CSR

CSR

Source of opportunity, innovation, competitive advantage
1. Some companies do not know what to do
  1. Some responses have been neither strategic nor operational but cosmetic (PR, media)
    1. Perceiving social responsibility as building shared value rather than as damage control or as a PR campaign will require dramatically different thinking in business
Risk of not complying
1. Lost of brand loyalty
  1. Vehemence of stakeholder not necessarily signifies importance of issue
2. Attacks by activist/ boycott
Arguments for
1. Moral obligation
2. Sustainability
3. License to operate
4. Reputation
  1. Companies who try to please stakeholders often find themselves coming up with ST defensive reactions which typically have minimal value to society & strategic benefit for company
Should benefit both society AND business to be successful
1. Essential guide for CSR is not whether a cause is worthy but whether it presents an opportunity to create shared value - benefit society, valuable to business
3 categories of social issues
1. Generic social issues
2. Value chain social issues
3. Social dimension of competitive context
Creating a corporate social agenda
1. Looks beyond community expectations to opportunities to achieve both social and economic benefits
2. Strategic CSR
  1. Most significant impact
  2. Greatest business benefits
  3. Moves beyond responsive CSR
  4. About doing things differently from competitors in a way that lowers costs or better service a particular set of customer needs
  5. Opportunities for shared values
    1. Unlocks shared value by investing in social aspects of context that strengthen company competitiveness
      1. The success of the company and the success of the community becomes mutually reinforcing
    2. More closely tied a social issue is to the company’s business, the greater the opportunity to leverage the firm’s resources and capabilities, and benefit society
    3. Addressing social issues by creating shared value will lead to self-sustaining solutions that do not depend on private or government subsidies
    4. Not only able to foster economic and social development but to change the way companies and society think about each other
  6. Organisations that make the right choices and build focused, proactive, and integrated social initiatives in concert with their core strategies will increasingly distance themselves from the pack
3. Responsive CSR
  1. Acting as a good corporate citizen
    1. Creates goodwill
    2. Improve relations with govt/ other important institutions
  2. Mitigating existing/ anticipated adverse effects from business activities
    1. An operational challenge

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