Strengthen CSR with ESG and Well-Being Strategies Discover how businesses can drive sustainable growth, ethical responsibility, and employee well-being.
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For the firms of all sizes social, environmental and governance challenges are becoming the growing concerns. Businesses EGS practices and policies are thoroughly analysed by employees, investors, customers, governments and various other involved parties. This makes efficient ESG strategies by analysing better management procedures that is significant for the long term success of the companies (Chiaramonte et al, 2022). EGS concentrates upon a range of problems related to social, environmental and government polices based on different locations and areas. An environmental, social and governance programs have a major impact on the planet and various stakeholders. This also assesses company’s risk and chance within these 3 areas.
Environmental factors include water usage, energy consumption, greenhouse emissions as well as overall carbon footprints. The social factors include the firms’ evaluation of supply chain networks, employees, community members, customers as well as other team of people. The company is responsible for providing living wages and fair pay, equity, diversity as well as inclusion initiatives. The company is also responsible for sourcing, community engagement, supply chain partner and social charitable donations. Governance factor includes the internal practices within business (Meira et al, 2023). These are the controls and policies that governs the way firm operates in the market. The company is accountable to include financial transparency, risk management, executive compensation, data privacy practices, ethical business practices as well as conflict of interest.
ESG is linked with business sustainability as well as corporate social responsibility that are beyond profits and loss. Business sustainability concentrates on the positioning of the firm for continuous achievement by accountable management practices and policies. CSR is a self-incorporating method to take action that have social advantages. This is a structured strategy that involves obtainable targets as well as procedures for handling, tracking as well as reporting. Firms with efficient ESG initiatives can enhance their market position as well as brand reputation as compared with competitors. ESG has becoming as a vital element of capital markets (Sciarelli et al, 2021). These programs assist companies to enhance their financial position by mitigating energy expenses, operating cost as well as various other expenditures. This leads in potential driving high sales in the global marketplace. Firms that strict to ESG practices can easily attract as well as retain client who are aware of ESG practices applied by companies (Naidoo, 2023). This is also convenient for firms with well-established ESG techniques to implement change in legal as well as regulatory needs. This also includes the effects of change in climate, depletion of natural resources as well as various other ecological issues.
ESG programs helps companies to enhance staff engagement, makes it convenient to hire and retain employees, mitigate risk associated with the business as well as enhance the brand reputation for the firm in community. The analysis of business accomplishment us undergone a major change. Holistic strategy is growing that place equal significance on social, environmental as well as governance elements (Alessandrini and Jondeau, 2021). This is major change in the way companies operate and evaluate in the international market. ESG is no longer peripheral challenges which are essential for the firm’s operations, identity as well as long term techniques. Sustainability within business links with ESG that take broad view. This is all about contributing long term growth without damaging economic, natural as well as social resources that will help future generation. Sustainable practices helps to reduce damage as well as contributes in wellbeing of planet.
Conventionally companies have a major focus on their capability to generate profits. Nevertheless, there is rising need for companies to adapt strategies that provide advantages to environment as well as society. This change is driven by a large stakeholder approach that focuses on the interest on employees, customers, communities, investors and various other interest parties (Habib, 2023). The idea of stakeholder capitalism is transforming that allow businesses to serve the interest of the stakeholders. This strategy identifies the long-term goals in managing environmental and social challenges faced by the organisation.
Aim
The aim of the study is to explore organisational well-being programs such as ESG strategy reporting that contribute to CSR initiatives and sustainable development across various sectors
Objectives
To study the concept and theoretical perspectives of organisational well-being, ESG strategy, CSR and sustainable development
To examine the role and impact of ESG Strategy Reporting on CSR Initiatives within different sectors.
To evaluate challenges and opportunities related to the promotion of sustainable development
To assess the effectiveness of organisational well-being programs and ESG strategies in Different Sectors
Q.1 What are the concepts and theoretical Perspectives of Organisational Well-being, ESG Strategy, CSR and Sustainable Development?
Q.2 What is the role and impact of ESG Strategy Reporting on CSR Initiatives in Different Sectors?
Q.3 What challenges and opportunities associated with the promotion of sustainable development?
Q.4 How effective is organisational well-being programs and ESG strategies within different sectors?
Companies that do not include ESG practices can face risk of environmental disaster, regulatory practices, social backlash as well as government scandals that can have major impact on financial performance of the firm. Investors are seeking out to put their finance in firms that appraise responsibility as well as anticipation in ESG practices. Sustainable practices is refer as more robust as well as future proof (Folqué et al, 2021). There is also a rising customer preference for goods and services from firms that are environmental and social accountable. Regulatory and government authorities all around the globe are growing that poses strict guidelines on social responsibility, environmental protection as well as corporate governance.
The firm by concentrating on ESG can enhance new opportunities, innovation as well as open in new markets. Sustainable practices is a foremost differentiator within a competitive market. Firms which are improved in sophisticated within their strategy to sustainable and ESG practices can better position them in long term accomplishment (Dorfleitner et al, 2020). Companies are now adapting to globally shifting requirements that are more feasible to endure as sustainable entities. The change in business paradigms is more inclusive identification of achievement that evaluates the reflective change in corporations operations and goals.
Customers are now aware of environmental and social impacts on goods they buy and the practices of the firm they sustain. This consciousness drives the requirement for great corporate responsibility (Stedman, 2023). Investors are re-evaluating the standards for investing. There is a requirement of sustainable development where ESG factors are significantly prejudiced in investment decisions. This alteration indicates the awareness that sustainable firms are enhanced in long term investment.
