Question

What is a corporate social audit and why is a triple bottom line important?

Answer 1

A corporate social review or audit is an appraisal of your organization's execution on corporate social obligation goals. It assesses quantifiable objectives planned to enable your business to meet the desires your stakeholder groups have with respect to your social and environmental duties. Balancing social responsibilities with business performance is very important in the 21st century.

The convention to assess the performance of a business is the bottom line. But the idea of the triple bottom line came into picture in the 21st century, where social and ecological variables are considered alongside financial ones, is additionally getting a great deal of consideration.

As per Triple bottom line, an organization should combine standard measurements of financial accomplishment with those that measure environmental stewardship and social equity. It is here and there called the 3P approach - People, Planet, and Profits. For each situation, it requires thinking in three measurements, not one. Consumers are also very aware of the CSR practices of the brands they prefer. And also, they would like to prefer those brands whose performance is good in CSR activities and they do choose those brands who are taking steps to make the planet a better place to live. Thus, it is very important for the companies these days to care about their statistics of the triple bottom line.