1. Based on the Internet search, the organization with environmental awareness s
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Question
1. Based on the Internet search, the organization with environmental awareness selected is Bank of America.
2. Bank of America ensures that its growth is sustainable through the compliance to stringent corporate governance practices. It is committed to environmental sustainability through its investments in green bond market for the development of renewable energy sources. It is named as one of the leading underwriters for green bonds by Bloomberg wherein the proceeds from these bonds are used to finance carbon-reduction project.
The financial crisis in USA showcased the need for ethical decision making financial institutions. This was evident from BoA’s stand during Merrill Lynch acquisition in 2008 where the company had to balance between the fiduciary responsibilities as well as the commitment to the financial system of the country.
It offers socially responsible business through the introduction of low-fee accounts and online financial literacy platform, philanthropy, offering loans to small businesses, green bonds and engaging employees in volunteering activities.
Sustainability, ethical decision making and social responsibility interplay in enhancing the business growth of BoA.
3. Example of Environmental Awareness
Bank of America has set a target of reducing paper consumption in its offices by 20% in 2015. Between 2010 and 2012, it has reduced the paper consumption by 14%. As part of it, BoA has encourages its customers to opt for Online Banking Statements & Documents. According to its Environmental Report, BoA sent around 392 million messages digitally through online banking, ATMs and electronic payments. Its office paper usage also reduced through employee print-reduction program which saved around 34,102 metric tons of carbon emissions through the use of post-consumer recycled paper waste (PCW) which constitutes around 30% of total paper consumption. During the same period 55 million accounts were made online.
4. Effects of Environmental Awareness on Sustainability
An organization with environmental awareness has tangible benefits as customer’s provide positive responses to sustainability practices.
Operating from a green building reduces overhead costs arising from energy and water expenses. For instance, BoA operates from LEED certified buildings which has reduced its electricity expenses and water usage.
Recycling processes reduced the cost of waste removal. BoA has adopted paper recycling which has reduced its carbon emissions. It also uses post-consumer recycled paper waste (PCW) for inhouse paper usage.
The environmental actions of a company increase its interconnectedness with stakeholders which increases their loyalty and provides repeat businesses. For example, BoA has entered into a partnership with the U.S. Department of Agriculture through its Uplift America program to provide schools and hospitals for poor society with an investment of around $400 million. It also offers Affordable Loan Solution for homebuyers in the low and middle income group in a responsible way.
Paperless processes are quicker and easier. BoA has targeted to reduce its paper consumption despite an increase in customer base through responsible paper procurement policy and the increasing use digital communications.
5. Recommendation for HR
Organisations have to adopt a green recruiting practice. Apart from monetary benefits, green benefits such as sustainable commuting services, use of green fuels, food wastage reduction programs and compost pits and philanthropic contributions. Environmental awareness is now considered as a branding for companies. Engaging employees on such practices also create a sense of belongingness and increase the pride of employees. BoA’s one such initiative is offering $50 billion worth of grants to environmental protection initiatives which are an attraction for new employees.
Explanation / Answer
Use the Internet to research one (1) environmentally aware organization and its actions. Next, examine the selected organization’s relationship between sustainability, ethical decision making, and social responsibility. Provide one (1) example of this organization demonstrating environmental awareness. Determine the major effects that an organization’s environmental awareness has on its sustainability. Recommend one (1) approach that HR can take to use an organization’s environmental awareness in order to attract and retain top talent.
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