Is social sustainability more important than economic sustainability?

 

The United Nations came up with an idea of sustainability to bring sustainable development in society. Most of the time, the concept of sustainability is related to environmental issues. It is always defined referring to the environment and the natural resources present in it. But the concept and principle of sustainability are far broader than that. The process of sustainability is the art of using natural resources efficiently to meet their needs without compromising the ability of future generations to use them to meet their needs. Sustainability is an integral part of the social and economic development of every individual in society. It is responsible for social sustainable development as well as economic sustainable development through the environment. Bringing sustainable development is all about balancing the three pillars of development they are social, economic, and environmental development. 

These three pillars are interdependent and need to have a perfect balance so that sustainable development is effectively achieved. Hence, we can never say that any of the sustainability pillars are more or less important. As we go ahead, we will come to know how social sustainability and economic sustainability are interrelated.

What is social sustainability?

Social sustainability refers to the process where people create an environment that ensures the well being of people by understanding their needs at the places where they live and work. Social sustainability is achieved when people recognize the significance of their relationship with people, communities, and society.

Social sustainability involves social issues such as human rights, fair labor opportunities, gender equality, wellness, safety, diversity, equity, work-life balance, empowerment, and community engagement.

What is economic sustainability?

Economic sustainability refers to long term economic growth without impacting the social, cultural, and environmental aspects of the community.

Social sustainability and economic sustainability

In the context of business, social sustainability is all about understanding the impact of corporations on the people and society. Corporations should undertake social sustainability as stakeholders and suppliers. The economic development of people working in corporations depends on the environment they get at the workplace. Hence, social sustainability becomes an integral part of business strategy and it is important to consider how it affects the people. Social sustainability at the workplace indirectly affects the economic life of the people with the people it is attached to.

It includes the following various dimensions of sustainability.

·         Equity

It helps people with equal employment opportunities and assists the target groups to achieve control over their lives, socially and economically.

·         Diversity

At the workplace, there are diverse people involved. Social sustainability ensures that it promotes understanding and acceptance within the broader community of diverse backgrounds, cultures, and life circumstances. It takes care that they all get equal opportunities to raise their social and economic lives.  

·         Social cohesion

Social sustainability at the workplace and society ensures that every individual experiences the feeling of belonging at their workplace. It will help them to work with more positive energy.

·         Quality of life

The social sustainability ensures to increase the quality of life of the people by providing them appropriate housing opportunities, good mental and physical health, improvement in training, and skill opportunities for the target group.

 

Social and economic sustainability are interdependent. But with social sustainability, every aspect of life can be fulfilled. The social ripples advocate that bringing social sustainability in the communities is very important as it gives opportunities to bring economic sustainability.