Part of Being an Effective Leader in Business Is to Think

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The Answer is When considering the triple bottom line in HRM, it is useful to consider how the theory and practice of HRM might be different in the future, as well as how business might be different, and the people-management implications of these.
By considering what business might be like in the future, already we have witnessed shifts in how business is valued in society.The triple bottom line view has highlighted for business, society and governments the importance of which metrics are used to indicate successful business performance.In particular, the triple bottom line suggests that it is inappropriate to rely on financial performance indicators alone.Rather, this approach suggests that business success is measured by good performance on financial, social and environmental indicators.
Although the current ability to accurately assess environmental and social impact in any meaningful way is still problematic, the view that business should contribute to the wellbeing of the environment and society does foreshadow the possibility that current notions of economics and business performance may shift away from a material focus to a human wellbeing focus.For HRM, a key implication would be the need to explicitly link the management of people to social and environmental outcomes in addition to financial ones.
Examples of non-financial outcomes that HRM may need to show it positively affects include cognitive moral development, corruption, distributive justice, diversity openness, inclusion, crime, economic development, poverty alleviation, education, corporate citizenship, environmental impact, human rights, and empowerment to exercise civil and employment freedoms.
The increasing expectations of consumers, employees, communities and governments regarding the purpose of business in society and how it should operate will undoubtedly require a greater integration of HRM with the other functions within an organisation, as well as integration with the broader community.

Part of Being an Effective Leader in Business Is to Think

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Part of Being an Effective Leader in Business Is to Think

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