According to various sustainability reports, Triple Bottom Line stands for the social, financial and ecological aspects of any organization and the three pillars of this line are termed as ‘People’, ‘Planet’ and ‘Profit.’ In most recent years, TBL has been the most significant factor for investors, stakeholders, non-governmental organizations and management to be considered before investing heavily in any industrial sector that is socially and economically responsible. Below figures shows the basics of triple bottom line and how sustainability is defined for any CSR organization.
The Global Reporting Initiative (GRI) has grasped and advanced the idea of Triple Bottom Line for use in the corporate world. The GRI is an association based on various setup of interlinked networks that supervises the sustainability structure being followed in most parts of the world. The system sets out standards and Key Performance Indicators (KPI) that associations can use to quantify and report their monetary, ecological, and social execution. KPIs are distinguishable estimated measurements, consented to in advance, that reflect the factors on which organization’s success depends. These indicators vary from organization to organization. Here are a few illustrations of KPI’s:
Regular income generating from consistent or repeated customers can be measured as one of the KPI’s by certain industries.
Percentage of students getting graduated every year can attribute as the KPI for schools and colleges.
Percentage of client calls being answered within a minute of calling can be a significant KPI measurement for call centers and customer service department organizations.
Number of customers helped overall in the year in a social administration organization may be a key performance indicator for such industries.
As defined by TBL, Sustainability reporting is the act of quantifying, revealing, and being mindful to in-house and outer collaborated partners for industrial performance towards the common goal of achieving sustainable advancement. Based on GRI structure of reporting, sustainability reports unveils results and outcomes that happened inside the reporting time frame with regards to the organization’s duties, vital approaches, and administration leadership. Reports have a tendency to be utilized for benchmarking and evaluating sustainability performance in relation to the concerned laws, standards, codes, execution guidelines, and willful activities.