03 Sustainability
Awareness of the environmental and social impact of
consumption continues to rise, leading consumers to look
for greater transparency, more sustainable operations,
and sustainably produced and fair-trade products from
businesses. The importance of using reusable and
recyclable material to reduce waste is also increasing. An
additional aspect of this megatrend is the rising demand
for firms to contribute monetarily to society and to support
good-cause initiatives.
The industry impact may be substantial as consumers and
employees become more educated about environmental and
social issues and require credible transparency. In addition,
corporate social responsibility initiatives will be evaluated
more critically. The industry as a whole will need to be more
aware of its “social footprint” on both a global and regional
level, as instances of misconduct could have a significant
impact on businesses.
With this increased focus on sustainability, how can the
industry efficiently provide (and transparently communicate
about) long-term care for people and the environment?