| Summary: | Magister Commercii (Industrial Psychology) - MCom(IPS) === In the 21st century the nature of work and life has become characterized by unavoidable
changes. These changes are brought about by various environmental, social and technological
developments or unforeseen occurrences. It has become more challenging for economies,
countries and organizations to bounce back from these volatile fluctuations in all markets and
industries (Martine & Alves, 2015).
Examples of the above-mentioned changes is emphasized by Wales (2013) who identified that
trends such as climate change, globalization and social inequality have created a significant
challenge to the traditional business model. The “credit crunch”, corporate scandals and
possible corruption have led to a loss of trust in business, and companies are facing pressures
from governments, consumers, employees and investors to demonstrate that they are adopting
ethical and sustainable business practices (Pfeffer, 2015). Similarly, Martine and Alves (2015)
question whether the economy, society and environment in the 21st century are indeed the
three pillars of sustainability. These factors highlight the importance of critically discussing
factors surrounding economic growth and the sustainability thereof.
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