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“As for the future, it is not a question of predicting it, but of making it possible”,

Antoine de Saint-Exupéry (1948)

 

Sustainability: a universal concept

Sustainability has become a common word in our daily lives over the years. From the climate crisis, young activists like Greta Thunberg, movements such as Black Lives Matter in the USA, to the solutions to overcome the economic and social crisis generated by the Covid-19 pandemic, there are a series of events that have been widening and empowering this concept, inspiring leaders all over the world. A sustainable future demands a responsible leadership that can lead the organization to fulfil its stakeholders’ expectations.

Sustainability has also become a part of the company’s responsibilities for a better and fairer future. Consequently, leaders need – more than ever – to embody sustainable purposes, be aware of the resources needed and know how to identify the competitive advantages in sustainable principles and policies. Because sustainability means more than just being “greener”: it is about the ability to provide efficiency, implement flexibility measures, having an innovation-driven mindset, be more agile, promote equality and diversity and develop projects with a positive long-term positive impact on employers, communities, and the environment.

The path towards sustainability will only be possible with great leaders leading the way, setting an example inside their teams. And they need to mean it. Executive education, particularly MBA programs, can leverage their capacity to do so, starting by defining the personal purpose and then using the right tools to develop their full potential, so they can have a positive impact on society and the world. MBA students are better prepared to build up and drive sustainable businesses.

 

Sustainability to (re)build the world’s resiliency

Reaching sustainability demands a wider social responsibility, especially inside organisations that have the power to change the world. In a recent study, Deloitte reveals that the Chief Sustainability Officer (CSO) position inside companies is likely to grow in the next years and will continue to have a prominent role in companies. It is more than just a title: the person in charge of this position will have the responsibility to help his company to recognise challenges that go beyond environmental ones, such as social or governance risks.

Organisations’ sustainable development success relies on policymakers, stakeholders, but also on investors, as the concept of sustainable finance becomes more and more popular. This is a growing trend for investors and companies that tend to integrate ESG (an acronym for Environmental, Social and Governance) criteria into their decisions, along with the economic-financial factors. The so-called “green investments” always incorporate, at least, one of these ESG criteria. Why? ESG criteria will help companies to reduce financial risks, enhance financial returns and business and market development. Also in this sense, business schools have a fundamental role in guiding students that might become potential investors so they can reach more sustainable decisions in the future.

At a wider level, “sustainable” is also one of the commitments of the Recovery and Resilience Plans of all European countries to overcome the Covid-19 crisis over the next years. The goals of these documents reflect the Governments’ stances and illustrate the overarching concept of sustainable principles: to overcome the crisis social and economic impact, European governors should invest in inclusion, solidarity, social justice, fair distribution of wealth, equality, creation of quality employment and sustainable growth, ensuring and access to opportunities and social protection.

 

Educate leaders for sustainability

It is crucial to start creating foundations for a commitment with a more sustainable and truly regenerative mindset and that starts with a strong education. Companies that generate value from their sustainability programs follow a distinctive set of management practices, such as establish clear and focused priorities, set targets or goals, and develop key performance indicators for sustainability, integrating sustainability as an element of their corporate culture and train employees on how to integrate sustainability into their work. That will take real action based on more sustainable values from future leaders and stakeholders to enhance business resiliency to address the most complex challenges.

Sustainability is inextricable from executive education as it is crucial to inspire leaders to make decisions based on the sustainable macro-level concept: respect for human rights, investing in human resources development and promote management that aims at a positive environmental impact. As an example, Executive education covers powerful investments in “deep” and soft skills, promotes diversity and equality, mainly through scholarships. A professional who seeks an MBA program will be able to develop his potential and his purpose related to the main market and business models trends and most of all be ready to face the challenges of the future, ensuring that sustainability and business strategies walk together.

Looking towards the future, a sustainable innovation culture will require leaders and top management capacity to set the right goals looking forward and promote sustainable development every day. Therefore, training leaders will be increasingly necessary to ensure that business and society is resilient and prepared to meet any challenges, however difficult and complex they may be.