Another theory of corporate social responsibility is the Triple Bottom Line. Like the CSR theory we just discussed, Triple Bottom Line works on the assumption that the corporation is a member of the moral community, and this gives it social responsibilities. CSR is all about the “triple bottom line.” The triple bottom line, also known as ”TBL,” or “The three Ps”, is a concept introduced by John Elkington (a world renowned authority on corporate responsibility) that reveals how a company is doing socially, environmentally, and financially.
Most organizations must practice genuine corporate social responsibility to be successful in the modern marketplace. The triple bottom line places people and the planet on equal standing with profit in the mission of an organization. This study examines Corporate Social Responsibility in Sustainable Development and the notion of the Triple Bottom Line as an imperative in today’s socially responsible corporation. Standardization is used as a tool for integrating social and environmental costs and benefits into the financial bottom line of an organization.
A key concept to CSR and the triple bottom line is the stakeholder. Stakeholders, defined by Edward Freeman, are “any group or individual who can affect or is affected by the achievement of the organization's objectives.". your future employer cares about triple bottom line (why we should care) corporate social responsibility a business practice that involves implementing policies that benefit society; it accounts for the social and environmental impact created by the company.