Integration of Sustainable Practices in Firms: The Specifics of the Tourism, Leisure and Hospitality Sectors

At this point, sustainability is a business imperative for companies all around the world and one of the keys to guaranteeing their long-term prosperity. In our current society, there is an increasing commitment to sustainability, which is evidenced through a growing sustainable social consciousness, and efforts that are being made by international organizations and governments to develop new regulations and policies. Thus, firms’ approach toward sustainable practices has also changed. From an inconspicuous role, mostly evidenced through corporate philanthropy, sustainable considerations have evolved to be a key topic considered as a business imperative. Geographical areas and industries approach sustainability differently, and there is a wide spectrum of patterns regarding sustainability integration tools, triggers, and the implementation of these practices. In the case of firms related to the tourism, leisure and hospitality industries, many sustainability management practices are put in place. This paper explores the three dimensions of sustainability; environmental, social and economic, showing best practices developed by firms belonging to the above sectors. On the environmental dimension, practices target the creation of a more eco-friendly service or product along with the focus on improving resource efficiency related to energy and water consumption and reduce waste. On the social side, practices focus on increasing the well-being of the community or the staff, frequently merging both through the promotion of local employability and training. Finally, the economic dimension is mainly evidenced by cost-saving initiatives.