Week 6 discussion- the triple bottom line
The concept behind the triple bottom line is that companies are responsible to all their stakeholders, and these include everyone that is involved with the company whether directly or indirectly, as well as the planet we’re all living on. This approach sees shareholders as part of the stakeholder group, but only as part of it.
Please respond to the following this week:
How would you implement the concept of Triple Bottom Line (People, Planet, Profit) at the NAB company you created?
Before Responding check out these Resources:
- Learn more about the Triple Bottom Line concept. You will find a description of each of the components as well as examples.
https://www.mindtools.com/pages/article/newSTR_79.htm
- Check out this video to see how the concept is applied at Honest Tea Company.
Dr. Woody Interviews Seth Goldman of HONEST Tea (6 min 1 s)
https://www.youtube.com/watch?v=RNERSmkIUHo
To help you address this week’s discussion:
Video explaining how to answer this week’s discussion
Notes:
- You will have three headings each focusing on each aspect of the triple bottom line as outlined below.
- Check out Chapter 14: Social Responsibility & Sustainability for more information.to learn more.
- You will use this week’s information in Assignment 3 Part 2- Question 2, Ethics and Social Responsibility Plan.
For week 6 discussion you will address each of 3 components as outlined below:
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, and not just represent a benefit for the shareholders.
- Briefly explain your approach.
People
- Discuss your approach to care about suppliers, customers, community, employees.
- For example, to care about employees you can provide a good working environment, training and development opportunities, healthcare, etc.
Planet
- Discuss your approach to minimize your impact on the environment.
- An example would be to create processes to minimize waste or reduce energy usage; maybe you are using recycled materials, etc.