by: Webinar Wall Category: Virtual Events
With the disruptions of COVID-19, we have learned the health of our economy, people and the environment are closely linked. After the worst of the pandemic, one way how businesses and government can positively impact the world, society, and profits is by embracing sustainable business practices, like, saving energy, developing green products, retaining and motivating employees, and more. Business sustainability or cooperate sustainability is to promote responsible, ethical, and ongoing success by managing and coordinating environmental, social, and financial demands and concerns. The opposite can happen when companies fail to presume responsibility and will give rise to issues like environmental degradation, inequality, and social injustice.
One way of adapting and achieving sustainability is by reducing the company’s carbon footprint which translates to going virtual. Changing the landscape and residing into the virtual world will not only reduce our carbon footprint and business costs accompanied by improving our image but also, affect the way we work and open the options to work more efficiently and sustainably. Nowadays, many organizations are coming up with online platforms to deliver content and host meetings and explore a shift to live to stream. Virtual meetings can provide unique opportunities to connect participants without air travel or leaving their communities. A virtual platform can assist in the evolution of environmental consciousness as it will help combat issues like the excessive amount of energy and resources needed to run programs sufficiently. For example- there was a major strain on the environment, as well as our wallet to pay that electricity, traveling, organizing, and other miscellaneous expenses in hosting an event or a meeting. The popular virtual organizations such as the Webinar Wall is focused on going green and no wonder, they are proving to be the perfect alternative to traditional working space. Switching to a virtual office will benefit the organization, earth, and society. Focusing on the benefits of going virtual:
Other than helping alleviate global challenges like climate change, water scarcity, etc., sustainability can drive business into improving risk management and financial performance, building customer loyalty, fostering innovation, attracting and engaging employees, and more. Most of the investors today use Environmental, Social, and Governance (ESG) metrics to analyze company’s ethical impact and sustainability practices considering other factors too such as carbon footprint, water usage, community development efforts, and board diversity. The companies with high ESG ratings tend to have a lower cost of debt and equity according to researches. Sustainability initiatives can effectively help improve financial performance while fostering public support.
Better morale and motivation leads to reduced absenteeism and improved productivity. Researchers have found, morale is 55% better in companies who have high suitability practices than poor ones, and employee loyalty to be 38% better. There is a 16% increase in productivity of the firms that have adopted environmental standards over firms that did not adopt sustainability practices.
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