This document discusses views on the social responsibility of business and its relationship to profitability. It presents arguments that businesses should prioritize shareholder value over CSR and that CSR should not be mandated as it is not representative of investor interests. However, it also provides counter arguments that CSR can help drive long term profitability by improving customer and employee satisfaction. Leading organizations are increasingly seeking a balance between profit maximization and social engagements to create shared value for both business and society.
This document outlines key aspects of effective corporate social responsibility (CSR). It defines CSR as achieving a balance of economic, environmental and social imperatives to address stakeholder expectations. It discusses stakeholders in business and presents a CSR pyramid showing different levels of responsibility from economic to ethical. It explores reasons for the increased importance of CSR, how companies can implement CSR through various forms, and the potential business benefits of an effective CSR strategy.
BrightStar Wisconsin Foundation is a nonprofit venture philanthropy fund that invests in Wisconsin startups to create jobs and spur economic growth in the state. Since 2014, BrightStar has invested over $3.7 million in 26 companies that have created 175 jobs and project creating 1,479 additional jobs over the next three years. The organization was inspired by Wisconsin's low rankings in startup activity and aims to partner with incubators like gener8tor to fund companies with potential for high-skilled, good-paying jobs.
SHIFT: Meeting Corporate Philanthropy Where It's HeadingSondra Dellaripa
The document provides an overview of corporate philanthropy and building corporate giving programs. It discusses the goals of corporate philanthropy including enhancing reputation, local impact, and improving employee recruitment and retention. Successful partnerships are built on personal relationships, understanding mutual value propositions, and trust between corporations and nonprofits. The document also outlines strategies and resources for corporate giving programs.
The document discusses corporate social responsibility (CSR). It defines CSR as a business's commitment to operate ethically and contribute to sustainable development. The document outlines the benefits of CSR, including attracting customers and investment. It presents a pyramid of CSR that progresses from economic responsibilities to legal, ethical, and philanthropic responsibilities. The document emphasizes the importance of CSR for business success and community welfare. It provides examples of how companies like Toms Shoes and Starbucks implement CSR initiatives around issues like poverty, sustainability, and social justice.
MGT211- Assignment 02 what counts as goodSamiya Yesmin
This document summarizes an article about what constitutes a good company. It discusses how the traditional view of a company's sole purpose being to make money has evolved into a view where companies have social purposes and provide meaningful jobs. Good companies balance financial returns with meeting stakeholder needs, conceive a long-term perspective over short-term gains, and build strong internal and external connections by conveying institutional values and prioritizing public interest. Treating employees as professionals who can self-organize helps firms grow and generate new ideas. Following these six principles helps build truly good companies.
Make Shift Happen: Leading Change - Global Scrum Gathering 2019Agile Velocity
Change is everywhere, and it's here to stay.
In this session at Global Scrum Gathering 2019, attendees learned the difference between change management and change leadership, how to recognize the importance and role of leading change, and how to self-assess leadership tendencies.
This document discusses entrepreneurship in knowledge-based industries. It outlines the characteristics of successful entrepreneurs, including perseverance, risk-taking ability, innovation, and salesmanship. It also examines factors that affect entrepreneurship, such as psychological, social, technical, and economic barriers. The document then provides techniques for identifying business opportunities, and discusses individual versus group entrepreneurship. It classifies different types of entrepreneurs and industries, including opportunities in knowledge-based service industries like BPO, consulting, and HR outsourcing. The document concludes by thanking the reader.
This document outlines key aspects of effective corporate social responsibility (CSR). It defines CSR as achieving a balance of economic, environmental and social imperatives to address stakeholder expectations. It discusses stakeholders in business and presents a CSR pyramid showing different levels of responsibility from economic to ethical. It explores reasons for the increased importance of CSR, how companies can implement CSR through various forms, and the potential business benefits of an effective CSR strategy.
BrightStar Wisconsin Foundation is a nonprofit venture philanthropy fund that invests in Wisconsin startups to create jobs and spur economic growth in the state. Since 2014, BrightStar has invested over $3.7 million in 26 companies that have created 175 jobs and project creating 1,479 additional jobs over the next three years. The organization was inspired by Wisconsin's low rankings in startup activity and aims to partner with incubators like gener8tor to fund companies with potential for high-skilled, good-paying jobs.
SHIFT: Meeting Corporate Philanthropy Where It's HeadingSondra Dellaripa
The document provides an overview of corporate philanthropy and building corporate giving programs. It discusses the goals of corporate philanthropy including enhancing reputation, local impact, and improving employee recruitment and retention. Successful partnerships are built on personal relationships, understanding mutual value propositions, and trust between corporations and nonprofits. The document also outlines strategies and resources for corporate giving programs.
