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.
Before writing this week's discussion posting, review this MindTools article, The Triple Bottom Line: Measuring Your Organization's Wider ImpactLinks to an external site., for more details on the triple bottom line.
This Week's Discussion Post
For this week’s discussion, please respond to the following:
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: Specify your company's strategies to keep the company profitable. 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. Use subheadings for each category of stakeholders and discuss specific strategies for each:
- Planet: Explain your approach to minimizing your company’s environmental impact. Consider all aspects of your operations. For example, your company might develop a process to minimize waste or reduce energy usage, such as using recycled materials in its production process.
Post at least one substantive comment to another student’s post.
- Textbook Chapter 14, "Social Responsibility & Sustainability," pages 259-270, provides additional detail on this topic.
- You will use the information from this discussion post and the feedback you receive in the Social Responsibility section of your Week 8 assignment, Operations, Technology, Management, and Social Responsibility Plan (With Financials).
- Start your response with a brief description of your business (no more than 3 sentences). Specify your company name, what business you are in, and the specific product(s) or service (s) you plan to sell.
- A substantive comment is at least 4-6 substantive sentences in length, sharing examples, your perspective, resources, your experience, making connections, asking questions, etc.