Responsible businesses can help address some of the pressing major social concerns and at the same time can help add more values. Shoes&Accessories’ take on the significance of corporate social responsibilities and sustainable approach.
In an era of easily accessible technologies and rapid dissemination of information, businesses around the world are changing their attitude towards the places where they operate. Traditionally, a business undertakes social initiatives to offset the damage done during its operation. But the idea of social responsibility goes beyond such conventional practice, today it entails even disclosing the origin of the products it caters, and, most importantly, ensuring that a sustainable approach is integrated into the business. Despite the short-term cost factor, contrary to what most assume, any business with sustainability in its core is sure to reap the large scale windfall for its long-term investment.
Businesses, apparently, have to keep looking for means to reinvent their band values. Sportswear giant Adidas collaborated with Parley for the Oceans to make shoes from 5 percent recycled polyester and 95 percent waste plastic dredged from the ocean around the Maldives. This is seen as a responsible business at a time when the awareness about marine pollution is already a pressing concern. In a similar move, H&M and Inditex signed an accord with labor groups and worker rights advocates that mandates they pay for improvements in fire and building safety.
Such responsible approach can help address some of the pressing major social concerns and at the same time can help add more values. Modern consumers, with more choices, are better and easily connected to any event anywhere, and the rising trend is that they are likely to ask for more product information, and, even if not provided, it’s likely that they can sooner, not later, obtain it. Volkswagen’s cover up in the US is example how information can longer be locked away in ivory tower.
Back home, the degree of commitment businesses have displayed in social undertaking is commendable. A rise in the number of more social initiatives can be expected as Section 135 of Company Act 2013 mandates companies in certain categories to set aside fund for social initiatives.