The term 'Sustainability' has become a buzz word of this decade, and is only going to become more of a priority with increasing pressure from both legislation and the consumer market. Sustainability is a long-term preventative solution – about making the right decisions now to enhance our quality of life while growing a strong economy and a clean, safe and green environment for future generations to lead healthy lives.
The 3 key components of sustainability within business are Social, Economic and Environmental and all business decisions should encompass activities that promote positive outcomes in each of these areas.
Sustainable procurement involves supporting businesses that adopt socially and ethically responsible practices, and those which are paving the way for the future through developing environmentally responsible products and services.
A socially responsible business includes practices such as:
- Conducting business in an ethical manner with no racial, gender or cultural discrimination
- Compliance to legislation including employment obligations and promoting a work/life balance for employees
- Utilising ‘fair trade’ practices throughout their own products and services, including throughout their supply chain
- Providing a healthy and safe working environment