Research Paper on Business Management

Research Paper on Business Management

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Business Management

Green management is one of the most recent trends in the business settings. This concept refers to companies’ efforts to reduce their adverse impact on the environment and introduce more sustainable business practices (Renner, 2011). Contemporary businesses incorporate green management not only to protect the environment but also to develop and preserve the community and ensure better health and well-being of their workers and clients (Green America, 2017). They engage in forward-looking and innovative practices to address environmental concerns, develop the local economy, and protect human rights. However, embracing the principles of green business is challenging because of the lack of understanding, limited short-term gain, and unwillingness to invest in expensive sustainability programs (Tran, 2009). This research paper looks at the recent trends in green management and outlines the major challenges to sustainability incentives.

Researchers cannot reach an agreement on the definition of green management. According to Zoogah (2011), this concept refers to “the use of policies, philosophies, and practices to promote sustainable use of resources and prevent harm arising from environmental concerns within business organizations” (p. 117). More specifically, green business helps companies fulfill their social and ethical responsibilities by “saving and using resources and energy efficiently and by minimizing the emission of greenhouse gases and occurrence of environmental pollution” (Minister of Government Legislation, 2013, p. 38). This concept is sometimes used interchangeably with “sustainability,” which is the business policy that focuses on economic and social issues along with the preservation and management of the environment (Madu, 2012).

Green management implies the development of comprehensive business policies. Such aspects as prevention of pollution, energy saving, the use of eco-friendly products and materials, and the promotion of the environmentally-focused corporate culture are the primary concerns of green management policies. Moreover, green companies are required to determine and minimize their environmental impact, set priorities consistent with legislative requirements, and commit to sustainable human resource management (Lituchy, Punnett, & Puplampu, 2013). Green supply chain management (GSCM) is another central aspect of green management, which focuses on reducing the environmental impact by improving logistics, manufacturing, recycling, etc. (Khan, Hussain, & Ajmal, 2016; Singh & Trivedi, 2016).

Many companies worldwide have already incorporated the principles of green management into their operation. For example, the hospitality industry currently focuses on more environmentally-friendly and responsible management policies by minimizing energy consumption, reducing waste, and employing local people. These steps allow reducing adverse effects of tourism on nature and benefiting local communities (Sloan, Legrand, & Chen, 2013). Many big corporations from different spheres have also announced their commitment to developing greener policies. These include McDolnalds, Dell, Toshiba, Tesla Motors, Coca-Cola, Walt-Mart, and many others. The main reasons that induce companies to rethink their management policies are customers’ growing environmental awareness, public image concerns, and increased competitiveness. It is no longer enough to provide excellent services or products; a company is expected to be responsible and sustainable to minimize its adverse impact on clients and the environment.

Green management systems have many advantages. To begin with, sustainable energy consumption and waste management can reduce costs in the long perspective, but only if green practices are constantly monitored and evaluated (Laboy-Nieves, Schaffner, Abdelhadi, & Goosen, 2008). Naturally, more efficient resource utilization has a significant long-term effect on the environment, which is critical in the face of the climate change and dramatic resource depletion. Furthermore, as previously mentioned, green policies can positively affect a company’s reputation. An increasing number of consumers seek healthier products that have been produced in an ecologically-friendly, transparent setting. Therefore, demonstrating a genuine desire to offer sustainable products is the central goal of all companies that aim to succeed in the years to come. Although investing in green policies may seem expensive, this decision will eventually pay off as clients no longer want to buy products that harm nature, animals, or their communities.

Green management

Several challenges prevent a widespread adoption of green management. Tran (2009) noted that companies are unwilling to invest in new policies because there are no legal requirements to motivate them to change. Obviously, as long as businesses bring profits and operate within the legal framework, companies do not see the necessity to change. Moreover, many companies are still unaware of potential benefits of green management and do not want to trade short-term gains for illusory future profits (Tran, 2009). Čekanavičius, Bazytė, and Dičmonaitė (2014) fully agreed and added that the shift to green business is possible only when three agents including consumers, governments, and the companies interact. In other words, consumers need to demand sustainable products; governments need to introduce laws and regulations for sustainable practices, whereas the companies should change the established practices.

Green management is a recent but extremely popular trend in the business setting. An increasing number of front-line companies have changed their management policies to be able to meet the demands of contemporary customers. Today, the focus is made not only on providing quality products or services but also on harmonizing the company’s operation with the environment and local communities. Businesses are becoming more conscious and responsible, which benefits all stakeholders and minimizes the negative impact of the contemporary consumption culture on the ecology. However, further development of green management will depend on companies’ ability to overcome the existing challenges and look at business practices from a broader perspective.