Answered Essay: What is the relationship between social responsibility and the “triple bottom line”? How might firms

What is the relationship between social responsibility and the “triple bottom line”? How might firms benefit from a “triple bottom line approach”? What are the drawbacks to this management approach?

Expert Answer

Social responsibility means viewing the things ethically from the point of view of individual and organizational. This include:-

  • Economic Responsibility
  • Legal Responsibility
  • Ethical Responsibility

On the other hand Triple Bottom Line (TBL) focuses on the 3 basic things:-

  • Social sustainability
  • Environmental sustainability
  • Economic sustainability

They both works side by side in the real world. Corporate Social Responsibility exists to ensure that an organization takes the right measures to be responsible and contribute positively to the communities they operate in. Triple Bottom Line means managing all the things together (Social, Environmental and Economical) they both are important for the company because they both help the company to give some benefits to the society or the country in which they are working.

Benefits of Triple Bottom Line:-

  • Helps in making goodwill

Every company wants to make a goodwill in the market so that they can attract more and more customers and TBL helps the company to make this happen for the company. They are able to showcase what all work they are doing to give benefits to the society.

  • Development of the Economy

If the company is Following TBL, than that will show what all benefits company is giving to the economy from their side.

  • To work ethically

Every company should work ethically and to that TBL will help the company. This is motivate the staff who are working for the company.

There are disadvantages as well for TBL:-

  • Increase in cost of the company

If company is following the TBL than they have to make the working environment in such a way that every one get benefit from the same. Which will increase the cost for the company.

  • Increase in the maintenance cost

This is very common thing if a company is buying or installing new technology than their maintenance cost will also going to increase.

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