Development Of A Sustainability Policy For Deloitte Assignment Sample

Introduction: Development Of A Sustainability Policy For Deloitte

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Deloitte is committed to implementing proactive actions to address social, economic, and environmental issues. The key characteristics of corporate reporting used by businesses include intangibility, suppression of negative effects, low standardized procedures, a variety of criteria, and lack of comparability. The creation of a framework for quantitative analysis that classification and measuring of corporate donations, both advantageous and detrimental it was recommended that the SDGs be achieved.

Discussion

As per Berrone, Aligning Deloitte with its social and environmental duties requires the development of a sustainability policy. The policy need to highlight Deloitte's dedication to lessening its ecological impact, encouraging inclusiveness and diversity, and making a good impact on communities. It should place a high priority on integrating sustainable practices, such as responsible sourcing, waste reduction, and energy efficiency, into all aspects of the business. To find common practices for implementing SDGs across recommendations, author examined the aforementioned articles (Berrone et al 2023). The authors used induction to find frequent trends and topics, and via an iterative analytical process, they reached agreement on the fundamental steps. An overall structure that includes the work produced establishing priorities, placing into perspective information, inventing, and collaborating.

Identify the impacts

One of the top professional services companies in the world, Deloitte, understands the value of sustainability in its business practices. For the organization to match its operations with global ecological and social goals, establishing a sustainability strategy is essential. This essay examines the effects of Deloitte creating a sustainability strategy and outlines the advantages it may have on the business, its stakeholders, and society at large.

Market positioning and competitive advantage:

Deloitte is able to acquire a competitive edge in the market by creating a sustainability policy. Companies with strong sustainability strategies are more likely to be chosen collaborators as stakeholders, including clients, workers, investors, and regulators, place more importance on sustainability. Deloitte can set itself apart from rivals by showcasing a dedication to social and environmental consciousness, luring customers who share its values and hiring people who share them. The improvement of Deloitte's reputation is one of the major effects of creating a sustainability policy. Consumers and clients are more aware of the social and environmental effects of the businesses they interact with in today's business climate. According to the articles of Diaz?Sarachaga on SDGs that have been studied, setting priorities successfully requires choosing the issues that are most crucial to address first as a crucial management activity and a subject of strategic relevance.

Figure 1: Sustainability Development of Deltoitte

(Source: www2.deloitte.com)

Deloitte can use both the connections of the categorized publications and data extracted by narrowing the scope of their aims. The numerical citation criteria fluctuate from month to season to aid in balancing the indicator of long-term research relevance. Concentrate their efforts they should especially be aware that having excessive goals can be just as harmful as having none at all, especially if no ranking of importance has been assigned (Diaz?Sarachaga, 2022). Given that the majority of SDG-related challenges are multi-sectoral, multi-scale, and multi-actor in nature, prioritized is very important.

Risk Administration and Compliance:

A thoughtful sustainability policy aids Deloitte in reducing the risks of operational inefficiencies, reputational harm, and regulatory non-compliance. More than three characteristics that explain the necessity for SDG activity prioritizing have been recognized by management researchers. The first is complicated by SDGs. Organizations must make choices and prioritize their goals since there are numerous actors, operations, and places associated.

Improving Credibility and Brand Image:

Deloitte may improve its reputation as well as its brand image by creating a sustainability policy. The conclusion draw is that, contrary to popular belief, the affiliations and relevance aspects are more tightly associated. Additionally, the management literature provides a useful framework for a set of standards that might help administrators evaluate how well the SDGs are being supported in their existing environments.

Figure 2: Components of business strategy

(Source: www.thaiembdc.org)

Efficiency in Operations and Cost Savings:

Deloitte can achieve operational efficiency and cost savings by putting the sustainability measures mentioned in the policy into practice. The organization may reduce its resource consumption and waste production by implementing environmentally friendly practices, such as the use of energy-efficient technology, waste reduction, and ethical supply chain management. Through lower utility costs, better resource allocation, and quicker procedures, these solutions not only support sustainability goals but also produce real financial gains. For Deloitte, a sustainability policy may result in cost savings. The business can find chances to save expenses for electricity, water, waste disposal, and raw materials by concentrating on sustainability. Reduced trash disposal expenses, for instance, can result from the implementation of recycling programs and waste reduction measures.

As per García?Sánchez, Contextualizing SDGs entails recasting them from universal invitations to action to attainable targets that fall under corporate jurisdiction. Early contextualization may cause organizations to view these aims as far-off problems, as it does with any strategic issue. Because of this, important decision-makers occasionally struggle to understand how to practically implement new strategic objectives into daily operations (García?Sánchez et al 2022). As a result, symbolic efforts rather than actual company activities are impacted. Second, while no one company can accomplish all 17 objectives regardless of some might be unable to do so. Even for inventive, committed companies, solving global issues is a huge task.

