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6907947
Elkington's Triple Bottom Line
Description
Mind Map on Elkington's Triple Bottom Line, created by Shamil Jeeawoody on 06/11/2016.
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Mind Map by
Shamil Jeeawoody
, updated more than 1 year ago
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Created by
Shamil Jeeawoody
almost 8 years ago
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Resource summary
Elkington's Triple Bottom Line
What was Elkington's purpose for it?
A way of thinking about a business's social responsibility and not just a method of measuring performance
What are the three main areas?
Profit
Most familiar for managers
Figures recorded in firm's financial statements
Can help sustain the broader community in which the business operates
People
Social responsibility
Managing its business to take into account the interests of society in general, especially stakeholders
Health and safety matters
Safe working environments
Financial matters
Fair pay to employees
Paying suppliers fair prices promptly
Planet
Minimise impacts of activities on environment
Actions
Reducing carbon emissions, easily measurable
Reducing wate
Sustainable sources of raw materials
Benefits of using the triple bottom line
Encourages businesses to think beyond just profit
What is it?
Management tool allowing managers to think of the repercussions of their actions not just on profits but on society and the enironment
Limitations
Profit can be quantified whereas 'people' and 'planet' can only be measured qualitatively
The conventional way on measuring performance is through profits
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