ESG approach assists companies in recognizing, analysing and prioritizing to take decisions on different risk associated with business operations. Environmental, social and governance risk management involves evaluating climate change issues in daily operations, company diversity and workplace cultures. ESG risk management sustains long term and sustainable development by analysing potential risk that take lots of time to adapt and evaluate cost reducing methods (Carlsson Hauff and Nilsson, 2023). The quality of the firm’s ESG associated risk management is significant to investors in analysing overall return as well as risk. ESG factor is growing within corporate governance by regulators around the globe and investors that have made commitment to improve their portfolio experience to sustainable venture.
Sustainable practices enhance more customers that allow companies to access resources, water consumption and lower energy. This also helps in reducing operational costs and thereby improves profitability. Sustainable practices principal to fascinate talent, social credibility as well as construct strong communal relations. Sustainable practices also assists in government support, overwhelmed improving regulatory stress, subsidisations as well as better investor relations such as lower capital expenses. Firms require to put ESG as well as sustainable strategies in handling the major issues of circularity as well as net zero (Whelan et al, 2021). The manufacturing as well as automobile industries face major issue in managing their supply chain. They require to invest in innovative and creative product growth to create new tools and technologies that facilitate ecological and sustainable solutions in the areas they operate. All the industries require better ESG and sustainability policies that make them more resilient to work during global crisis.
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Chapter 1: Introduction
This chapter will offer main data on research aims and objectives. This section covers the rationale and significance behind conduction the study. This will provide clear and relevance approach and research questions and various key aspect of the research.
Chapter 2: Literature review
This section includes scholarly articles and past studies to be accountable with research aims and objectives. This chapter concludes ideas and arguments from academic sources with no new contributions.
Chapter 3: Research methodology
Third chapter covers research designs type, approach and philosophies undertaken for addressing research issue. This includes methods used to gather and analyse data for deriving suitable outcome in research paper.
Chapter 4: Findings and analysis
This is the most important section which presents findings by evaluating and summarizing information gathered during the study. All the findings have also been supported with the brief thesis prepared in LR section.
Chapter 5: Conclusion and recommendation
Final section of the dissertation includes summary of findings and all the related chapters. It also presents strategies which need to be considered by the concerned sectors for performance enhancement.
Literature review refers to the evaluation of published data within particular areas of research. This evaluates published data in the specific areas and information in specific subject areas in the certain period of time. The literature review is a modest summary of the academic sources that combines synthesis. This also offers an overview of present information that allow researcher to recognize relevant methods, theories and gaps in scholarly research that researcher can later apply in findings. Literature review also facilitates critical evaluation to offer clear picture of the analysis of knowledge on the research. Literature review offers opportunity in relation to demonstrating familiarity with the objectives and academic context. Literature review also evaluates the existing analysis of research and demonstrates the knowledge of discussion about objectives. This literature presents critical evaluation regarding the theories pertaining to organizational well-being, CSR and sustainable development. It also defines how ESG strategy contributes in sustainable development.
In accordance with the views of Chan et al, (2020) organizational wellbeing is the company’s capability to encourage and maintain the psychological, physical and social responsibility at all level within its business operations. ESG framework is becoming very crucial in shaping the sustainable path for companies in all sectors. Companies ESG policies include plan for employees wellbeing that helps the company to maintain innovation as well as productivity. ESG assist is more probable to attract talent employees and retain them for long period of time. These policies also include flexible work arrangement for employees to promote the culture of inclusivity and fairness. The company by acclimatising employee wellbeing rights can contribute in engaging workers within broad environmental, social and governance strategies. On the other hand, Ielasi et al, (2020) said that the major limitation of ESG strategy is that firms are not needed to disclose all the data on the basis of their sustainable practices. This makes it challenging for investors and other stakeholders to analyse the ethical and sustainable impact of company.
Chevrollier et al, (2020) defined that ESG covers the set of areas that companies and various other stakeholders can use to evaluate the impact of external and internal factors. These factors involve ethical practices, carbon emissions, social accountability and diversity within the organizations. When considering social responsibility companies also focuses on its customer, community and environment where they operate its businesses. There is also strong relation among the wellbeing of workers, raising sustainable operations as well as promoting the culture of inclusivity. By implementing these practices and policies companies can support its ESG strategies. This also includes prioritizing the wellbeing of workers, as employees are significant part of the community that contributes in ESG principles. The companies are facilitating workers to engage in hybrid or remote working to have more flexibility around the working hours. This identifies the requirement of diverse workforce within the organization. Nevertheless, Baratta et al, (2023) argued that ESG strategies are impacted by various firms and investors that might have interpretation of better ESG strategies. This makes it challenging for the investors to contrast and analyse firms on the basis of their strategies. Incorporating ESG strategies can be very costly for the firms particularly for small and medium size businesses. This can lead to high operational expenses that can impact revenue of the organizations.
Tucker and Jones (2020) ascertained the fact that stakeholder theory handles business morals, ethics as well as values when handling stakeholders connected with the organization or project. This looks for optimize connections with stakeholders that helps in enhancing efficiency within the company. Stakeholder theory is used within many significant field including corporate social responsibilities, project management, strategic management as well as business ethics. Workers are the main stakeholders of the firm that expect to be compensated equally as well as with work safety and security. However, Liang (2022) said that if the employees are not treated well they are treated like a cogs that can harm their performance and damage brand reputation of the organization. This will also lead to high turnover among the employees that eventually harm the capacity of the firm to earn high revenues.
