Question

Explain (120–150 words) triple bottom line principles used in work planning. (Please type up your answer)

Answer 1

The TBL is an accounting framework that incorporates three dimensions of performance: social, environmental and financial. This differs from traditional reporting frameworks as it includes ecological (or environmental) and social measures that can be difficult to assign appropriate means of measurement. The TBL dimensions are also commonly called the three Ps: people, planet and profits. We will refer to these as the 3Ps

Normally, a company's bottom line on its income statement is its net income, i.e., its profits. Elkington's triple bottom line (TBL) is intended to advance the goal of sustainability in business practices, in which the focus of companies is extended beyond profits to include social and environmental issues to measure the total cost of doing business.

we can give a phrase to this TBL Principle

People + Planet = Social + Environmental Responsibility

The triple bottom line can be difficult to measure because while the issue of profitability is black and white, what constitutes social and environmental responsibility is somewhat subjective

People” considers employees, the labor involved in a corporation’s work, and the wider community where a corporation does business. Another way to look at “people” is, how much does a company benefit society? A triple bottom line company pays fair wages and takes steps to ensure humane working conditions at supplier factories.

Public opinion has dictated that enterprises that harm the environment should also bear the cost, and you can bet businesses are taking notice. The “planet” piece of the triple bottom line indicates that an organization tries to reduce its ecological footprint as much as possible. These efforts can include reducing waste, investing in renewable energy, managing natural resources more efficiently, and improving logistics.

While every business pursues financial profitability, triple bottom line businesses see it as one part of a business plan. Sustainable organizations also recognize that “profit” isn’t diametrically opposed to “people” or “planet.”