Global challenges, sustainable development, and their implications for organizational performance

Abstract

Purpose – This paper aims to propose an effective response by business organizations to the impact of global challenges and sustainable development (SD). It also presents an overview model of organizational performance employing such an approach. Design/methodology/approach – This paper is a conceptual work based upon a review of theories, research findings and reports gathered from relevant literature. The review yielded the following research framework: many countries are facing global challenges; these global challenges are affecting business organizations as external factors; SD is a concept employed to address these challenges; SD can be applied in business organizations through corporate social responsibility (CSR), corporate governance (CG) and sustainability policy and practices; and embedding CSR, CG and sustainability concepts at a strategic level is an effective response to global challenges. Findings – Global challenges are impacting on business organizations and will continue to do so into the future. CSR, CG and sustainability concepts are increasingly being adopted by leading business organizations throughout the world. Embedding CSR, CG and sustainability concepts at a strategic level can sustain long-term organizational performance, as they help businesses face global challenges in a positive manner and maintain their position in societies on good terms with all stakeholders. Research limitations/implications – Different cultural or socio-economic environments may limit the interpretation and application of the findings or propositions in this research. Practical implications – How CSR, CG and sustainability concepts can be holistically implemented in business practices. Social implications – The role of business in lessening the effect of global challenges and supporting SD is illustrated in the proposed model. Originality/value – This paper demonstrates connections among the following critical influences on organizational performance: global challenges; SD; and CSR, CG and sustainability.

Sustainable leadership and sustainable performance of hospitality firms in South Africa

“…One of the ways to achieve sustainable development is for business organisations to accept the challenges of sustainability as an opportunity and transform their business models accordingly. Sustainability is a new business trend that has fundamentally changed the demands placed on business leaders and has created a new type of leadership termed sustainable leadership (Virakul, 2015;Igbal et al, 2020).…”

Biomimicry Interventions for Addressing Global Environmental Challenges

“…The challenges facing the world today are manifesting themselves in the economic, political and environmental dimensions. The study of [1] describes global challenges as issues, factors or circumstances which has a significant potential for threatening global stability. As highlighted by [2], issues such as terrorism, global warming, natural disasters, nuclear weapon proliferation, diseases outbreak, migration, population growth, political instabilities and continuous thinning of the ozone shield are few of the numerous challenges.…”

“…Other global issues include depleting clean air and water, climate change, energy supply, geopolitical conflicts, depleting natural resources, financial upheavals and food crisis [3]. The 2013 report by the World Economic Forum (WEF) also identified rising greenhouse gas (GHG) emissions, water supply crises, severe income disparity, chronic fiscal imbalances and mismanagement of an ageing population as the top five global risks to manifest over the next ten years [1]. As suggested by [4], how we can encourage a change in human behaviour, influence political will, and advance science and technology are questions to be posted in other to address these global challenges.…”

Implementation of cleaner production: A ten-year retrospective on benefits and difficulties found

“…The challenge posed by sustainability in its broader spectrum (dynamic balance between the economic, environmental and social dimensions) has been known as sustainable development and has currently became a notorious and observable fact on several fronts (Fore and Mbohwa, 2010). Despite constant gains of productivity and efficiency in industrial production over time, global consumption levels continue to increase rapidly and to exert increasing pressures on the planet's natural resource base, generating an unsustainable situation for society at present and in the future (Sangwan and Mittal, 2015;Virakul, 2015). In addition, in general terms the industrial production still makes poor use of renewable resources and is responsible for the generation of pollutants and wastes of difficult disposal, which negatively impacts the environment, the community and often the workers' health (Armenti et al, 2011;Ashton et al, 2016;Gutberlet, 2000;Virakul, 2015).…”