Mohanty et al, (2021) ascertained the fact that for instance, manufacturers, suppliers as well as other vendors are also considered as a major stakeholders within automotive sector. The firm should treat these stakeholders fairly within business deals. Customers are also majorly impacted by business operations within automotive sector. There is foremost responsibility of company to provide vehicle that provide safety to its customers. They should create a product that is more comfortable, reliable as well as efficient according to the point of view of its customers. Community refers to the individuals that are majorly impacted by the company’s operations. They are both positively and negatively impacted by the operations. As this facilitate them with economic benefits, as this allow workers to spend on transportation, house and basic needs. On the contradictory note, Niccolò et al, (2020) argued that there is a higher risk of pollution when the company does not focus on reducing carbon emissions within its operations that leads to increase in water scarcity and unethical use of natural resources.
According to the views of Paz et al, (2020) governments and local authorities make many rules and policies that guide companies. They are the significant stakeholder of the firm. They make change in policies that lead to modifications in trade tax, regulations, interest rates, inflation, license and many more. Companies should be flexible to react and respond with changing policies and rules. However, Rasool et al, (2021) argued that rising spending needs growth in borrowing. Rise in tax will dishearten the investment among the companies that take the risk of managing operations.
In accordance with the views of Ruggerio (2021), corporate social responsibilities (CSR) aim to emphasize the firm’s positive role within the community. The idea of CSR is closely linked with offering sustainability of social, economic as well as environmental values. The company should avoid non-financial factors while considering the business decisions. CSR tasks are obligatory for all the firms operating at national, local as well as global levels. Having a particular CSR strategies force the firm to be deliberate when it comes to observe with laws as well as regulations within the culture. The strategy is incorporated with vision, mission as well as value statements within its internal code of conduct and ethics. On the other hand, DE CARLO et al, (2020) defined that CSR initiative is resource intensive. This needs evaluating the budget as well as assign the team of peoples to implement the various strategies and tactics. Some companies does not have the appropriate resources to deal with CSR activities. This theory posits on profit, people as well as planet.
Prasad et al, (2020) defined that triple bottom line (TBL) emphasizes on making the firm accountable with environmental and social concerns. TBL focuses on gauging the business level commitment to corporate social responsibility and its effect of the environment and society over time period. This model results into retaining workers to enhance external investments, increase sales from ESG strategies as well as gaining long term efficiency. A firm must ensure that they earn revenue in fair and ethical manner. The company must ensure that they pay fair taxes to local and state government on timely basis. The company should also be accountable to invest in community through developments, partnership as well as corporate sponsorships. People refers to stakeholders that are involved within the business such as employees, customers and vendors. This means ensuring consumers with fair access of goods and analysing their feedbacks related to safety and equity. This is main responsibility of the companies in all sector to sustain its stakeholders. The company should also incorporate low cost alternatives and environmental options to save planet from its business operations. On the other hand, Ponting (2020) argued that a major challenge of triple bottom line is to measure certain environmental and social factors. This also include lack of contrast among various groups and increase the cost of operations in finding alternative procedures and products.
Pagán-Castaño et al, (2020) ascertained the fact that environmental criteria considers the way firm safeguard the planet such as policies handling climate change. Social criteria helps in handling connections with suppliers, employees, communities and customers where they operates. Governance deals with a firm’s leadership, audits, executive pays and stakeholder rights. ESG investment is used to screen investment on the basis of corporate policies to promote firms to acts accountably in the society. ESG criteria allows investors to invest within firms that links with their priorities and values like social and sustainable responsibilities. Firms that perform better in ESG framework are is better position for long term financial accomplishment as they are probable to handle risk efficiently in changing market conditions. Firms that emphasize on ESG practices are better equipped with handling risk including legal, reputational and other risk related with climate changes as well as other environmental factors. On the other hand, Qin and Men, (2023) argued that firms that focus in short term financial objectives over ESG frameworks that lead to create trade-offs and conflicts among sustainability gaols and financial performance. Presently, there is no widely accepted norms for analysing which firms are operating ESG practices that makes it challenging for the companies to compare various investment alternatives.
Jeronen (2020) ascertained the fact that in the path of ESG strategies success, efficient stakeholder engagement is very critical for the companies. The companies by engaging stakeholder can promote trust, enable collaborations and strengthen relations and allow collaboration to drive change. Stakeholder engagement includes wide range of groups and people such as employees, investors, local communities, customers, NGOs, regulators as well as suppliers. Each stakeholder brings attractive interest, perspective as well as expectation on the basis of responsible and sustainable practices. Transparency is the key of building trust among stakeholder. This includes open communication of ESG progress, commitments and issue that nurture creditability to sustainable practices. ESG success depends on involving stakeholders within decision making procedure that help companies to promote their insights and expertise. On the critical note, Ruggerio (2021) argued that greenwashing can harm the firm’s image as well as erode the trust of customers. When customers determines that the firm has made misrepresentative and false environmental claims they might be less probable to buy their products in future. Greenwashing carries with the supervisory, reputational as well as lawsuit risk for which the businesses essential to be prepared.
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Sachs et al (2022) ascertained the fact that stakeholder’s engagement is not one fit size strategy. Companies should modify its strategies to engage various groups of stakeholder effectively. This includes understanding their needs for participation formats, communication channels as well as involvement levels. Engaging local communities is a critical aspect of ESG accomplishment. Community engagement within decision making procedure as well as partnership for sustainable programs helps on building strong relationships. Addressing and handling community focuses including job creation, environmental impact as well as social development demonstrate the concern of inclusive as well as responsible business practices. Employees plays a vital role in driving the ESG strategies within the firm. Engaging workers through communication, training and involvement within sustainability programs promotes the culture of social responsibility. Empowering workers to offer their thoughts and views on sustainability improves ESG outcome and increase their morale. Nevertheless, Roorda (2020) said that the major regulatory challenge in sustainable investment is the absence of uniform norms for management and analysing ESG strategies. Many companies and assessment agencies use their own methods that significance in unpredictable outcome on firm’s sustainability performance. This lack of sustainable standard can lean in confusion among companies and make it difficult to contrast carious investment opportunities.
