The Triple Bottom Line is a philosophy that’s been thrown around for a number of years now.
First coined in 1994, the theory argues that companies should consider more than just their financial performance and should instead look to measure performance against three factors. Their people account – how socially responsible they are, their planet account – how environmentally responsible they are, and their corporate profit.
This is nothing new, companies have been stepping up their efforts to be more socially responsible for years now – whether this is to appeal to their market, meet government targets and regulations or simply to sleep better at night knowing they are making a difference. But with the rise of corporate transparency, the triple bottom line has more recently become a critical element when it comes to attracting and retaining the best talent to your teams.
When you are searching for top leaders, you are often approaching people who aren’t actively searching for a new job. That is why it is so important to set yourself apart from your competitors by promoting the efforts your company are making behind the scenes.
1. Profits
Publicising your business success doesn’t necessarily mean shouting your annual results from the rooftops. But when you win contracts and business awards, make sure people know about it.
An article in industry or national press with quotes from a relevant Director is going to reach a lot of people, particularly those who you are hoping to attract to your senior roles.
Make use of social media and your own company website to post updates on contracts and case studies on what you are achieving. The more you publicise the work you are doing the better your employment brand is going to be in the eyes of potential employees.
2. People
Many transport and infrastructure companies are looking to improve their corporate social responsibility. Just last month Amey joined the Buy Social Corporate Challenge, an initiative established by some of the UK’s largest businesses to collectively spend £1bn with social enterprises by 2020. The companies involved are switching many of their suppliers over to those who make a positive impact on communities, for example sourcing water coolers from a company which donates all its profits to clean water projects.
Simply supporting charities and social enterprises isn’t enough to attract and retain candidates. Employees want to be actively engaged in initiatives, 53% of workers said that “a job where I can make an impact” was important to their happiness*.
Involve staff, from the formation of a policy to its implementation and development. Then recruit them as ambassadors for the brand. Post videos and testimonials to career pages of employees who actively engage with the companies CSR enterprises. CSR is particularly important to Generation Y candidates when considering a future employer.
3. Planet
Sustainability may have started as a way to reduce costs. Reducing environmental impact can lead to increases in efficiency and reductions in waste. But nowadays employee attraction, engagement and retention has become an additional driving factor.
Go-Ahead London won the Sustainable Transport Award at this year’s National Corporate Sustainability and Responsibility Awards, for its Waterloo Project. This saw the transformation of a central London garage from a conventional diesel facility to a fully electric one.
Awards are a great opportunity to promote your employer brand, demonstrating your commitment to the causes you are supporting.
Yorkshire Water, take this one step further with their Big Wish for Ethiopia programme which aims to deliver safe water, sanitation and hygiene education to those less fortunate. The programme has involved 842 employees and nearly 2,000 hours of volunteer time so far, a prime example of how environmental projects can be used to promote employee engagement.
The Triple Bottom Line isn’t just a way of setting yourself apart from your competitors in the market place anymore, it’s a real motivator for talent to join your company. If you are looking for innovative ways to attract senior hires then click HERE to see how we can help.
*https://www.forbes.com/sites/jeannemeister/2012/06/07/the-future-of-work-corporate-social-responsiblity-attracts-top-talent/#7d576c633f95
