1-2 Discussion: Is the Triple Bottom Line Really That Important?

First, introduce yourself to the class. Include your major and anything you would like to share about yourself. Then address the prompt below. In your textbook, you learned about the triple-bottom-line (TBL) framework and its impact on people, planet, and profit. The TBL concept was initially developed by John Elkington in 1994. In 2018, Elkington wrote an article titled "25 Years Ago I Coined the Phrase 'Triple Bottom Line': Here's Why It's Time to Rethink It". He used the article as a call to strengthen how the TBL is used and to put more even more focus on sustainability and less on profit. In the article, he states: But success or failure on sustainability goals cannot be measured only in terms of profit and loss. It must also be measured in terms of the wellbeing of billions of people and the health of our planet, and the sustainability sector's record in moving the needle on those goals has been decidedly mixed. While there have been successes, our climate, water resources, oceans, forests, soils and biodiversity are all increasingly threatened. It is time to either step up—or to get out of the way. Meanwhile, some believe that incorporating this framework into practice raises more questions than it resolves, especially around reporting, regulation, and a deviation from the financial bottom line of businesses. In your initial post, introduce yourself and then address the following questions: Do you think that it is the responsibility of businesses to track and manage the social, economic, and environmental impacts of their actions? Why or why not? What value does using the TBL bring to a business, and is it worth the potential drawbacks of incorporating it? What value do businesses using the TBL bring to society, and how might society be impacted if TBL were not a common business practice? In your replies to at least two peers, use the questions below to guide your discussion. Make sure to cite any evidence you use to support your ideas. Do you agree or disagree with your peer's initial post? Why or why not? What examples from the textbook or outside resources (such as news articles) support or dispute your peer's stance, and how? Did your peer provide any insight or information that changed your opinion about the TBL? If so, how? Overview Your active participation in the discussions is essential to your overall success this term. Discussion questions will help you make meaningful connections between the course content and the larger concepts of the course. These discussions give you a chance to express your own thoughts, ask questions, and gain insight from your peers and instructor. Directions For each discussion, you must create one initial post and follow up with at least two response posts. For your initial post, do the following: Write a post of 1 to 2 paragraphs. In Module One, complete your initial post by Thursday at 11:59 p.m. Eastern. In Modules Two through Eight, complete your initial post by Thursday at 11:59 p.m. of your local time zone. Consider content from other parts of the course where appropriate. Use proper citation methods for your discipline when referencing scholarly or popular sources. For your response posts, do the following: Reply to at least two classmates outside of your own initial post thread. In Module One, complete your two response posts by Sunday at 11:59 p.m. Eastern. In Modules Two through Eight, complete your two response posts by Sunday at 11:59 p.m. of your local time zone. Demonstrate more depth and thought than saying things like “I agree” or “You are wrong.” Guidance is provided for you in the discussion prompt. Two discussion post for you to used then as a guide for my discussion post and as the assignment indicate i need to response two student. 1- 1-2 Discussion: Is the Triple Bottom Line Really That Important? Kat Kaili posted Jul 1, 2024 11:52 AM This page automatically marks posts as read as you scroll.Adjust automatic marking as read setting Hello everyone, My name is Katherine Kaili. I am majoring in Bachelor of Science in Business Administration with a concentration in Finance. I am currently full time in the United States Air Force. I am a single mother to a nine-year-old boy who keeps me on my toes. I look forward to meeting everyone here. I agree a business should have the responsibility to track and manage the social, economic, and environmental impacts of their actions which is also referred to as corporate social responsibility (CSR). Businesses has the influence and resources to make a change and differences in the environmental awareness and sustainability which can overall have the better intentions and well-being of not only current but future customers to come. Being socially responsible can also benefit business in the present and future. There are some schools out there who saw the way employees at companies who had a strong sense of purpose and belonging were to be loyal, inspired and motivated. The Triple Bottom Line (TBL) puts its focus to aim to measure the financial, social, and environmental performance of a company over a period. TBL may result in increasing