- A new framework to measure performance in the corporate world which went beyond the traditional measures of profits, ROI etc to include environmental and social dimensions.
- An important tool to support sustainability goals.
- It is based on the pillars – People, Planet and Profit.
- An accounting framework that incorporates three dimensions of performance: social, environmental and financial.
- To measure 3 Ps – monetary value or index.
- TBL is able to be project specific or allow a broad scope – measuring impacts across large geographic boundaries.
- Who use TBL framework – businesses, nonprofits and government entities.
3 Ps of TBL
- Fair and beneficial business practices towards labour and community.
- Sustainable environmental practices
- Managing consumption of energy, reducing wastage, proper disposal of toxic waste etc
- Economic value created by the organisation after deducting the cost of all inputs.
- This aspect needs to be seen also as the economic impact the organisation has on the host society.
Measures for TBL
Economic measures – variables that deal with flow of money
- Personal income
- Establishment sizes
- Job growth
- Percentage of firms in each sector
- Revenue by sector
- Air quality
- Water quality
- Energy consumption
- Natural resources
- Land use
- Land cover
- Equity access to social resources
- Health and wellbeing
- Quality of life