Eco-Innovation
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Introduction
- Eco-Innovation is introduced to improve "environmental
performance."
- Companies that are improving their environmental performance are
often looked at in a better light, which can improve consumer and
producer attention.
- Employee Eco-Innovation is vital because essential employees better
understand everyday operations and can find more eco-friendly
opportunities on a smaller scale.
- This is important because employees' Eco-Innovation
keeps essential low paid employees more integrated with their job and
want to do more for the company despite their low pay.
- One example is an employee looking into more creative projects
despite creativity not being an essential characteristic of their job.
- Eco-Innovation also boosts healthy social interaction within the
workplace which boosts moral and healthy relationships
Joe Cisarano
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Main Concepts
1.
Eco-innovation involves developing creative environmental solutions to
improve an organization's environmental performance, benefiting both
the environment and the organization's overall performance.
2.
Employees play a crucial role in eco-innovation, as they have better
knowledge of their jobs and can identify opportunities for improvement.
Encouraging eco-innovation requires supervisory support and
commitment from top executives.
3.
Popular methods to encourage employee participation in eco-innovation
include rewards and training, but it's essential to avoid stressors that
can inhibit creative thought, such as excessive paperwork or restrictive
rules.
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What are the traits that contribute to
creative thought?
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The two traits that contribute to creative
thinking are openness and cognitive ability
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Openness: traits like being curious,
imaginative, creative, complex, refined, and
sophisticated
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Cognitive ability: general mental capability
involving reasoning, problem solving, planning,
abstract thinking, complex idea
comprehension, and learning from experience
Terrell Witherspoon
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Pros of Eco-Innovation
o Improves the environmental performance of an organization's
products/services by effectively managing environmental waste
o In turn, this improves the environment
o Improves an organization's performance by attracting more eco-
friendly consumers & suppliers
o Attracts more employees who value sustainability and will
appreciate the company's eco-friendly practices
o Lastly, increased waste reduction leads to less business costs,
which will ultimately save the company money and resources
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Cons of Eco-Innovation
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Resistant to change- Employees may be resistant to change, especially if they are accustomed to
working in a certain way. Introducing eco-innovation practices may require significant changes to
work processes and habits, which can create resistance and reduce productivity in the short-term.
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Additional Training- Implementing eco-innovation practices may require additional training for
employees, which can be time-consuming and costly for businesses.
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Potential Job Loss- Some eco-innovative technologies may automate certain tasks or processes,
which can potentially lead to job loss for some employees.
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Limited ROI- Eco-innovation may not always generate a positive return on investment in the shortterm, which can make it difficult for businesses to justify the initial costs.
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Limited Engagement- Employees may not be fully engaged with eco-innovation practices if they
do not feel that they are contributing to the overall success of the company. This can lead to a lack
of commitment and enthusiasm towards eco-innovation practices, reducing their effectiveness.
Jaret Rivera
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Why implement Eco-Innovation?
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Eco-innovation is meant to improve a company's environmental
performance, leading to improving the company’s overall performance
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By managing environmental waste throughout the company, it also gives
more opportunity to save money and invest in better options for company
performance
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Companies implementing Employee Eco-Innovation see better work
environments due to employees sparking interest and creativity in the
company when the superiors are interested and engaged with there jobs
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Understanding your employees and having a well-designed work
environment improves social interaction and generating effective solutions
helping boosts a company's performance
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Predicting Problems That Will Take
Place Without Eco-innovation
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Decreased competitiveness->>
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Regulatory Compliance issues>>
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Rising Costs ->>
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Reputational Damage->>>
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Limited funding
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Solutions for decreased competitiveness,
reputation and regulatory issues
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Both consumers and the government are expecting companies
to work hard to become more eco-friendly and ensure that their
business practices are sustainable.
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To cope with these expectations companies should invest in eco
innovation and strive to surpass all regulations imposed by the
government. This will set them apart from other brands leading
to increased competitiveness and allowing more time to adapt if
government regulations change. Going above and beyond will
also help companies build their reputation and be seen in a
positive light by the public.
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Solutions for rising costs and access to
funding.
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While the rising cost of nonrenewable resources can seem like a major
issue for many companies it could be seen as a positive by some. The rise
in cost of these resources serves as an incentive to find more sustainable
alternatives, those companies who invest in eco-innovation and going
green earlier than their competitors may face a large up-front cost but will
likely save and profit far more in the future as a result.
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Eco-innovation can also lead to easier access to funding for companies as
investors tend to prefer companies that they feel have a strong future. As
we have already mentioned both consumers and regulatory agencies
are pushing companies to become more eco-friendly so this means that
investors will favor companies who have shown they are open to and
already applying eco-innovation.
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Conclusion
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While eco-innovation has several cons and challenges, it is becoming vital
in this modern world for companies to expend more effort and resources
into its development.
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The benefits that organizations gain from the development of ecoinnovation are not negligible, therefore increasing efforts in its improvement
is a prudent move.
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The many problems that may befall an organization that disregards ecoinnovation can simply be fixed by its implementation and development.
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As eco-innovation advances both technologically and socially, companies
that do not prioritize its development will be left in the dust.
Greg Santora