Sustainability
IDEOlogy Health conducts business in a manner that creates sustainable, long-term shareholder, employee, consumer, and societal value by pursuing responsible environmental, social, and economic (or governance) strategies.
Environmental Sustainability
The environmental pillar often gets the most attention. Many companies are focused on reducing their carbon footprints, packaging waste, water usage, and other damage to the environment. Besides helping the planet, these practices can have a positive financial impact. For example, reducing the use of packaging materials can reduce spending and improve fuel efficiency.
Social Sustainability
The social pillar ties to the concept of social license. A sustainable business should have the support and approval of its employees, stakeholders, and the community it operates in. How such support is secured and maintained varies, but it comes down to treating employees fairly and being a good neighbor and community member, both locally and globally.
On the employee end, businesses can refocus on retention and engagement strategies. These can include more responsive benefits such as better maternity and family benefits, flexible scheduling, and education and development opportunities.
Economic Sustainability
The economic pillar of sustainability is where most businesses feel they are on firmer ground. To be sustainable, a business must be profitable. That said, profit cannot trump the other two pillars. In fact, profit at any cost is not what the economic pillar concerns. It’s about compliance, proper governance, and risk management. While most North American companies typically incorporate such activities, they are not the global standard.
Sometimes, this pillar is called the governance pillar (as in the ESG acronym). This refers to boards of directors and management aligning with shareholders’ interests as well as those of the company’s community, value chains, and customers.