1. Why Social Sustainability is important for business?

Social sustainability is a concept similar to environmental sustainability, but this focuses on the impact of businesses on people and the society. Thus, it matters for individuals, society, and organizations including businesses. They give the businesses and organizations the capacity to change and also enable them to benefit from it. For example, employees, suppliers, and partners who feel respected and safe are more loyal and productive.

Any business/ organizations have multiple stakeholders. Stakeholder is a person, group or organization having an interest/stake in a said business’s decision-making and activities and can either affect or be affected by the decisions and operations of the business. Consumers, investors, suppliers, employees, local communities, government etc. are few examples of stakeholders.

Social sustainability for stakeholders can be broadly categorized under two categories:

• Internal stakeholder
• External Stakeholders

Taking into account the SASB standards and comprehending the relationship between social, human, and business models, the rights have been implemented based on the internal circle, i.e. employees and corporate levels, and the external circle, i.e. consumers and community targeted.