external investments, retaining employees, boosting sales from ESG-interested customers, and gaining long-term operational efficiencies. TBL helps businesses integrate sustainable practices into their operations and can help them conceptualize their environmental responsibilities and identify negative social impacts. It can also help businesses improve their reputation and brand value, and create value for shareholders, build better customer relationships and strengthen their supply chain. Gaining long-term operational efficiencies with potential in increased sales from customers who are interested in ESG’s is another benefit. By evaluating all aspects of an organization’s work in terms of economic gain, social effects, and environmental quality, TBL provides a way to measure how business activities affect all three of these elements in society. A company’s TBL is important due to it deprioritize of important financial problems. This alternative reporting metric encourages companies to set social, environmental, philanthropic, and non-financial goals instead of purely making decisions on what will maximize profit. -Katherine 2-hristi Nunn posted Jul 1, 2024 10:12 PM Hello everyone, My name is Christi, and I am excited to be part of this course. I was born and raised in Germany and moved to the US when I was 21. Since then, I have lived in New York, South Carolina, and now Alabama. I have three wonderful daughters and a cat. My degree is in marketing because I am passionate about representing and influencing what is communicated to consumers and how it is done. I am especially interested in working for a company with a green mindset, focusing on environmentally friendly and clean products. Yes, I believe it is the responsibility of businesses to track and manage the social, economic, and environmental impacts of their actions. “You cannot address social justice issues without environmental justice” (Soomo, Learning, 2020). Businesses are parts of this society and have a lot of influence on the environment and communities. Therefore, they must be held accountable for their impact. Their accountability would tone down negative backlash and improve the company’s reputation while fostering trust with consumers and stakeholders. In this always growing environmental and social world, it is important for businesses to adopt a universal approach that considers the larger effects of their operations. “In 1994, a British man named John Elkington coined the phrase “triple bottom line” (TBL) as a memorable way of encouraging business leaders to pay more attention to the impact of their operations on people and the planet” (Soomo Learning,2020). The TBL framework brings a lot of value to a business. It encourages sustainable practices that can lead to long-term profitability by reducing waste, improving efficiency, and advancing innovation. Additionally, it will improve a company’s reputation, by attracting customers who also prioritize sustainability and ethical practices. The TBL framework will help businesses build stronger relationships with stakeholders, including employees, customers, and communities, by demonstrating a commitment to social and environmental responsibility. “The goal is to raise the bar on how we do business to make sure everything we choose to do, and every system of operations created, is not only profitable, but also beneficial to people and planet” (Soomo Learning, 2020). When businesses use the TBL framework, they contribute to possible environmental conservation, social equity, and economic development. By prioritizing sustainability, these businesses can help protect natural resources, reduce pollution, and tackle climate change, which leads to a healthier planet for us and our following generations. The framework promotes fair labor practices, supports community development, and increases the quality of life for their employees and customers. “Everyone wants to be a part of something that makes a larger impact in the world” (Fernandes, 2024). This encourages businesses to think beyond immediate financial gains and considers the broader impact of their actions, which builds resilience. “Part of the challenge of managing to the triple bottom line is that it can be hard to put specific dollar figures on all the benefits of your efforts” (Fernandes, 2024). But one thing is for sure, if the TBL was not a common business practice, society may face environmental misery, social inequality, and economic instability. Businesses would only focus on financial gains, even possibly at the expense of the environment and social well-being. This small-minded focus could lead to unsustainable practices, resource exhaustion, and greater challenges in the long run. “Making matters worse, we are in the middle of a once-in-a-billion-years’ blowout sale of hydrocarbons. They are being combusted into the atmosphere at a rate that will effectively double-glaze the planet in the twenty-first century, with disastrous climatic results predicted by scientists” (Soomo Learning, 2020). Not using the TBL would have tremendous impact. I look forward to engaging with all of you this semester. Best regards, Christi