Innovation and Adaptation:

Deloitte is encouraged by a sustainability strategy to promote innovation and make adjustments to changing market trends. It establishes a framework for finding and implementing novel techniques, procedures, and commercial models that adhere to sustainable ideals. Deloitte can examine chances to create and provide sustainable solutions by embracing innovation, perhaps creating new income streams. The strategy also makes it possible for the business to prepare for and adapt to shifting stakeholder expectations, legal obligations, and social demands, assuring its long-term sustainability in a world that is fast changing.

Theories and models

Strategic Alignment Theory:

According to Habib, the alignment of strategies idea, firms should integrate their sustainability efforts into their overarching corporate strategy to ensure long-term success. This entails Deloitte incorporating sustainability goals into its primary business processes and services (Habib 2023). Deloitte can identify important areas where it might have the biggest influence and make a contribution to sustainable development by coordinating its environment policy with the SDGs. According to this idea, it's crucial to establish precise goals and objectives, allot suitable resources, and make sure that sustainability is ingrained in company culture.

Stakeholder Theory:

According to the stakeholder theory, companies should take into account the expectations and interests of every pertinent stakeholder when making decisions. Deloitte must interact with its stakeholders while creating a sustainability policy for the SDGs in order to comprehend their viewpoints and take their suggestions into consideration. Customers, staff members, buyers, thereby organizations, and regulatory authorities are all included in this. Deloitte can increase openness, foster trust, and make confident that its sustainability initiatives take into account the worries and goals of its stakeholders by incorporating participants in the policy creation process.

Figure 3: Various Applicable Theories

(Source: Self-made in MS word)

Institutional theory:

Third-party norms, beliefs, and rules have an impact on organizational behavior, according to the institutional theory. Deloitte is in a position to take advantage of institutional forces to create a strong sustainability policy since the SDGs are a worldwide framework that is supported by governments, corporations, and civil society. Deloitte's dedication to international standards and readiness to participate in the global sustainability agenda are demonstrated by its adherence to the SDGs. Deloitte can improve its image, draw talent, and achieve a competitive edge in the market by aligning its policies with accepted norms.

Performance measurement theory:

As per the author Putri, the philosophy of performance measurement emphasizes the significance of setting goals, monitoring development, and assessing results. Deloitte must develop pertinent measures and indicators to evaluate its performance in order to successfully adopt an environmental strategy on the SDGs (Putri et al 2023). Deloitte can show accountability and promote continual improvement by monitoring and reporting on important sustainability parameters including carbon dioxide emissions, energy use, and social impact. In order to evaluate the success of sustainability projects and guide decision-making, this theory emphasizes the necessity for adequate data collecting, analysis, and reporting methods.

Models

Sustainability has emerged as a key component of corporate operations in the ever changing world of today. Many organizations are implementing sustainability policies in order to solve global issues and make a contribution to a sustainable future. This essay seeks to lay out a thorough sustainability strategy for Deloitte, a major international professional services company, based on the Sustainable Development Goals (SDGs).

The Global Sustainable Development Goals:

An Overview The SDGs are a set of 17 interconnected objectives set by the UN in 2015 with the intention of solving major global issues such as economic inequality, rising temperatures, and environmental degradation. The SDGs are important and have the potential to have beneficial societal, ecological, and economic effects, which Deloitte is aware of.

Commitment to Sustainable Development:

Deloitte pledges to integrate its operations with the SDGs and incorporate ecology into its business approach as part of its commitment to sustainable development. Promoting ethical corporate conduct, improving the state of the environment and society, and supporting the global ecological agenda are all part of this commitment.

Governance and Accountability:

To oversee the application, observing, and dissemination of the sustainability policy, Deloitte will form a specific Sustainability Committee. The committee will make sure sustainability factors are taken into account during decision-making processes and encourage responsibility throughout the whole business.

Figure 4: Different Models of Development of a Sustainability Policy

(Source: Self-made in MS word)

Monitoring and assessment:

As per Tsalis, when it comes to meeting the Sustainable Development Goals (SDGs) of the United Nations, monitoring and evaluation are crucial components of any sustainability program. In the case of Deloitte, a preeminent professional services company, intersectionality consideration and the incorporation of systems for tracking and assessing progress are essential for the effective creation and application of a sustainability strategy that is in line with the SDGs (Tsalis et al 2023). Making sure Deloitte's sustainability policy successfully supports the SDGs depends on monitoring and assessment. Deloitte is able to monitor its progress toward reaching sustainability goals that are in accordance with the SDGs by setting up clear indicators, targets, and baselines. Deloitte is able to pinpoint areas that need improvement or realignment because to monitoring, which continuously sheds light on the policy's efficacy.