Sharpley (2020) mentioned in their study that companies are now becoming more aware of implementing ESG strategies within its decision making procedure that lead to improved risk assessment, enhance sustainable practices and improve long term performance. Implementing ESG strategies within risk management procedures facilitate companies to recognize risks efficiently. This allows firms to gain more appropriate understanding of their risk to handle developing threats. Understanding ESG frameworks allows companies to make strategic decisions that links with long term sustainability goals. For example, a utility firm that promotes renewable energy sources helps in reducing carbon footprints and changes in customer pReferences. ESG incorporation facilitates for comprehensive recognition of risk that enable proactive reduction strategies. The companies by committing to ESG strategies improves relations with stakeholder such as customers, investors as well as communities. On the contradictory note, Goralski and Tan, (2020) said that evaluating relevant and reliable ESG information can be very challenging that lead to lack in standardization. Incorporating ESG into companies risk management procedures needs major coordination, efforts as well as organizational change. These initiatives also need honest investments as well as trade off that can impact short term financial performance of the firm.
Ruggerio (2021) identified in their study that implementing social, environmental and governance (ESG) programs can indeed offer firms with a competitive edge in today’s business landscape. This refers to the set of criteria that stakeholders as well as investors use to analyse the firm’s performance in terms of its social responsibility, environmental impact as well as corporate governance practices. This helps companies in all sectors to reduce the use of water, energy as well as other resources. This helps companies to reduce waste, emissions as well as pollution that mitigate the costs and enhance profitability. This also helps companies to protect their image by ensuring product safety by ensuring customer preferences and also investing in community. On the other hand, Sachs et al, (2022) argued that companies that ignore ESG strategies can face the risk of environmental disaster, regulatory penalties as well as governance scandals that can have major impact on financial performance of the firm. Investors are also seeking for investing their money in firms that demonstrate foresights as well as responsibility in ESG areas. Sustainable investments are viewed as more future proof and resilient.
Goralski and Tan, (2020) identified in their study that food industry plays a significant role in taking action on challenges such as rising emissions, plastic pollution as well as biodiversity loss. Customers are adopting lifestyle by focusing on protecting the environment such as using reusable bags and metal straws. They are more focusing on choosing more sustainable food options and looking for the company es that emphasize on ethical practices as well as lower carbon emissions within its operations. Becoming sustainable food distributor is a complicated process. This needs companies to work collaboratively with various farmers, wholesalers and manufacturers to treat all equally and smart obtaining choices. On the other hands, Sharpley (2020) argued that companies within food sectors are growing focus on sustainability by including reusable product packaging and producing food with nutrition. Companies are now concentrating on environmental friendly food processing and waste minimization. They are also incorporating suitable strategies for the use of waste that is generated through the value chain. Companies should also concentrate in new packaging materials as well as new formulations that are recyclable and biodegradable.
Shulla et al, (2021) ascertained the fact that sustainability is becoming a vital challenge within automotive industry as a major concern on climate change. This sector is responsible for a major amount of carbon emissions that put stress on manufacturers to mitigate their carbon footprints. On the other hand, Khosla et al, (2021) defined that the implementation of sustainable practices as well as technologies can assist automotive sector to reduce the impact of environmental footprints. For instance, the use of EVs that is electric vehicle can assist the companies in reducing carbon emissions. The production of EVs using renewable source can mitigate the environmental aspects of automotive sector. Sustainable practices also assist companies to become more successful and help in reducing waste. Reusing and recycling materials can assist firms in reducing the amount of waste generated by the sector to improve profitability and reduce costs. By adopting sustainable practices as well as technologies, companies within automotive sector can help in handling climate change and more sustainable options within operations.
Roorda (2020) assessed vehicle manufacturing takes a major amount of energy and it is responsible for a major percentage of greenhouse gas emissions. However, Wang and Huang, (2021) argued that to encourage sustainability companies are now investing in processes and technologies that reduce energy consumption as well as associated emissions. Long term accomplishment within automotive sector is initially accomplished with constant innovation, better branding and international efficiency within the value chain as well as motivate staff. Trending strategies including lightweight construction, reduction in emissions, connectivity, automated driving and mobility service has changed the background for improvement. The increasing innovation efforts within the area of autonomous driving as well as electric mobility drive in offering potential to redesign the car’s interior with more sustainable materials.
Dantas et al, (2021) identified in their study that sustainable tourism is the growth to meet the requirements of present businesses, tourists as well as regions that include while promoting and protecting opportunities for future. The major challenge to sustainable tourism is the poor understanding of the idea. Failure to enhance the community and environment reduce the brand image. However, Jeronen (2020) argued that to consider the facility to be green hotel, the companies should focus on environmental, social and governance (ESG) strategies. Nowadays, guests and travellers are seeing for unique experience at hotels that implement green practices within its operations. Some hotel brand considered themselves as sustainable but they are not. This is referred as greenwashing which is major threat for businesses that focus on operating sustainability.