The document discusses corporate social responsibility (CSR). It defines CSR as a business's commitment to operate ethically and contribute to sustainable development. The document outlines the benefits of CSR, including attracting customers and investment. It presents a pyramid of CSR that progresses from economic responsibilities to legal, ethical, and philanthropic responsibilities. The document emphasizes the importance of CSR for business success and community welfare. It provides examples of how companies like Toms Shoes and Starbucks implement CSR initiatives around issues like poverty, sustainability, and social justice.
MGT211- Assignment 02 what counts as goodSamiya Yesmin
This document summarizes an article about what constitutes a good company. It discusses how the traditional view of a company's sole purpose being to make money has evolved into a view where companies have social purposes and provide meaningful jobs. Good companies balance financial returns with meeting stakeholder needs, conceive a long-term perspective over short-term gains, and build strong internal and external connections by conveying institutional values and prioritizing public interest. Treating employees as professionals who can self-organize helps firms grow and generate new ideas. Following these six principles helps build truly good companies.
Make Shift Happen: Leading Change - Global Scrum Gathering 2019Agile Velocity
Change is everywhere, and it's here to stay.
In this session at Global Scrum Gathering 2019, attendees learned the difference between change management and change leadership, how to recognize the importance and role of leading change, and how to self-assess leadership tendencies.
This document discusses entrepreneurship in knowledge-based industries. It outlines the characteristics of successful entrepreneurs, including perseverance, risk-taking ability, innovation, and salesmanship. It also examines factors that affect entrepreneurship, such as psychological, social, technical, and economic barriers. The document then provides techniques for identifying business opportunities, and discusses individual versus group entrepreneurship. It classifies different types of entrepreneurs and industries, including opportunities in knowledge-based service industries like BPO, consulting, and HR outsourcing. The document concludes by thanking the reader.
The document discusses building corporate alliances and partnerships to further nonprofit missions. It describes convergence between businesses and nonprofits and how corporate social responsibility (CSR) aims to benefit society as well as financial performance. Nonprofits can leverage CSR by forming alliances with interested corporations. However, alliances require clear communication and terms to ensure mutual benefit and avoid risks of wasted resources or mission drift. Structuring win-win partnerships through sponsorship, sales promotions, or shared resources can maximize impacts for both nonprofits and businesses.
Corporate Social Responsibility - Importance and its Practice | INB480 SMIRifatul Sazal
The general definition of CSR and its importance form companies or brands perspective. And some few Brands who are practicing CSR in Bangladesh and abroad
The popularity of Corporate Social Responsibility: A strategic reviewIOSR Journals
Abstract : Purpose: This research paper aims to explore a research question: Why Corporate Social Responsibility (CSR) should be popularized instead of imposed? Methodology: Answering the question CSR literature with the test of both theoretical and practical perspectives by following qualitative interview method. This research paper reviews the practical assessment of latest thinking about CSR. This research investigates three questions, these are: who are the investors of CSR, who makes decisions about CSR and potential implications of CSR? Findings: Most relevant theoretical framework offers guidance to managers where CSR is morally attractive force of business through legislative power. Imposed questions are revealed to answers of first two questions are quiet apparent. The answer of third question is inference that indicates three major findings. These are: the costs of CSR remain unrecognized, it helps the managers to take decisions, and CSR have government and civil society implications which we scarcely think. Practical Implications: The capacity of business can contribute to society that has proved through huge expenditure of firms. This paper concludes to encourage the business sensibly by using the popularity CSR as business duty. Value: This paper provides vital information on CSR as a business function.
The document defines corporate social responsibility (CSR) as a company integrating social and environmental concerns into its business operations and interactions with stakeholders. It discusses the history and evolving definitions of CSR. CSR refers to businesses operating in a manner that meets ethical, legal, and public expectations by establishing values, transparency, and accountability. It involves businesses balancing economic, social, and environmental interests of shareholders and stakeholders.
This document discusses the need for companies to develop coherent corporate social responsibility (CSR) strategies. It outlines three "theatres" or categories of CSR activities: 1) philanthropic giving that benefits society but may not directly benefit the company, 2) initiatives that create shared value by benefiting both society and the company's bottom line, and 3) efforts to fundamentally transform a company's ecosystem in ways that create social value while enhancing the company's long-term position. The document argues that companies should develop CSR strategies that integrate activities across these three theatres rather than having disparate, uncoordinated programs. An effective CSR strategy can help companies address social and environmental issues in a strategic manner.
