Many businesses focus solely on profits and growth, but a growing number of forward-thinking organizations are adopting a triple bottom line approach that considers their impact on People, Planet and Profit. By implementing strategies that positively impact all three areas, businesses can gain a competitive advantage through enhancing their reputation, attracting top talent, and meeting customer values. Plus, they leave a legacy! This article will give you an overview on considerations for implementing the triple bottom line in your business.
Let’s explore how your organization can shift to make an impact with the triple bottom line!
People Impact Areas:
Begin by reviewing people-focused policies and identifying areas for improvement. Generous parental leave, a strong diversity policy, and 401k matching go a long way in attracting and retaining top talent. Declare an annual employee volunteer day for teams to give back to causes they’re passionate about. Consider contributing a set amount to employee health premiums as well. An employee stock plan helps people feel invested in the company’s success. Be sure to conduct regular, anonymous employee surveys to understand satisfaction and areas for growth. Develop an accessibility policy so your organization is inclusive of all abilities.
Planet Impact Areas:
Examine your environmental footprint and set tangible reduction targets. Launching a zero waste initiative and committing to tree planting for carbon offset are great starting points. Encourage alternatives to employees driving alone through vanpools, public transit subsidies or flexible hours. Guide catering choices toward vegetarian, local and sustainable options. Assess water and energy use in facilities then spearhead reduction initiatives. Manufacturing businesses can focus on using renewable energy and decreasing emissions.
Profit Impact Areas:
Financial goals should incorporate social and environmental factors. Aim for annual revenue growth while also reducing operating costs through greater efficiency. Establish quarterly reviews to track performance against profit and sustainability key performance indicators. Reserve a portion of annual profits for a community investment initiative that provides support to local causes.
Evaluate Progress Regularly
Review progress regularly, such as quarterly, to determine what’s working well and where improvements are still needed. Conducting employee and customer surveys can offer valuable feedback on the impact of triple bottom line strategies. Consider hiring a consultant to audit policies and practices, then develop an implementation timeline spanning one to two years.
Implementing a genuine triple bottom line approach takes time but pays dividends through an enhanced brand, more loyal customer base, and high employee morale and retention. Follow the steps above to make a tangible positive and lasting impact through your business in a way that uplifts people, planet and profit in equal measure. If you need help and want to discuss more about implementing the triple bottom line for impact in your organization, reach out to us today.