Pan, and Zhang (2020) ascertained the fact that hotels releases lots of waste in the environmental that rapidly damages environment system such as gloves, packaging materials, bottles and packaging containers. The main issue with plastic waste is that they choke the water, harm depositing and consequence in fatalities when ingested. They also destruction the aesthetic charm of beaches and other sites. On the other hand, Roblek, et al, (2020) defined that companies have various opportunities to limit their waste. To reduce waste from food, firms can source their food locally and on site. This reductions the food spoils as well as safeguard fresh goods. Companies can also implement food-donation strategies that benefit them to recycle. Adopting water efficient products including filters can also help the brand in reducing waste. To run hotels requires lots of energy and electricity. From gym to kitchen as well as guest room everything needs energy to satisfy guests. The high level of energy can rapidly increase carbon footprints. Use of energy also puts bills related expenses on hotel brands. However, Zhang et al, (2020) argued that companies can train its workforces by reducing energy use. These behaviours can assortment from turning off lights to change the systems on machines and other things. Energy preservation also include pleasant reminders to visitors in their usage of electricity or towels. Companies can also use solar panels for cooling or heating to energy operative LED lights.
Krauklis et al, (2021) described Sustainability has grown as a vital challenge across including technology industry. There is a rising use of energy in technology sector. Cloud computing, data centres and other information technology services consumes a major amount of energy as the demand continues to rise, the requirement of sustainable energy solution is priority of all companies. On the other hand, van Vuuren et al, (2022) said that to handle these issues, many firms are turning to renewable energy sources like solar, wind as well as hydroelectric power. Mitigating electronic waste is another vital aspect of sustainability within the technology sector. With the technological changes, electric device has lower life that significance in astonishing amount of e-waste. However, Ottersen and Engebretsen, (2020) defined that to face this challenge. Firms in technology sectors are taking actions to design products which are easy to reuse, repair as well as recycle.
Figure: Services Technology Industry Sustainability Challenges
Nundy et al, (2021) identified in their study that service technology firms are using technology to encourage sustainability. For instance, cloud based services have assisted firm to reduce their carbon footprints by reducing the requirement for physical servers. On the contradictory note, Stephens et al, (2020) defined that these firms are now incorporating innovative solutions that allows them to track and mitigate their waste generation, energy consumption as well as carbon footprint. Sustainability plays a dynamic role within its supply chain of the technology sector. Firms are taking arrangements to make sure that their suppliers are adhere to sustainable practices. This includes from accountable sourcing of raw materials to alleviate waste emissions in development of production. The technology sector can contribute to implementing energy efficiency and renewable energy sources by developing products that helps customers to reduce their consumption of energy. Companies are also reducing waste as well as promote circular economy practices like designing products for recycling, reuse as well as repair. They are also implementing climate actions by mitigating greenhouse has emissions as well as encouraging the use of technologies to handle climate changes. Brands are also forming connections with NGOs, governments as well as other stakeholders to inspire sustainable practices.
Moyer and Hedden, (2020) defined employee wellness initiatives are undertaken by a supervisor to enhance the workers metal and physical wellbeing to enhance workers to overcome particular health related issues. Companies are constructing healthy habits that authorise teams, personnel as well as companies to be most satisfied. Wellness initiatives should be incorporated into the wider staff communication tactics to ensure all workers to support as well as advantages that come with appealing with wellness initiatives within the firm. The company should also implement employees to progress their physical and mental health. This includes the benefits of strength, flexibility, concentration and balance that helps in reducing workplace stress as well as also reduce absenteeism. On the contradictory note, Fatimah et al, (2020) argued that wellness initiatives are very costly. Along with workers costs, businesses also offer incentives to motivate workers to accomplish wellness targets. Investment within fitness initiatives, gym memberships as well as preventive health screenings are among common expenses incurred within the operations.
Zakari et al, (2022) ascertained the fact that companies can also assist their workers to stay healthy by ensuring that the firm cupboards, fridges as well as snack station are stocked with healthy eating. Healthy diet enhance productivity level as well as improve performance at the workplace by offering meals and free snacks that helps workers to save money as well as reduce financial burden. On the other hand, Zengin et al, (2021) said that companies are becoming very aware of personal financial challenges affecting the productivity of employees at work. The firm should provide financial advice as well as counselling to its personnel that can have positive impact on their comfort as well as capability to essence more in workplace.
Ching et al, (2022) identified in their study that employee volunteer initiatives are the better ways of firms to promote and allow workers to provide back to community. These initiatives enhances productivity that assist rise morale, employee engagement as well as retention and hiring. Volunteerism within the company also bring individuals across the firm as well as encourage team work that results in advance work satisfaction as well as feeling of belonging. Organizational wellness issues assist workers and their closed ones to create healthy habits that mitigate long term health issues, nevertheless, it is also significant to involve issues based on mental wellness. Encouraging mental wellness mitigate the risk for stress, anxiety, depression as well as loneliness. Nevertheless, Carlsen and Bruggemann, (2022) argued that the major issue faced by companies in low staff engagement in wellness initiatives. In spite of investing efforts, time as well as resources some firms struggle to motivate workers to take part in these initiatives. This lack of engagement can result in low awareness as well as time constraints.
According to the views of Heggen et al, (2020) as customers are becoming aware of sustainable practices as well as corporate responsibilities, the incorporation of ESG strategies are very significant in maintaining and building brand image and reputation in the minds of its customers. Nowadays firms that emphasize on ESG strategies enhance their image and also reduce the risk of financial loss and retain customers. To efficiently incorporate ESG frameworks into company strategy, firms are taking holistic tactic and consider ESG strategy through the complete business, from product expansion to supply chain management. ESG evaluation can assist firms to recognize areas for enhancements as well as set targets for sustainable practices and corporate responsibility. Firms are also engaging their stakeholders in the procedure including employees, suppliers, customers to make sure that ESG frameworks are interlaced into the structure of the firm. However, Yurak et al, (2020) argued that greenwashing is a major blockade to integrate ESG strategies into investment decision. Through false claims as well as marketing, greenwashing misguide investors, customers as well as public. This hamper the determination, faith as well as action obligatory to bring worldwide modification and safe sustainable planet.