Intersectionality:

By incorporating inclusion, equity, and diversity principles into its sustainability strategy, Deloitte may take an intersectional approach. When recognizing and addressing issues regarding sustainability, this entails taking into account variables including gender, racial or ethnic background, age, socioeconomic situation, and handicap. Deloitte can support SDG 10 (Reduced Inequalities) and SDG 5 (Gender Equality) while supporting the larger sustainability goal by encouraging equitable opportunity, fair treatment, and open decision-making processes.

Recommendation

• As a preeminent international professional services company, Deloitte has a tremendous opportunity and duty to support sustainable development and the accomplishment of the Sustainable Development Goals (SDGs) of the United Nations (Pizzi et al 2022). Deloitte can improve its credibility as a socially conscious business and have a beneficial influence on its activities and client engagements by creating a thorough policy on sustainability that is in line with the SDGs. For Deloitte, the following suggestions are for the creation of a sustainability strategy based on SDGs:
• Goal Alignment: Deloitte must assess its operations carefully and decide which SDGs are most pertinent to its operations, key capabilities, and sector. Deloitte may successfully focus its efforts and maximize its influence by deciding on a set of defined goals.
• Integration into company plan: Deloitte's entire company plan should incorporate a sustainability policy. It should include information on how the company intends to include sustainability factors into its client interactions, interactions with customers, and service offerings. The organization's sustainability practices will be more deeply ingrained thanks to this integration.
• Engagement of Stakeholders: Deloitte should interact with both internal and outside stakeholders, including staff, customers, suppliers, and populations, to solicit feedback and make sure the policy accurately represents their viewpoints. Including interested parties will promote collaboration and boost.

Conclusion

• The creation of an environmental strategy on the SDGs by Deloitte illustrates their dedication to solving global issues and advancing sustainable practices. Deloitte wants to have a positive effect, encourage innovation, and make a difference to a future that is more sustainable and fair by aligning their business practices with the SDGs.

References

Journal

• Adams, C.A., 2020. Sustainable development goals disclosure (SDGD) recommendations: feedback on.
• Berrone, P., Rousseau, H.E., Ricart, J.E., Brito, E. and Giuliodori, A., 2023. How can research contribute to the implementation of sustainable development goals? An interpretive review of SDG literature in management. International Journal of Management Reviews, 25(2), pp.318-339.
• Deloitte, C.B., 2023. Good practices for sustainable cruise tourism.
• Diaz?Sarachaga, J.M., 2021. Shortcomings in reporting contributions towards the sustainable development goals. Corporate Social Responsibility and Environmental Management, 28(4), pp.1299-1312.
• García?Sánchez, I.M., Aibar?Guzmán, C., Núñez?Torrado, M. and Aibar?Guzmán, B., 2022. Are institutional investors “in love” with the sustainable development goals? Understanding the idyll in the case of governments and pension funds. Sustainable Development, 30(5), pp.1099-1116.
• Habib, F., 2023. Islamic Finance and Sustainability: The Need to Reframe Notions of Shariah Compliance, Purpose, and Value. Palgrave CIBFR Studies in Islamic Finance, pp.15-40.
• Hejnowicz, A. and Chaplowe, S., 2021. Catching the Wave: Harnessing Data Science to Support Evaluation’s Capacity for Making a Transformational Contribution to Sustainable Development. The La Canadian Revue Journal canadienne of Program d’évaluation Evaluation de programme, 162.
• Mhlanga, D., 2021. Artificial intelligence in the industry 4.0, and its impact on poverty, innovation, infrastructure development, and the sustainable development goals: Lessons from emerging economies?. Sustainability, 13(11), p.5788.
• Mulakala, A., 2021. “The Asian Century”: The Transformational Potential of Asian-Led Development Cooperation. The Palgrave Handbook of Development Cooperation for Achieving the 2030 Agenda: Contested Collaboration, pp.519-541.
• Pizzi, S., Caputo, F., Venturelli, A. and Adamo, S., 2020. Achieving sustainable development goals through non-financial regulation. First insights from the transposition of Directive 95/2014/EU in Italy. Corporate Social Responsibility. Theoretical Analysis and Practical Implications; FrancoAngeli: Milano, Italy, pp.11-13.
• Putri, R., Werastuti, D.N.S., Astuty, E.D., Khairunnisa, A.F., Wahyono, E. and Apriani, N.L., 2023. Integrated Reporting: Corporate Strategy Towards Achieving Sustainable Development SDGs. Apollo: Journal of Tourism and Business, 1(2), pp.64-71.
• Tsalis, T.A., Malamateniou, K.E., Koulouriotis, D. and Nikolaou, I.E., 2020. New challenges for corporate sustainability reporting: United Nations' 2030 Agenda for sustainable development and the sustainable development goals. Corporate Social Responsibility and Environmental Management, 27(4), pp.1617-1629.