Learn what triple impact companies are and how they work

Probably in recent times you have heard at least once the concept “company with triple impact”. As their name indicates, they are companies that take into account three fundamental pillars through which they work: a social perspective, an environmental perspective and, obviously, they never lose sight of the economic objective.

The companies with triple impactalso called type B companies, are a new type of company that in their management models implemented uses and customs that allow them to have a positive impact on the planet in an integral way.

In other words, their operation implies that they not only generate economic benefits, but also take into account the social and environmental impact of each project or product they carry out. This makes them unique, and being a type of organization that does not stop growing, they are also becoming innovative in all parts of the world.

Triple impact companies are also called B companies.

Why are triple impact companies good for the planet?

The objective of this type of enterprise or business is not only to be the best in its sector, but also the best for the planet. This new perspective contributes positively to these companies broadening their perspective and no longer being a simple social actor focused on generating economic profit. In other words, through their policies, they can become protagonists of sustainable development through beneficial programs for the whole world.

On the environmental level, according to National Geographic, every year there is a list of animals and species that disappear as a result of climate change, hunting and the destruction of their habitats. In February 2020, the International Union for Conservation of Nature released data that warns about this situation. As they explained, there are currently some 5,200 species in danger of extinction, made up of 25% mammals and amphibians, 34% fish, 20% reptiles and 11% birds.

Although the disappearance of creatures such as rhinoceroses or big cats is evident, there are also many others that are not as well known but play a very important role in ecosystems due to the functions they perform. Some perform pollinating functions, others serve as food for other species, and others have symbiotic relationships with other species that would be left alone.

Stopping this problem is a responsibility of everyone in the world. And the companies with triple impactwith their contributions, can be protagonists of this type of change.

There are currently about 5,200 species in danger of extinction

What does the triple impact triad mean?

Probably, when hearing about this type of entrepreneurship or business, you have ever wondered what is triple impact? This triad has three key concepts to function: social, environmental and economic. They are dimensions that work yes or yes together and could not survive one without the other. Therefore, their synergy is essential.

One by one: what do they mean?

  • The social component: It is the social value of the company. That is, salary policies, benefits for employees and their families, the ethics and transparency regime, and the creation and maintenance of a good work environment, among others.
  • An environmental component: This component refers to the study of the environmental impact generated by the company’s activity and the adoption of policies to reduce it. For example, with the reduction of energy consumption, the incorporation of recycling activities, waste separation activities, or the training of its employees to continue fostering a climate of cooperation.
  • The economic component: Obviously, every business or company has as its objective an economic return. However, the triple impact companies are those that are related to the commitment to the community in broad aspects. Therefore, the renunciation of obtaining economic benefits at any cost is one of the most important characteristics. Although making money remains a fundamental objective of the company, the well-being of human beings, whether they are employees or outside the company, will never be sacrificed.

Triple impact: examples

There are already many multinationals in the world that have migrated their management models to become triple impact companies. In addition, new ventures, in general, also have a broader perspective that seeks to generate the least possible negative effect on the development of the planet.

It must be taken into account that, even if the changes are minimal, they can have a favorable and rapid impact on the environment. The incorporation of recycling policies, the implementation of green spaces in the offices and the use of reusable products is key to this objective.

DO YOU KNOW THIS TYPE OF MODEL? How does it work?

Sources: Businesses and companies, National Geographic Spain