Chankseliani and McCowan, (2021) identified in their study that For instance, Patagonia has maintained its brand reputation by focusing on sustainability such as fair labour, environmental conservation and corporate transparency. The firm is committed to sustainability that helped them in improving their reputation as well as enhance customer loyalty. This also helped the firm to face economic challenges and maintain long term growth with enhanced revenue. Nevertheless, Tsalis et al, (2020) argued that the major issue faced by traceability and transparency within its supply chain. It is the major concern related to sustainability. A company should provide a detail of product lifecycle from raw materials. The major sustainability challenge in business is the necessity for better-quality, precise as well as inclusive data.
Soergel et al, (2021) ascertained the fact that for efficient incorporation of ESG strategies with business operation is very essential. ESG strategies should be incorporated with its mission, vision and values of the firm. This is an integral part of decision making procedure which is referred as an efficient initiative. Management and broad oversight is essential strategy is analysing ESG risks into risk management. These strategies are linked with the company’s long term value creation as well as sustainable development. The company by adopting ethical and responsible practices can improve firm’s image, attract social aware investors as well as gain customer trust. However, Østergaard et al, (2020) defined that proactive risk management by ESG strategies reduce the risk of uncertain events like pandemics, natural disaster and regulatory changes. Inventors are allocating capital to firms that provide positive environmental and social impact that align investment with particular goals.
Bali Swain and Yang-Wallentin, (2020) ascertained the fact that firms investing in ESG strategies can adapt as well as sustain an ever changing scenario. For instance, companies can incorporate ESG practices in their operations can recognize cost saving opportunities as well as support low energy consumption. This also helps companies to reduce waste and operational costs. Firms that adhere to ESG practices can retain and attract more clients by being transparency and efficiently communicating their gaols to its customers. To keep updated with ESG initiatives, firms track key metrics including raw materials, energy consumption, waste treatment, raw material use that can lead to reduce cost reduction as well as energy bills. Firms that stay complaint with ESG rules and regulations have less commitment to penalties, fines and other associated risks that can positively impact their operations. Nevertheless, Khosla et al, (2021) defined that the lack of unified ESG standards can result in emergence of various sustainable report frameworks, initiatives and surveys to connect stakeholders. This lack of ESG metrics can put major challenge for the firms that hinder their performance and decision making.
By summing up, it has been concluded that incorporating ESG strategies within the company helps to improve long term growth. This helps the company to implement sustainable practices as well as corporate governance within its business operations to get success in the global market. Firms that emphasize on ESG strategies can enhance their brand reputation, manage risk, attract large number of customers as well as boost financial success. Firms can concentrate on consistent sustainable reporting to reveal their ESG practices as well as performance of stakeholders. This offers transparency while promoting internal enhancements. Some companies have incorporated particular ESG strategies and standards that companies can adopt to handle sector specific challenges and risk efficiently. Companies can focus on ethical sourcing practices such as supplier adhere to labour standards as well as responsible environment.
Research methodology is a particular procedure and strategy that is used by the investigator to analyse, gather, select, process as well as analyse data on the study. This section allows to critically evaluate overall research’s validity and reliability. A research methodology is a structure for analysing the study as well as assist researcher to track by limiting the target of the study. This is a scientific paper that analyse various methodological alternatives like data collection and analysis methods. A better research methodology also assist in ensuring validity and reliability of the findings. This helps other investigators to replicate the research. This also offers a structure and guidelines for investigator to define research objectives, hypotheses and questions (Wang and Huang, 2021). This assist researcher to recognize the most suitable research design, data collection, sampling technique as well as analysis methods. A better research methodology assist researcher in planning research effectively to emphasize optimum usage of resources and time.
A research methodology offers research legitimacy and offer scientifically sound results. This also help a detailed strategy that assist investigator to track. This supports in make the method effective, smooth and manageable. There are generally 3 kind of research methodology including qualitative, quantitative and mixed methodology. Qualitative research concentrated on evaluating the behaviours, opinions and experience of individuals. This helps the researcher to gather and analyse the information. This focuses on visual elements and body language to offer a detailed analysis of investigator’s observations. Qualitative data is gathered using observation, interviews, survey and focus group.
Researcher use qualitative method when the objective and aim are exploratory in nature. This can be used to collect an in-depth insights into an issue or generate new concepts for research. The outcomes of qualitative methods are more descriptive that helps in analysing the outcomes with obtained information. On the other hand, quantitative research methodology concentrates on testing and measuring statistical information. This method is suitable for reaching extensive number of individuals in short period of time. This kind of investigation support in testing the causal linking among variables, evaluate estimates as well as oversimplifying the outcomes to widespread populations. This method is objective that require investigator to use software program when evaluating the information. This software helps in measuring the relationship among two or more variables using the set of hypotheses.
For the present research on significance of organizational wellbeing and ESG strategies in sustainable practices, qualitative research method has been chosen. Moreover, qualitative method helps in understanding complicated phenomena over time from various perspectives. This facilitates researcher to adapt the methods on the basis of research objectives and questions (Dantas, et al, 2021). This concentrates on meaning rather than facts as well as statistics. Thus, by evaluating theoretical facts and opinions solution of the research problem has been presented.
Research approach implies for the structured as well as systematic evaluation that the investigator use to carry out the research prominently. This is based upon the nature of the research problem that is being investigated. This decides the methods or techniques of data collection, analysis and its interpretation. The idea of research approach is followed by researcher in the whole procedure of carrying out the research. There are various factors including purposes, involvement of research as well as contributors of the research study. There are mainly 2 types of approaches which can be used for evaluating research problem such as deductive and inductive.
