Challenges for today\\\'s corporate managers

Sustainability has become a buzzword these days. If we look into it carefully, it will be clear that sustainability of a business relates to a lot of aspects, for example, climate change, water pollution, land use, biodiversity etc. So, when we talk about sustainability, the issue of sustainable environment for the next generation also arises. Whether our future generation will be able to fulfil their basic needs or not is a matter of grave concern.
At present we are using our resources and living life in a way that there is no tomorrow. We are not leaving anything behind for our next generation. The way we are polluting environment, it appears that we are leaving our future generation with scarce resources. We are destroying the ecosystems. And we have already started experiencing the adverse impacts of it. This year Bangladesh has experienced excessive heat in summer and lack of rainfall during the monsoon. So, we have started undergoing effects of climate change. We are facing natural calamities like cyclone, drought, flooding, the rising seawater level etc. To overcome these problems we need to be more careful about our environment and society. We should make prudent use of our resources for the sake of survival of us and our future generation.
In the world we live in at present we cannot think of any society where there is no business or corporate world. Any society without industry and business cannot be imagined. These are the integral parts of society. On the other hand, the very existence of our society also depends on sustainability. So, when it comes to the success of a business or its adaptability to society and nature, it has to be environment-friendly and sustainable. It needs to be sustainable from three perspectives-from the economic point of view it needs to make adequate profit by satisfying the customers, it should be socially responsible, engage with communities in the areas of human rights, health issues, education etc., and it will also strive to be environment-friendly in the sense that it will emit less carbon, protect the ecosystems, biodiversity etc. and also will not pollute water.
For these reasons the managers of today's corporate world are facing tougher challenges. They handle pressure from different stakeholders i.e. shareholders, government, social awareness groups, environmentalists etc. Managers of the 21st century need to satisfy all these groups and their requirements before achieving their goals. They have to overcome the conventional thinking of profit making alone. They should keep in mind that they have obligations towards society and environment. Founding a sustainable business is the best solution to all these problems.
The writer is Assistant Professor of Dhaka University of Engineering and Technology in Gazipur.
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