This document discusses the importance of corporate purpose and how companies are reexamining and defining their purpose. It provides perspectives from speakers at an event on corporate purpose. Some key points:
- Corporate purpose can guide a company's actions, culture, and impact. Successful companies like Disney were built around a strong sense of purpose.
- Modern companies are recognizing the importance of purpose in engaging employees and contributing to social good. However, purpose must be embedded throughout the organization, not just with leadership.
- Defining and living your purpose can help a company compete for talent, rebuild trust after crises, and achieve long-term sustainable success for all stakeholders. Leading through purpose-driven change allows companies to manage
This document summarizes a presentation on rethinking corporate philanthropy. It discusses the history and legal obligations of corporations, including early corporations and a 1919 court case establishing shareholder primacy. It also covers strategic management models for corporate social responsibility, including stakeholder theory. Potential unintended results of corporate philanthropy are outlined, such as using resources inefficiently, charity being at the mercy of the market, and blurred private and public roles. Executive decisions around determining appropriate CSR spending and balancing stakeholder interests are discussed.
This document outlines the structure and content of a presentation on responsible business. It discusses the relevance of corporate social responsibility to professional studies and careers. It evaluates business responsibilities to shareholders, employees, communities, and the environment. The document presents perspectives on CSR from business leaders like Milton Friedman, Jamsetji Tata, and N.R. Narayana Murthy. It concludes that businesses must consider societal impacts and that CSR has evolved from peripheral philanthropy to a strategic business priority.
How do multi national corporations ce os perceive and communicate about socia...Alexander Decker
This document summarizes a research journal article that investigated how multi-national corporation CEOs perceive and communicate about corporate social responsibility. The researchers analyzed 105 letters from sustainability reports and identified different areas of CSR that CEOs discussed as well as five categories of CEO discourse. However, the authors note that CEO discourse may not fully reflect their true perceptions of CSR since their communications are stake-driven.
11.how do multi national corporations ce os perceive and communicate about so...Alexander Decker
This document summarizes a research journal article that investigated how multi-national corporation CEOs perceive and communicate about corporate social responsibility. The researchers analyzed 105 letters from sustainability reports and identified different areas of CSR that CEOs discussed as well as five categories of CEO discourse. However, the authors note that CEO discourse may not fully reflect their true perceptions of CSR since their communications are stake-driven.
This document discusses social entrepreneurship and the characteristics of successful social entrepreneurs. It defines the key domains of social entrepreneurship as having a social mission, social innovation, and creating social change with an entrepreneurial spirit and personality. Successful social entrepreneurs try to find practical solutions to social problems through innovation and opportunity. They focus on social value creation and are willing to share their ideas to replicate solutions. They also have an unwavering belief in people's ability to contribute and a determination that pushes them to take risks where others won't. However, social entrepreneurs are also considered unreasonable because they want to change systems, are ambitiously visionary, and ignore evidence in pursuit of measuring social impact.
This document discusses the importance of strong character and ethics in leadership. It argues that character, defined as an individual's moral qualities, is the most inspiring trait in a leader. The core attributes that make up good leadership character are integrity, authenticity, the ability to listen, having a positive tone and outlook, emotional intelligence, confidence, and sharing a vision. For organizations to foster an ethical culture, leaders must think beyond short-term profits, address unethical behaviors promptly, and promote values of respect, honesty and integrity through their words and actions to encourage ethical decision-making.
Defining the mindset of social entrepreneurshipYutakaTanabe
1. Introduction
2-1. A framework to define the mindset of social
entrepreneurship
2-2. Defining the mindset of social entrepreneurship
2-3. Difference between the definition of the mindset of
entrepreneurship and that of social entrepreneurship
3. Conclusion
This document discusses the concept of shared value, which involves corporate policies and practices that enhance competitiveness while also advancing social and economic conditions. It provides examples of companies implementing shared value strategies. The key points are:
- Shared value is defined as identifying business opportunities that meet societal needs or solve social problems in a way that also improves financial performance and competitiveness.
- Examples discussed include health care programs by Novartis and GE that expand access while reducing costs, and efforts by PepsiCo, Nestle, and Campbell's to address issues in their supply chains and product lines.