Inductive research is open as well as flexible to new data as it helps researcher in modifying hypotheses and theories on the basis of results. This technique is suitable when the research questions are unexpected in outcomes. Inductive approach uses more qualitative analysis such as visual and text analysis to find themes as well as patterns in the information. On the other hand, deductive research begins with the hypotheses and then tested by collecting the data as well as through referring existing theories as well. This is top down method that allows the researcher to examine the generalization or theory by using particular observation. This approach concentrates on using real time observation to test hypotheses. This allows researcher to prove the theory using data. Researcher use deductive approach to clear out research questions and to test specific theory. Deductive research is a structures as well as scientific as it uses the design and method that has already been gathered (Moyer, and Hedden, 2020). This technique begins with clear plan take make it easier for researcher to gather and analyse the data more constantly. This approach uses quantitative methods such as test, statistical analysis and to confirm the hypotheses. This technique is used to test theory to draw summaries.
For the present study inductive approach has been selected. Inductive research starts with observations of data using patterns to analyse generalizations. This is referred as a bottom-up approach within which the investigator has constructed specific clarifications to extra wide-ranging hypotheses. Within inductive approach the generalizations or theories has been made on the basis of observations. The main objective is to offer theories evaluating and creating sense to the evidence. This is often used to gain more from the area of interest or phenomenon when there is a low amount of past research on the objectives. Inductive approach allows researcher to create new ideas and theories from the data obtained.
A research philosophy is a structure that guide the way research should be gathered based on nature of knowledge as well as reality. This deals with particular way of developing data. This required to be concerned as researcher might have various assumption on the knowledge and nature of truth that assist to understand assumptions. The two major research philosophies are Interpretivism and positivism. Interpretivism philosophy is based on the assumption that reality is multiple, subjective as well as social assembled. Interpretivism method depends upon observation and questioning to analyse the deep understanding of the stud being investigated. This is used in qualitative method of research mythology. Data fro, qualitative research is analysed by words rather than statistically. This seeks to recognize the significant components of phenomenon from the viewpoints of researcher that are directly involved in the research.
On the other hand, positivism is a framework that depends on the reasons and quantity of the data that is taken out from measureable and neutral observation of actions and actions. In positivism the role of investigator is limited with interpretation and data gathering in an objective manner. Positivism philosophy relies upon quantifiable observations that leads in numerical analysis (Heggen et al, 2020). The role of positivism philosophy is to analyse the explanatory of connection among different variables within the research. This is a clear, brief and concise analysis that does not use subjective interpretation and human thoughts.
For the current research, contribution of organizational wellbeing and ESG strategies in sustainable growth as well as CSR initiatives across different industries, interpretivism philosophy has been chosen. Moreover, this helps researcher in recognizing the distinctiveness of human behaviours. This method provides data that is high in validity by concentrating upon personal motivations as well as meanings. Interpretivism allows research to produce complex research that can be analysed and evaluated in lots of details. This forms the situation where there is a lot of collection of data in the natural framework. Interpretivism philosophy considers social contexts as well as interpersonal dynamics. This also offers immeasurable amount of belief, emotions as well as personality. This method also facilitates researcher to inclusive philosophical work as an insider. This allow investigator to modify the objectives of the study to improve it with new idea.
Data collection is the procedure of collecting as well as analysing particular data from the range of research problems, probabilities and trends to analyse possible results. This is the procedure of gathering as well as evaluating data from various sources to find analysis. This is significant in all kind of analysis, research as well as decision making. Data collection is essential to make informed business decisions, research integrity as well as ensure quality assurance. There are mainly 2 types of data collection methods such as primary as well as secondary data for analysis purpose.
Primary data collection includes the gathering of original information from the direct interaction as well as other sources with the participants. This technique facilitate investigator to gain first-hand data particularly modifies to their research objectives or questions. There are various methods of primary data collection includes surveys that allow investigator to design structured survey or questionnaire to gather data from groups or individuals. This can gathered from face-to face interviews, telephone calls and online channels. Interviews include direct connection among the investigator and participants. They can be gathered over the phone, in person and through video conferencing. This includes semi structured, structured and unstructured interviews. Observation is method that is helpful in collecting data on human behaviours, phenomena and interactions with no direct interventions (Soergel et al, 2021). Focus group bring a small group of peoples that discuss about particular topic in a moderate frameworks. This technique assist in understanding perception, opinions and experiences share by the respondents.
On the other hand, secondary data collection includes data that is collected by others. Investigators analyse and evaluate this information to extract particular information on the objectives of the study. Secondary data can be gathered from a range of sources. Investigators refers to academic journals, books, newspaper, magazines, government reports and various other published resources that contain particular information. Various online data offer access to huge variety of secondary data including statistical data, research articles, economic information as well as social questionnaire. Secondary data is also gathered from research institutes, government agencies as well as companies that often maintains records for the research purpose. Secondary data is also collected from data shared by people on public channels such as social media and websites that can be gained for study.
For current study secondary data has been gathered from past research studies and their analysis has served as a major secondary data source. This helped the researcher to analyse and evaluate the information to gather deep insights and build upon existing information. Secondary information is easily accessible and hence it is very time consuming that primary data. The data will be gathered using books, journals, articles, magazines and various other sources using unpublished or published data. This also allows researcher to obtain information from various data sources both external and internal.
