Evaluating criteria for the implementation of energy management strategies

Erika Van der Westhuizen
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Erika Van der Westhuizen: University of South Africa

International Journal of Business Ecosystem & Strategy (2687-2293), 2024, vol. 6, issue 4, 349-360

Abstract: Strategic management assists organizations in formulating, implementing, and evaluating decisions to set objectives. Energy management should consider top management commitment, risk management, corporate social responsibility, and knowledge and awareness of energy strategies as criteria for implementation. The research aimed to evaluate the four criteria in terms of energy management strategy implementation. A quantitative, non-experimental research design was followed using a structured questionnaire. The most important criterion identified is top management commitment. The results indicate a strong positive correlation between top management commitment and energy management strategies and the importance of risk management. Corporate Social Responsibility and limited knowledge and awareness showed a lower correlation but also contributed to the implementation of energy management strategies. It showed that a lack of knowledge and awareness influences the implementation; organizations can do internal awareness campaigns and appoint a dedicated energy team that can assist management in educating and communicating energy strategies. Further findings included that energy management strategies are essential to the overall business strategy of organizations and that organizations can increase their public reputation by positively contributing to corporate social responsibility and top management commitment. Management needs to lead from the front and provide training, resources and leadership in energy practices. It is recommended that organizations set energy plans, have a dedicated energy team and increase their internal awareness and communication.

Keywords: Energy management; Corporate Social Responsibility; Organizational culture; Risk management; Top management commitment (search for similar items in EconPapers)
Date: 2024
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