- Effective shared value strategies are integrated into core business, leverage a company's expertise, track performance metrics, and seek to
The document discusses definitions and perspectives on corporate social responsibility (CSR). It summarizes definitions from Kotler and Lee, who define CSR as discretionary business practices that improve community well-being. Mallen Baker defines CSR as managing business processes to create overall social benefits. The World Business Council for Sustainable Development defines CSR as continuing commitments to behave ethically and contribute to economic and social development. Carroll presents CSR as consisting of four layers: economic, legal, ethical, and philanthropic responsibilities. Later perspectives discussed move beyond philanthropy to include impacts on employees, markets, and communities from business operations. Stakeholder involvement from the start is important for CSR initiatives to be successful.
Business Case For Corporate Social Responsibility & ContributionAnthonySork
This presentation explores the business case for CSC/CSR both direct and indirect. Margo Ward is the CEO of KidsXpress and Anthony Sork is the Managing Director of Sork HC
Allyson discusses Shared Value, the concept first popularized by Michael Porter and Mark Kramer in their Harvard Business Review article, and shape the discussion around the impact & import for the non-profit sector.
You can see and hear the full presentation in context by visiting http://sigeneration.ca/SharedValue.html
Allyson Hewitt is the Director of Social Entrepreneurship at the MaRS Discovery District and Director of SiG@MaRS.
The document summarizes research on purpose-driven organizations. It finds that such organizations achieve superior financial performance and increased employee engagement and customer satisfaction compared to peers. Purpose-driven CEOs play a key role in advocating for their organization's core purpose and ensuring decisions are made in line with shared values. Authentically connecting employees' personal purposes to the organizational purpose is important. Purpose provides resilience for leaders and focus for organizations, driving long-term sustainable performance.
This document provides information about a warmer product and how to use it, contact information for the company that produces the warmer, and the names of the individuals responsible. It discusses the application of the warmer, using the warmer, and provides contact details for any questions, comments, or feedback regarding their products.
The document discusses building corporate alliances and partnerships to further nonprofit missions. It describes convergence between businesses and nonprofits and how corporate social responsibility (CSR) aims to benefit society as well as financial performance. Nonprofits can leverage CSR by forming alliances with interested corporations. However, alliances require clear communication and terms to ensure mutual benefit and avoid risks of wasted resources or mission drift. Structuring win-win partnerships through sponsorship, sales promotions, or shared resources can maximize impacts for both nonprofits and businesses.
Corporate Social Responsibility - Importance and its Practice | INB480 SMIRifatul Sazal
The general definition of CSR and its importance form companies or brands perspective. And some few Brands who are practicing CSR in Bangladesh and abroad
The popularity of Corporate Social Responsibility: A strategic reviewIOSR Journals
Abstract : Purpose: This research paper aims to explore a research question: Why Corporate Social Responsibility (CSR) should be popularized instead of imposed? Methodology: Answering the question CSR literature with the test of both theoretical and practical perspectives by following qualitative interview method. This research paper reviews the practical assessment of latest thinking about CSR. This research investigates three questions, these are: who are the investors of CSR, who makes decisions about CSR and potential implications of CSR? Findings: Most relevant theoretical framework offers guidance to managers where CSR is morally attractive force of business through legislative power. Imposed questions are revealed to answers of first two questions are quiet apparent. The answer of third question is inference that indicates three major findings. These are: the costs of CSR remain unrecognized, it helps the managers to take decisions, and CSR have government and civil society implications which we scarcely think. Practical Implications: The capacity of business can contribute to society that has proved through huge expenditure of firms. This paper concludes to encourage the business sensibly by using the popularity CSR as business duty. Value: This paper provides vital information on CSR as a business function.
The document defines corporate social responsibility (CSR) as a company integrating social and environmental concerns into its business operations and interactions with stakeholders. It discusses the history and evolving definitions of CSR. CSR refers to businesses operating in a manner that meets ethical, legal, and public expectations by establishing values, transparency, and accountability. It involves businesses balancing economic, social, and environmental interests of shareholders and stakeholders.
This document discusses the need for companies to develop coherent corporate social responsibility (CSR) strategies. It outlines three "theatres" or categories of CSR activities: 1) philanthropic giving that benefits society but may not directly benefit the company, 2) initiatives that create shared value by benefiting both society and the company's bottom line, and 3) efforts to fundamentally transform a company's ecosystem in ways that create social value while enhancing the company's long-term position. The document argues that companies should develop CSR strategies that integrate activities across these three theatres rather than having disparate, uncoordinated programs. An effective CSR strategy can help companies address social and environmental issues in a strategic manner.
