Shift in thinking needed to achieve sustainability in biz, say experts

Trivandrum / May 20, 2023

Thiruvananthapuram, May 20: Highlighting that a paradigm shift in thinking is needed in business, experts have urged entrepreneurs to adopt growth with impact principle instead of short-term growth and profitability in their efforts to achieve sustainable development at a management conclave here.     

Speaking at a session on ‘A New Era of Responsible Business’ at the two-day meet of Trivandrum Management Association (TMA), TRIMA 2023, the speakers also stressed the need for responsible management and providing training for employees as a commitment to protect the environment.  

The focal theme of the event that concluded here on Friday was ‘Trivandrum 5.0—Prosperity Beyond Profit.’

Mr C Balagopal, Chairman, The Federal Bank Pvt. Ltd., said organisations should strive to balance the needs of people, planet, and profit as key metrics of sustainable development. Businesses should consider the economic, social, and environmental impacts of their operations. Sustainable development is focused on meeting the needs of the present without compromising the ability of future generations to meet their own needs, he said.

Mr Balagopal said our approach to sustainability has been of reviewing actions through report than monitoring metrics real-time. “Every activity that makes business impact we try to understand it real-time, be it marketing or sales. The same has to be done for sustainability. We have to change the way we think and the way we work,” he noted.  

Citing studies, Ms Anisha Cherian, Founder Director, Chemmanur Academy and Systems Pvt. Ltd., said those companies that practise ESG (Environmental, Social and Governance) have long term financial gains.

Commenting on absence of women on company Boards, she said when there is a Board with a good mix of men and women, decisions and results are better. According to her, women bring in a totally different perspective to decision-making and research has shown that companies with female CEOs are more profitable than others.

Ms Anisha said value system of a company has to trickle down to the security guards also and it has to be aligned with action.

“The five pillars of responsible business are customer value, environmental programme, quality workforce, responsible management and strong community. We have to ensure that training for employees is happening. A business code of ethics has to be adopted and there should be a commit to protect their environment,” she added.

Ms Smita Sharma, Global Programme Manager, CSR and Sustainability, UST, said responsible business is the consciousness we have when we are representing the business. 

Mr Xavier Lawrence, Founder, Odaku Online Services Pvt. Ltd., said responsibility also means building products based on solving the problems of customers.

Mr Raj Kalady, CEO, Pallium India, was the moderator.

Over 400 delegates, including industry leaders, decision makers, professionals, members of the business fraternity and policy makers, attended the event.

TMA is a premier management association in the country affiliated to New Delhi-based All India Management Association (AIMA).