Social, economic, and environmental barriers have grown in complexity, requiring companies to experiment, adapt to changes, and implement new initiatives. The triple bottom line, or TBL, is a corporate principle that states that companies should strive for environmental and social impact along with financial results instead of concentrating strictly on profitability (Martens & Carvalho, 2017). In this respect, profit, people, and the planet constitute TBL. The former, profit benefits businesses and society due to the ability to introduce new products. The people aspect is beneficial to both society and organizations due to its ability to provide more jobs. The latter, planet, allows incorporating sustainable ways of business operations without posing a threat to the environment.
The TBL principle illuminates the need to identify, evaluate, and inform on business results that extend beyond strictly monetary metrics. When a firm recognizes the benefits of such an approach and puts people and the planet ahead of profits, it ensures healthy growth of the business as well as a sense of integrity. The focus on the TBL can help NationaliTeas its business culture. More specifically, by emphasizing the good cause, employee recruitment and retention will be simpler. Additionally, incorporating TBL will help improve customer engagement (Martens & Carvalho, 2017). In this case, a business where honesty, community, and the environment are genuinely valued will encourage more clients to use the services and products of this firm. Lastly, companies that adhere to TBL are more appealing to investors. Nowadays, more corporations tend to implement ESG strategies, making many people eager to invest in a safe and bright future.
Consequently, it can be evident that by implementing TBL, it will be possible to become one of the B corporations. B corporations are for-profit institutions that combine profits with benefits (Martens & Carvalho, 2017). For example, stockholders expect the business to generate a monetary gain and benefit society and the environment. Receiving a B Corp Certificate enables businesses to maintain their social objectives while expanding their activities. As a result, a B corporation is able to obtain many advantages, including the flow of talented and loyal employees and encouragement of social responsibility.
After considering all of the benefits and opportunities mentioned above, it is vital to identify the weaknesses of the company and encourage improvements. The first improvement that should be incorporated is the monitoring of customers’ feedback. When it comes to the organization’s benefits, diversification of feedback sources will boost the quality of the product and eliminate mistakes. In this case, feedback sources might include online polls on platforms like Instagram, the official website, emails, surveys, focus groups, etc. From a societal and customer point of view, such an approach will ensure improved customer satisfaction and a positive environmental impact. Business risks, however, might include the challenge of identifying valuable feedback. In this respect, a customer-driven operational strategy can help identify customers’ needs, tracking clients’ behaviors with the help of data. In order to successfully implement this approach, the budget will be needed to remunerate extra responsibilities of the employees. Thus, internal stakeholders will need to implement the task of customer behavior and feedback evaluation.
Another approach to TBL is to make at least 60% of the facilities, both owned or leased, incorporate renewable energy sources, including solar panels and energy-efficient machinery. From a business point of view, such an approach will help attract more investors. As for customer and societal impact, such an approach will increase community building and bring awareness. Regarding the risks, such a method might be time-consuming and involve extra expenditures before making a profit. In this respect, a project management strategy might be implemented to track the progress. Among the requirements for this approach are budget and timelines. Internal stakeholders should take the responsibility, such as employees with management roles.
The last initiative that might be lucrative involves incorporating higher pay and promotion opportunities for the employees. Here, workers should be paid at least minimum federal wage and receive rewards for skills and expertise. In this respect, the organization will benefit significantly since the attrition rate will be lower, and employee recruitment will be easier. As for the societal and customer impact, better workplace conditions will be provided for the staff, and the product will be of better quality due to the workers’ diligence. However, there is a risk associated with providing resources for this initiative, meaning that, along with other initiatives, there will have to be prioritization. Core competencies strategy can be used to prioritize among other initiatives while still paying attention to wages. As a result, internal stakeholders should plan fair pay and rewards, such as owners and managers.
Hence, the triple bottom line involves the implementation of approaches aimed at bringing impact on society and the environment while receiving profit. In the face of global awareness and the rise of integrity appreciation, companies that adhere to such a concept tend to be well-respected and encourage change. In this sense, obtaining a B Corporation Certificate create immense possibilities. The abovementioned approaches that target the workplace, environment, and customers might lead to drastic changes and benefits.
Reference
Martens, M. L., & Carvalho, M. M. (2017). Key factors of sustainability in project management context: A survey exploring the project managers’ perspective. International Journal of Project Management, 35(6), 1084-1102.