Question

What types of sustainability are promoted in the triple bottom line theory of corporate responsibility?

Answer 1

Triple bottom line theory recommends business organizations to focus on social and environmental concern. This theory proposes that instead of one bottom line, there must be three bottom lines to improve productivity. These components are called sustainable components. Profit, people and planet are the three major sustainable components for bottom line theory in the corporate sector.
The triple bottom line helps in improving the goals achievements for the industry. It is an accounting framework that incorporates three dimensions in performance which are social, financial and environmental. Based on the 3P concept, the triple bottom line is standing. These are people, profit and planet.
People: people indicate employees and labors on which the companies sustainability is standing. Without efficient employees, a company cannot achieve its targets and goals. People includes employee constructor, supplier, customer and the wider community. This bottom line is interested in human welfare. It indicates fairness in working processes.
Profit: it is known as future impact bottom line as it is a concern in predicting the futuristic benefits of the company. Profits determine a company’s future. Every trade is working for its futuristic benefits. Companies are constantly engaging in strategic decision making for their futuristic growth and profits.
Planet: the planet is also known as the environmental bottom line as it ios concern for the environmental benefits instead of self benefits. Controlling energy consumption, manufacturing waste reduction, and safe disposal are the aspects of planet bottom line which organizations have to follow.