The Triple Bottom Line:
The concept behind the triple bottom line is that companies are responsible to all their stakeholders. This includes everyone involved with the company, whether directly or indirectly. It also includes the planet on which we all live. This approach views shareholders as very important stakeholders. This approach also recognizes the need for companies to consider other important stakeholders in the company, including employees, customers, vendors, and the larger community.
How would you implement the triple bottom line (people, planet, profit) concept at your chosen company, whether you are using the snack food company scenario or the company of your choice?
Keep the following format in mind as you complete this week’s discussion:
- Profit: When looking at profit from this theory’s perspective, the idea is that profits will help empower and sustain the community as a whole. Profits are more than just a benefit for shareholders. Briefly explain your approach.
- People: Describe your approach to caring about suppliers, customers, employees, and the community. For example, one way to care about employees is to provide a good working environment, training and development opportunities, and health care.
- Planet: Explain your approach to minimizing your company’s impact on the environment. For example, your company might develop a process to minimize waste or reduce energy usage, such as using recycled materials in its production process.