Exploring Sustainability: The Key to Corporate Profitability in the 21st Century

In 2011, 96% of the chief executive officers (CEOs) from among the 100 largest economies acknowledged that sustainability or sustainable development initiatives must be fully integrated into strategic operations. In addition, 73% of the CEOs acknowledged that sustainable development initiatives have been negatively affected because business leaders have not adopted the competencies needed to meet 21st-century challenges. The purpose of this single-case study was to explore, from the perspectives of financial business leaders, what competencies 21st-century business leaders should apply to achieve long-term, sustainable, and profitable results for their organizations. The study was grounded in sustainable development theory. A purposive sample consisting of 20 business leaders, with five or more years' experience implementing sustainable development initiatives, from a financial services company in the northeastern United States, participated in semistructured interview questions describing strategies to develop and implement sustainable development initiatives. The data collected were analyzed using coded keywords, phrases, and concepts to identify patterns. The major findings were that, to achieve long-term sustainable results, business leaders should apply: (a) environmental protection, (b) knowledge sharing, (c) stakeholder engagement, (d) change from a hierarchical to a flatter organizational structure, and (e) identification of specific leadership characteristics in new hires. The recommendations of this study may lead to improved collaboration among leaders from businesses, civic, and community organizations. The implications for positive social change include the potential to enhance environmental, consumer, and social imperatives.