Executing the sustainability agenda using sustainability balanced scorecard

Abstract

Companies are increasingly recognizing that their customers and society in general expect businesses to adopt and work towards social and environmental objectives alongside traditional financial ones (Kaplan & McMillan 2021). The main objective of this conceptual research is to focus on the significance of Sustainability Balanced Scorecard in championing sustainable business practices by companies. For this purpose we first evaluate the current state of research on Sustainability Balanced Scorecard, with particular emphasis on its integration into traditional management framework. Done right, the three goals of sustainability, inclusion, and growth can be a self-reinforcing combination (McKinsey & Company 2024). In spite of sustainability being an imperative for companies, there exist several barriers in its implementation. The present conceptual study throws light on the significance of sustainability and executing the sustainability strategy for long term value creation by organizations. The study reveals that by placing sustainability at its core the companies can stand out in the competition and gain success by striking a fine balance between planet, people and profit. The findings from this review provides useful insights for managers and policymakers seeking to improve sustainability in business operations and also contribute to the existing sphere of literature.