Data analysis is the procedure of systematically applying consistent methods to demonstrate and describe data. Data analysis is the procedure of demonstrating, gathering as well as analysing the data using a range of logical methods. This assist researcher to harness the power of information, allow them to take decisions, optimize procedures as well as gain competitive advantage. This is the most significant part of any study. Data analysis concludes gathered data. This includes the interpretation of the information gathered from the use of logical and analytical reasoning to analyse themes and patterns. Data analysis is of mainly two types such as thematic analysis and SPSS.
SPSS is a software that helps to analyse scientific information related to the research. SPSS provides a fast visual model environment that varies from the lowest to the most intricate model. The information gathered from the SPSS is used for data mining, survey, market research and many more practises (Chankseliani and McCowan, 2021). This is a statistical programs for quantitative method that includes tabulation, frequencies and statistics. This allows investigator to authenticate as well as create analytical model by using progressive statistical methods. Text analysis assist researcher to gain insight from inputs by open ended questionnaire.
On the other hand, thematic analysis is the technique of analysing and evaluating qualitative data. This helps the researcher to closely analyse the information to recognize common themes and patterns. This method is useful when analysing the data about individuals’ opinions, views, experience, knowledge and values from the set of variables form qualitative data. This is an active technique of reflexivity within which the investigator’s individual experience is at the centre of creating logic to the information. The investigator seeks the data to find common themes and patterns. This methods allows researcher to focus on conducting qualitative analysis using the technique with most appropriate questions.
For the present research on significance of organizational wellbeing and ESG strategies in maintain sustainable practices thematic analysis has been conducted. This method offers a flexible approach of data analysis and facilitate investigator with various methodological background to take part in this kind of analysis. Data analytics and analysis is completely connected procedures that include extracting evidence from data to take enhanced decisions. There is no precise interpretation of the information. The interpretation are inevitably subjective as well as reflect the position of the investigator. Superiority is accomplished through rigorous as well as systematic approach to improve the analysis. Thematic analysis provides flexibility in research designs that facilitate investigator to multiple hypotheses. This method is suitable to analyse and interpret large set of data. The interpretation of themes and patterns are supported by the data already gathered through secondary sources. This also facilitate in inductive growth of themes and codes from the set of data.
Limitation within the study is the impact of the elements on the research design. They are the weaknesses within the research which might influence the result of the research. limitations of research is because of methodological issues that can be handled by directly and clearly recognizing the potential issue and recommending manners that can addressed in future studies. Referencing as well as citing secondary research studies concludes he basis of the academic review for the study (Heggen et al, 2020). These secondary studies offer the theoretical frameworks for the research questions. Nevertheless, depending upon the aim of the research topic, secondary data that are relevant for the study might be limited. After completing the analysis of the the findings, research have realized that the way in which the data is gathered and the manner in which the variables and measures has limited the ability to carry out the thorough analysis of the outcomes.
The researcher has acknowledged the limitations by starting the requirements for future researches to modify their particular methods for gathering the data that involves these missing fundamentals. All research have deadlines, time constraints might affect the results negatively. The researcher has acknowledged the needs for further studies to solve this limitations. Researcher might have biased point of views because of the personal opinions as well as cultural backgrounds. The investigator with biased view can select only those outcomes and data that sustain the main objectives. To avoid this issue the researcher has pay focus on the problem statement as well as specific data gathering methods.
Reliability as well as validity are both the well-known methods to measures the results of the study. Reliability signifies as a consistency of the results that is formed within same conditions. Validity refers to the accuracy of the results that are supposed to measure. This is significant to consider validity and reliability while considering the research designs, methods of data collection as well as investigating the results mainly in quantitative research. Reliability in current research is proficient by same outcome accomplished using the similar techniques in the same conditions them the consequence in measured as reliable.
Validity in the present study is produced by the outcomes that correspond with real characteristics, belongings as well as variations within the social and physical scenarios. Reliability is analysed by contrasting various measures of same results. Validity is tough to access but it can be assessed by comparing the conclusions to other specific data as well as theory. Validity has been considered by the researcher in the beginning of the study, when decision the measures to gather the data. The researcher has ensured that the measurement methods are high in quality as well as targeted to evaluate the exact results. They are througjly based on the existing information of the research.
Ethical consideration are the set of ethics and principles that guide the research practice as well as design (Carlsen and Bruggemann, 2022). The objectives of research also includes to recognize real life situations, analysing effective results, improving lives and investigating behaviours in other manner. Informed consent is taken from all the writers of secondary research. This includes the situation where all the contestants of research have understand and receive the purpose of the research. The major aim of informed consent is that the participant is capable to take informed decisions with the choice to take part in research or not.
No harm is provided in the form of pain, stress, anxiety and invasion of privacy. This is imperative that the assessment procedure does not harm participants of the secondary data. Confidentiality has been maintained by the researcher while carrying out the research. This ensures that information is excluded from any published papers and reports. This is very significant to consider the reports that are worded to make sure that there is no chance for individuals to be recognized even through names are not mentioned in the data gathered. Anonymity is maintained in the form of privacy that analyse that participant remains unknot to the researcher aims. This is very stimulating to accomplish as participants within the outline of research are regularly known to the program controller. The researcher has accessed only relevant components that are specific to the initiatives that in being carries out in the research.
Conclusion
The researcher while collecting the data should determine the accuracy and quality of the data and success of the research. This section is a critical component of the research that allow investigator to use this to recognize the findings as well as replicate the work when chasing the results. The investigator should consider the research questions that is required at the end of the study to meet the objectives. This assist them to select the appropriate methods of the research. This has provided with description of the procedures that will covert researcher idea into the study. The results of the results of the research must offer reliable and valid outcomes with aim and objective of the study.
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