Ethics and Sustainability of Triple Bottom Line †MyAssignmenthelp.com

Question: Discuss about the Ethics and Sustainability of Triple Bottom Line. Answer: Effectiveness of triple bottom line Triple bottom line is one of the method of accounting which provides knowledge about the impact of the organization on the world to the the stakeholders. There are three main aspects that are taken in to consideration by the organization and they are profit, people and planet. The accounting standard is use to monitor the environmental, financial and social dimensions to understand the performance of the company (Savitz 2013). These three bottom lines for the company is measured separately and mentioned in the financial statement of the organization. The implementation of Corporate Social Responsibility is different from the triple bottom line because equal importance is not given to the CSR activities of a company. The triple bottom line of a company will help the stakeholders of the company to identify the impact of the company of society and the respective environment. The implementation of the Triple bottom line has helped the companies to maintain transparency and made the organ ization accountable for the society around it. There are various companies who have been able to help people under the poverty line to improve their disposable income and at the same implement environment measures to protect the environment from degrading (Lawler III 2014). The triple bottom line makes the company implement various labour laws and human rights, which improves the overall environment of the work culture. This in turn helps to improve the productivity of the company. Impact of foreign social norms on International business The diversity in the workplace has become a common phenomenon and so adapting the social norms of each culture is difficult for the organization. However, the language, tone, etiquette and management attitudes vary from country to country. The organization culture of every country is different so a modern organization will have to incorporate all the aspects of the diversity to make sure that they create unique culture within the organization (Guimond et al. 2013). The labour right, human rights and product responsibility vary in different cultures. Moreover, there is a barrier in language in some of the countries and sometimes the tone of the message is lost while translating the message. Internal expansion and mergers and acquisition are the two ways in which the companies try to make expansion at an international level. The cultural differences within the organization can be a problem for the companies. The companies will have to adjust to the various norms and culture between the different organization which will enable them to increase the growth and productivity of the company (Fong, Lee and Du 2014). The working culture, employee laws and practices are very important factors which an organization will have to think about before making the expansion strategy. A company faces various obstacles when they try to expand their business in to a totally new culture and in this regard communication is one of the biggest asset a company can have. Proper communication will help an organization to understand the various cultural and organizational norms prevalent in the target market. References Savitz, A., 2013.The triple bottom line: how today's best-run companies are achieving economic, social and environmental success-and how you can too. John Wiley Sons. Lawler III, E.E., 2014. Sustainable Effectiveness and Organization Development: Beyond the Triple Bottom Line.OD PRACTITIONER,46(4), pp.65-68. Guimond, S., Crisp, R.J., De Oliveira, P., Kamiejski, R., Kteily, N., Kuepper, B., Lalonde, R.N., Levin, S., Pratto, F., Tougas, F. and Sidanius, J., 2013. Diversity policy, social dominance, and intergroup relations: Predicting prejudice in changing social and political contexts.Journal of Personality and Social Psychology,104(6), p.941. Fong, C.M., Lee, C.L. and Du, Y., 2014, March. Consumer animosity, country of origin, and foreign entry-mode choice: a cross-country investigation. American Marketing Association.