Explain the triple bottom line (TBL) approach..

The Triple Bottom Line (TBL) is a framework that goes beyond traditional financial metrics to evaluate an organization's performance and impact in three key dimensions:

1. Profit (Financial Bottom Line): This dimension assesses an organization's economic viability and financial performance. It examines factors such as revenue, profitability, and cost management. While profit is a fundamental measure of success, the TBL approach recognizes that financial performance should not be the sole focus of businesses.

2. People (Social Bottom Line): The social bottom line considers an organization's impact on society and stakeholders. It evaluates factors such as employee well-being, diversity and inclusion, community engagement, labor practices, and human rights. It emphasizes the importance of ethical and socially responsible business practices.

3. Planet (Environmental Bottom Line): The environmental bottom line assesses an organization's environmental sustainability and impact on the planet. It includes considerations like resource conservation, pollution reduction, carbon footprint, and sustainable sourcing. Organizations are encouraged to minimize their negative environmental footprint and contribute positively to ecological well-being.

The TBL approach recognizes that long-term success and sustainability require balancing these three dimensions. Organizations adopting this approach aim to create value not only for shareholders but also for employees, communities, and the environment. By considering the TBL, businesses can pursue a more holistic and responsible approach to decision-making that takes into account their impact on people and the planet, alongside financial outcomes.