Triple Bottom Line as an Ethical Framework

Triple Bottom line
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Triple Bottom line
Triple bottom line (TBL) is an ethical framework that gauges the business' corporate social responsibility. TBL adds planet and people as a crucial component in sustaining CSR. The theory states that by adding to the planet, people to a single bottom line, the business model becomes sustainable and firm (Kaplan & McMillan, 2020).TBL further answers the question of sustainability by making it a crucial component for performance metrics. According to TBL, businesses should be accountable for their actions by providing a significant profit-making atmosphere.
Advantages and Disadvantages of adopting TBL Model
Advantages
* The primary advantage of TBL is legitimacy. TBL promotes legitimacy by focusing on social responsibility and sustainability for business success.
* A business that adopts TBL tends to promote public relations. Public relations is increased since the business considers planet and people as crucial components of strategies (KsiężaK & FischBach, 2017). Business with effective public relations is also likely to grow due to a positive working environment and cooperation.
* TBL promotes resilience. Firms that adopt TBL tend to be resilient towards social concerns and environmental stressors.
* TBL promotes environmental stability. It balances the planet and profits by limiting adverse impacts of profit-making to environmental resources such as pollutions. Therefore, based on the identified advantages, TBL embraces business security and growth.
Disadvantages
* The key disadvantage is that it focuses on capitalism (KsiężaK & FischBach, 2017). Despite the focus on people and the planet in increasing profits, TBL prioritizes making money over people
* TBL also promotes status-quo capitalism by stressing that tweaking the business models is necessary for mitigating specific environmental problems, which is not true since bu...