Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer...
AccountAbility Supports Research Initiative for Global Sustainability Commitments
AccountAbility has released the preliminary results of a path-breaking sustainability study conducted in association with the UN Global Compact (UNGC). The research initiative is aimed at providing a how-to guide to businesses to achieve optimal value from their sustainability commitments.
Today's businesses are under a growing pressure to commit to superior levels of performance through a large number of sustainability commitments. In many cases, the companies are required to navigate through a complex combination of performance standards, reporting requirements and outcome metrics. AccountAbility launched a research initiative to gain a better understanding of the challenges and opportunities that businesses experience within the sustainability commitment arena.
The research involves finding out how companies are approaching and executing sustainability commitments, and bring forward good practices for future adoption, execution and advancement of commitments that businesses choose to make. 51 percent of the respondents to the 2012 Global Compact Implementation Survey said that they participate in other voluntary initiatives apart from the Global Compact. More than 70 percent of these respondents have adopted multiple sustainability commitments.
"We were fortunate to have so many first-rate global companies participate in the research. The results demonstrate that companies are getting real value from their commitments. The SCGC is a tool that will guide companies through the selection and successful execution of their commitments to maximize value for the company and its stakeholders," said Ted Grant, AccountAbility's Director of Research and Development.
The central point of research in this initiative is the Sustainability Commitment Growth Curve (SCGC). This is a strong framework that will help businesses assess why and how to make a sustainability commitment. It will also help them identify and implement what must be done to achieve a higher return and impact from these commitments. Finally, the SCGC will help the companies use sustainability commitments as a tool of strategic corporate governance and management in order to achieve overall improved operational performance.
Grant said: "Given the investment that companies make in terms of time and money, they are beginning to take a closer look at which initiatives they should be committing to, how they can get the most value and impact out of the commitments they have made, and how they can leverage these commitments to enhance business performance."
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