A declared goal of multiple corporations, non-profit organizations, and local/state/federal governments in the past ten to fifteen years has been sustainability. Although sustainability is a goal for many, measuring the degree to which a business is being sustainable or tracking sustainable growth can be challenging. A man by the name of John Elkington saw the need for a sustainable growth measurement system, and strove to measure sustainability by bringing to view a new outline to measure sustainable performance in corporate America. This outline, called the triple bottom line, went beyond the customary measures of shareholder value, profits, and return on investment to include social and environmental dimensions. By focusing on widespread …show more content…
It is crucial to a business that any efforts of those associated with it align with the business’s long-term goals and that they focus on continuing capacity development strategies. However, relationships with people extend beyond a business’s walls; all of the foremost stakeholder relationships need to be cultivated for long-term sustainable growth. When a business chooses to follow a triple bottom line model for strategic planning, all facets of its human resources, both internal and external, are impressively enriched. Countless businesses have found that when they do choose to follow a triple bottom line approach that there is a grander corporate status, and that the practices appeal to and help to retain the finest talent. They have also seen an alignment of the business’s goals with its visions, and their efficiency progresses positively. As well as an overall clarity in approach to supply chain relationships towards accomplishing shared goals for improved efficiency and sustainability. A commitment to help the business identify, align and implement internal and external social strategies that will benefit everyone involved with the organization over the long-term is one of the main goals of the triple bottom line …show more content…
141). A lack of resources, strategic planning, and vision can all hinder sustainable growth, but with a triple bottom line approach that includes people, profit, and the planet, success is bound to transpire. Although most businesses can find sustainability through such measures as stated above, it seems as though others, like the tourism industry is dealing with more of a
Every company has internal and external forces that effect how they operate within the community in which they are located and also within their own walls. These internal and external forces play a strong impact on the company’s profitability and success. These forces have an effect on what consumers they attract or ignore and how they are perceived by those who have the buying power. A mistake any analyzing and implementing measures to assist with these factors could greatly affects a company’s bottom line and success. This is why any company wanting to grow and be successful will need to take all of these forces; sociocultural, technological, economic, environmental and political-legal into consideration in creating their strategic plan.
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
Wheelen, T. L., & Hunger, J. D. (2010). In Concepts in Strategic Management and Business Policy Achieving Sustainability, Twelfth Edition. Pearson Education.
This paper critically analyzes Nike company sustainability strategy. Every investor or a group of investors wishes to see the business profitable at the current time as well as having good prospects for future (Werbach, 2009). For this reason, business sustainability strategy is very important. A strategy is a plan that guides the company or a business firm towards a certain direction or set goals. Thus, sustainability strategy is an action plan that a company set in order to maintain the plan toward the achievement of company’s goals in future. Sustainability strategy puts into consideration aspects such as the source of raw materials, competition, human resource development, and sustainability, and the general business environment. Thus, in evaluating a business’ sustainability, it is important to consider the business planning in this direction (Heslin and Ochoa 2008)
The Triple Bottom Line (TBL) concept is a unique concept that is anticipated to develop the goal of sustainability and to measure environmental responsibility. It consists of the three Ps: Profits, People and the Planet. Together, the three Ps takes into account the use of sustainable environmental practices, measuring the social, environmental and financial strength of the firm.
Triple bottom line is defined as “a corporation’s ultimate success or health can and should be measured not just by the traditional financial bottom line, but also by its social/ethical and environmental performance” (Norman and MacDonald, 2003). There are many advantages when it comes to being a triple bottom line corporation. While incorporating the triple bottom line, you are also incorporating sustainability you’re your business. Therefore, becoming a triple bottom line corporation means it is one step higher towards helping save the planet. Becoming sustainable is cost efficient. Although it may cost a significant amount of money to convert, it will pay itself off in the long run. Additionally, it will help reduce expenses while saving
Stuart Hart, in a business article, discusses the tough task for companies to make a sustainable global ec...
The tourism sector has undoubtedly become one of the globe’s foremost drivers of economic development, sustainability and progress. This is because its rate of growth, links to other economic sectors as well as dependence on a relatively unblemished natural environment puts it into an inimitable position from an economic sustainability and development perspective. In the same breath, tourism has been singled out as one of the key sectors that can play a leading role in the world’s transition to an inclusive green economy characterized by low carbon release. Strategic shifts in tourism practices have the potential of yielding major benefits capable of stimulating change towards better sustainability not only in the tourism industry but in other sectors as well. One key shift is the adoption of green innovation. The World Tourism Organization believes that “green innovation in tourism can trigger major economic, social and environmental benefits” (UNWTO, 2012, p. 1). This paper discusses how the adoption of green innovation in the tourism sector can lead to economic sustainability. It is essentially an extension to the UNWTO’s quote.
Introduction Since the Industrial Revolution of the late 1700’s and early 1800‘s, organizations have become increasingly prosperous. With this rapid growth, however, has come irresponsibility in the management of business resources. This irresponsibility increases the costs to the company and is also taxing on the environment, increasing ozone depletion, deforestation, and global warming (Shrivastava, 1995, p. 936). Sustainability in the business sector goes beyond environmental initiatives and includes the company’s financial and managerial performance, and employee quality of life. The movement for sustainable human resource management provides a balance between economic development, environmental stewardship, and societal equity—often referred to as the Triple Bottom Line (Sidkar, 2003, p. 1928).
...an approach of partnership is critical for organizations that want to gain competitive advantages. Butler, Ferris & Napier (1991) state this as, “the more management believes that HRM contributes to corporate success, the more its role will be integrated into the firm’s strategic planning process.” (as cited by Rose & Kumar, 2006, pg. 3). Additionally, organizations that apply energy and resources to HRD benefit from an increase in human capital. López-Cabrales, Real & Valle (2011) state the benefits of building human capital as, “If the company adopts appropriate procedures of personnel management, human capital can be orientated to the achievement of sustainable competitive advantages” (pg. 5).
Partners for Sustainable tourism looks to correspond local need, business chances and sustainability in the tourism sector. It goes outside traditional corporate social responsibility, concentrating on how partners’ products and services can bring inventive solutions to the final recipients of the tourism projects
Business sustainability consists of three components, these are: social, economic and environmental. The business has to consider these three components as the business must make a maximized profit (economic) but must not in any way damage the environment in the long term (environmental). The business must also take care of social issue and people and communities as they are support the business.
‘Development that meets the needs of the present with the ability for the future generation to meet their own needs.’ (World Commission on Environment and Development, 1987) Sustainable development requires three key components: economy, society and environment, sustainable development can be success through striking balance in those factors. These three components are indispensible, they compel to depend on each other. On the other words, we can only gain a decent and energetic environment and society if the economy is strong with a healthy a stable growth rate.
The sustainability of the ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact.
Now-a-days it is considered that CSR is one of the major concerns of organization’s business ethics. Companies increasingly increase their corporate social responsibility (CSR) and ethical management accepting the positive impact on the bottom line. The vast bulk of Standard & Poor’s 500 companies publish sustainability reports unfolding their program challenges and achievements. These pre-emptive efforts can pr...