Reflection paper

Sustainability was a term and concept used to create balance and accountability for economic
activity and development. In recent years, the term sustainability has been extensively used.
For example, during the financial crisis that led US automakers to apply for financial rescue,
President-elect Barack Obama stated that a bailout should be provided as part of a long-term
plan for a "sustainable U.S. auto industry." However, when we talk about sustainability
management, we are calling not only for efficiency measures but also for sustainability
strategies to change the current business models that are based on the idea of selling as many
products as possible, so that they are not adequate in terms of sustainability.

Depending on the business context, sustainability can have different significances. The
concept of sustainability can be defined as meeting the needs of the present without
compromising future generations’ ability to meet theirs. Such key components, in turn help
companies adopt sustainability in a way that promotes productivity, economic growth and
shareholder value. The three pillars of sustainability the key in recognizing sustainability. The
three pillars are foundations of social, environment and economic. If any of the foundations
are weak then the entire structure will become unsustainable. Economic sustainability is
about inspiring companies and organizations, outside their usual regulatory requirements, to
follow and obey sustainability guidelines. It should also inspire the average person to do their
bit wherever they can; one person seldom achieves a great deal, but we can go further as a
group. Next, environmental sustainability is the second pillar, and one of humanity's key
concerns for the future. It expresses how we should study and protect ecosystems, air quality,
sustainability of our natural resources and focus on the components that underpin our
environment while social sustainability is about keeping access to basic resources without
compromising the quality of living. It is about educating people and encouraging them to
contribute towards environmental sustainability.

Nevertheless, the COVID-19 crisis has put the spotlight on sustainability. It has exposed
vulnerabilities across government and industry, and has sharper focused the value of
sustainability than ever before. The current pandemic will undoubtedly contribute to the
improvement of the state of the natural environment, particularly over the quality of the air
and the natural habitat. Likewise, the human cost of the disease is increasing as have poor
results and loss in global business and capital markets. Since sustainability is based on the
three core concepts of environment, social and economy, where economic development is
used as a catalyst of transformation, the latter scenario with the new pandemic raises a

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 "rethink" in corporate governance and business models. Next, consumers will be a bit
hesitant to exit our current period. Such attitudes will also affect the hospitality and tourism
business, as it will take a bit of time to go back to normal. Considering all the factors, the
industry clearly needs to redraw the strategies of development and growth.

Lastly but most importantly, the economic development needs not only to recover the "lost
ground" but also to set up a platform that could become sustainable in the years to come.
Improvements in strategic thinking, enhancement of service quality models and careful
product design that respects sustainability principles will be involved. It is more necessary
than ever to be vigilant about the environment, considerate about society and economically
sustainable. So far, the current pandemic has shown that the human cost and with such loss
comes the duty of the stakeholders to act carefully and implement policies that protect the
well-being of the economy, social and environmental. That will only be achieved if the
industry showcases its attitudes towards hospitality and it is more important than ever that the
key attributes driving our business are embedded in their future growth.

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 References

Dimitrios Diamantis (2020) What is the Impact of COVID-19 on Sustainability?

https://www.hospitalitynet.org/opinion/4098063.html

Marko Hakovirta (2020), How COVID-19 Redefines the Concept of Sustainability

https://www.researchgate.net/publication/341155767_How_COVID-
19_Redefines_the_Concept_of_Sustainability

Andrew Beattie (2019), The three Pillars of Corporate Sustainability

https://www.investopedia.com/articles/investing/100515/three-pillars-corporate-
sustainability.asp

Dr. Mark Pagell, Stephen A. Dobson and Dr. Iuri Gavronski (2010), Sustainable Operations

http://www.scholarpedia.org/article/Sustainable_Operations

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