The triple bottom line is an emerging set of metrics designed to account for a new paradigm in business. The old paradigm, of course, is the bottom line of profit. The new triple bottom line is: people, planet, and profit. These are the new standards of sustainability that will be reported to employees, share holders, investors, clients, and customers.
According to Reuters seven Cincinnati based corporations have joined forces to share best practices on sustainability. The Greater Cincinnati Green Business Council (GCGBC) was initiated by the Cintas Corporation, and current members include P&G, Mitsubishi Electric Automotive America, Melink Corporation, Macy's, Luxoticca Group, and Fifth Third Bank.
From the GCGBC press release:
The purpose of the group is to share best practices while collaborating how to best drive and accelerate sustainable development in the Greater Cincinnati region. The group meets regularly to tour facilities and hear presentations by members regarding the financial impact of their programs.
A visit to the GCGBC website www.gcgbc.org reveals the group's mission:
To inspire the business community to deliver a better social, economic and environmental future.
You will also find that the triple bottom line approach is how the GCGBC plans to expand into this broader spectrum of values for organizational and societal success. The clear statement by these industry leaders is that "business as usual" is no longer acceptable.
Earlier this month, Jeanne Meister at 2020 Workplace, was making prescient observations that companies will begin disclosing these types of corporate responsibility programs, in an effort to attract and retain employees. Her blog highlights the transforming trends of the business world, heading into the next decade. She clearly pinpoints the reason for this green corporate trend. There is a new generation demanding more accountability. Her prediction begins simply enough:
The focus on people, planet, and profits - known as the triple bottom line - will become the main way organizations attract and retain new hires. This will be critical because 80% of a sample of 1,800 13-25 year olds want to work for a company that cares about how it impacts and contributes to society. More than half also say they would refuse to work for an irresponsible corporation.
The development of a green business council in Cincinnati, is just one more indicator that our city is ahead of the curve. The GCGBC has made it their goal to make the Cincinnati business community the sustainabilty leader in America. That's a very tall order, but it can happen if the community refuses to accept this as just a feel good PR campaign. It must be embraced as a serious transformation of values, which can be accounted for and be made transparent for the public's viewing.
Ultimately, the greatest value that the GCGBC could provide our region is corporate peer pressure. If the council is to be successful, they must expand their influence and bring in more members. In order to effect the change in corporate culture that we all wish to see, the GCGBC will need to sway those who are not yet convinced of the necessity of these transformative values.
Here's looking at you: Kroger, Chiquita, Duke Energy, Cincinnati Bengals, Cincinnati Reds, GE Infrastructure, Convergys, Western & Southern Financial Group, and Great American Insurance Company. Expand your bottom line!
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