Practical Wisdom Through Sustainability: A Meta-approach

Abstract

The interconnected and multi-dimensional nature of social, economic, environmental, technological, and political aspects of today’s business world urges organizations and enterprises to re-think more deeply and thoroughly the way they observe, rely on and interact with their business and the wider society including diverse stakeholders. Sustainability strategies and initiatives have been regarded by practitioners and academics as effective approaches to establishing a long-lasting positive connection with the surrounding environment and society. The reliability of the enterprise-society interconnectedness, however, relies to no small degree on the soundness of the assumptions underlying and the practices associated with the enterprise’s sustainability in the first place. Socio-environmental and techno-political values and beliefs are dynamic and evolving as are market needs and expectations. It is crucial for sustainability managers to undertake regular (re)evaluation of the assumptions underlying their enterprise’s sustainability strategies and how those strategies are implemented. The wisdom theory, as an emerging theory in the business field, can serve as a meta-approach that may enhance the effectiveness of an enterprise’s sustainability. This chapter suggests a wisdom-based practical framework that can assist enterprises with (re-)assessing their sustainability strategies and initiatives. The framework relies on five wisdom-related principal questions. Answers to the questions may provide insight into the extent to which an enterprise’s sustainability approach relies on a true understanding of the company and the surrounding environment. The paper concludes by emphasising that the wisdom meta-approach regards an enterprise’s sustainability strategies and initiatives as an integrated whole. The five principal questions dealing with both the core assumptions and practices are, therefore, interrelated and must be addressed comprehensively and coherently.