Elkington

Definition

Elkington refers to John Elkington, a British author and sustainability expert known for coining the term 'Triple Bottom Line' in 1994. This concept emphasizes the importance of balancing economic, social, and environmental responsibilities for businesses, which is crucial in promoting sustainability and corporate responsibility in the modern economy.

5 Must Know Facts For Your Next Test

1. Elkington's work highlights the need for companies to measure success not just through financial metrics but also through their impact on society and the environment.
2. The 'Triple Bottom Line' approach encourages businesses to implement practices that are sustainable in the long run and beneficial for all stakeholders involved.
3. Elkington founded SustainAbility, a consultancy that helps organizations integrate sustainability into their strategies.
4. The concept has gained traction globally, influencing many companies to adopt sustainable business practices and report on their social and environmental performance.
5. Elkington has written several influential books on sustainability, including 'Cannibals with Forks: The Triple Bottom Line of 21st Century Business', which further popularized his ideas.

Review Questions

• How does Elkington's concept of the Triple Bottom Line challenge traditional business metrics?
  • Elkington's Triple Bottom Line challenges traditional business metrics by advocating that success should not only be measured by financial gain but also by social equity and environmental stewardship. This holistic approach encourages companies to consider their impact on various stakeholders including employees, communities, and the environment. By focusing on profit, people, and planet, businesses can create more sustainable practices that contribute positively to society while still achieving economic success.
• Discuss the implications of implementing Elkington's framework for businesses looking to improve their corporate social responsibility strategies.
  • Implementing Elkington's framework can significantly enhance a business's corporate social responsibility strategies by providing a structured approach to evaluating its practices across multiple dimensions. Companies adopting the Triple Bottom Line can identify areas where they can improve their social and environmental impacts while still pursuing economic goals. This comprehensive assessment helps businesses align their operations with broader societal values and expectations, ultimately leading to greater stakeholder trust and loyalty.
• Evaluate how the adoption of Elkington's principles can influence global business practices in the face of climate change challenges.
  • Adopting Elkington's principles can have a transformative effect on global business practices as companies recognize their role in combating climate change. By prioritizing sustainability alongside profitability, businesses are more likely to innovate and invest in eco-friendly technologies, reducing their carbon footprints. This shift not only positions them as leaders in the emerging green economy but also influences competitors and industry standards toward sustainable practices. As more companies embrace these principles, it creates a collective momentum that can significantly address climate change on a global scale.

Related terms

Triple Bottom Line:

A framework that encourages businesses to focus on three performance areas: profit, people, and planet, guiding them toward sustainable practices.

Sustainability Reporting:

The practice of disclosing an organization’s environmental, social, and governance (ESG) performance and impacts to stakeholders.

Corporate Social Responsibility (CSR): A business model that helps a company be socially accountable to itself, its stakeholders, and the public by integrating social and environmental concerns in its operations.