
Social
This pillar focus on people. Businesses need to focus on community, customers, stakeholders and employees. Engaging in learning and development strategies, skills training, flexible working arrangements, and employee benefits will be the actions of sustainable organisations. Supporting local businesses and mentoring will give back to communities. Business also look at the ethical sourcing and procurement within their supply chains to raise awareness among the suppliers and diminish risks of lost reputation. Sustainable businesses give priority to welfare of their employees which effectively leads to more productive environments.
Economic
This pillar focus on profits. It ensures that business remain profitable through its operations. It is important to point out however, that profitability in the business cannot come at all cost. The profitability will be achieved through compliance and risk assessments. This can be done with accurate accounting, avoiding illegal practices, suitable equipment maintenance programmes and risk assessments of business practices that will lead to proactive risk mitigation and cost savings as a result. Sustainable businesses make money and grow the business without negatively impacting the other two pillars.
Under this concept, businesses look at the approach that is equally balanced with long term profitability, maximum environmental care and increased social responsibility. If any of these three pillars is weak than the whole organisational program will be unsustainable asa whole. Most organisations only focus on one level at the time.
Bibliography:
Future Fitauts - Transforming your commercial space, 2020, The Three Pillars of Sustainability explained
CFI, 2015, Sustainability
Planning Tank, 2020, Pillars of sustainability
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