This document discusses the importance of corporate purpose and how companies are reexamining and defining their purpose. It provides perspectives from speakers at an event on corporate purpose. Some key points:
- Corporate purpose can guide a company's actions, culture, and impact. Successful companies like Disney were built around a strong sense of purpose.
- Modern companies are recognizing the importance of purpose in engaging employees and contributing to social good. However, purpose must be embedded throughout the organization, not just with leadership.
- Defining and living your purpose can help a company compete for talent, rebuild trust after crises, and achieve long-term sustainable success for all stakeholders. Leading through purpose-driven change allows companies to manage
This document summarizes a presentation on rethinking corporate philanthropy. It discusses the history and legal obligations of corporations, including early corporations and a 1919 court case establishing shareholder primacy. It also covers strategic management models for corporate social responsibility, including stakeholder theory. Potential unintended results of corporate philanthropy are outlined, such as using resources inefficiently, charity being at the mercy of the market, and blurred private and public roles. Executive decisions around determining appropriate CSR spending and balancing stakeholder interests are discussed.
This document outlines the structure and content of a presentation on responsible business. It discusses the relevance of corporate social responsibility to professional studies and careers. It evaluates business responsibilities to shareholders, employees, communities, and the environment. The document presents perspectives on CSR from business leaders like Milton Friedman, Jamsetji Tata, and N.R. Narayana Murthy. It concludes that businesses must consider societal impacts and that CSR has evolved from peripheral philanthropy to a strategic business priority.
How do multi national corporations ce os perceive and communicate about socia...Alexander Decker
This document summarizes a research journal article that investigated how multi-national corporation CEOs perceive and communicate about corporate social responsibility. The researchers analyzed 105 letters from sustainability reports and identified different areas of CSR that CEOs discussed as well as five categories of CEO discourse. However, the authors note that CEO discourse may not fully reflect their true perceptions of CSR since their communications are stake-driven.
11.how do multi national corporations ce os perceive and communicate about so...Alexander Decker
This document summarizes a research journal article that investigated how multi-national corporation CEOs perceive and communicate about corporate social responsibility. The researchers analyzed 105 letters from sustainability reports and identified different areas of CSR that CEOs discussed as well as five categories of CEO discourse. However, the authors note that CEO discourse may not fully reflect their true perceptions of CSR since their communications are stake-driven.
This document discusses social entrepreneurship and the characteristics of successful social entrepreneurs. It defines the key domains of social entrepreneurship as having a social mission, social innovation, and creating social change with an entrepreneurial spirit and personality. Successful social entrepreneurs try to find practical solutions to social problems through innovation and opportunity. They focus on social value creation and are willing to share their ideas to replicate solutions. They also have an unwavering belief in people's ability to contribute and a determination that pushes them to take risks where others won't. However, social entrepreneurs are also considered unreasonable because they want to change systems, are ambitiously visionary, and ignore evidence in pursuit of measuring social impact.
This document discusses the importance of strong character and ethics in leadership. It argues that character, defined as an individual's moral qualities, is the most inspiring trait in a leader. The core attributes that make up good leadership character are integrity, authenticity, the ability to listen, having a positive tone and outlook, emotional intelligence, confidence, and sharing a vision. For organizations to foster an ethical culture, leaders must think beyond short-term profits, address unethical behaviors promptly, and promote values of respect, honesty and integrity through their words and actions to encourage ethical decision-making.
Defining the mindset of social entrepreneurshipYutakaTanabe
1. Introduction
2-1. A framework to define the mindset of social
entrepreneurship
2-2. Defining the mindset of social entrepreneurship
2-3. Difference between the definition of the mindset of
entrepreneurship and that of social entrepreneurship
3. Conclusion
This document discusses the concept of shared value, which involves corporate policies and practices that enhance competitiveness while also advancing social and economic conditions. It provides examples of companies implementing shared value strategies. The key points are:
- Shared value is defined as identifying business opportunities that meet societal needs or solve social problems in a way that also improves financial performance and competitiveness.
- Examples discussed include health care programs by Novartis and GE that expand access while reducing costs, and efforts by PepsiCo, Nestle, and Campbell's to address issues in their supply chains and product lines.
- Effective shared value strategies are integrated into core business, leverage a company's expertise, track performance metrics, and seek to
The document discusses definitions and perspectives on corporate social responsibility (CSR). It summarizes definitions from Kotler and Lee, who define CSR as discretionary business practices that improve community well-being. Mallen Baker defines CSR as managing business processes to create overall social benefits. The World Business Council for Sustainable Development defines CSR as continuing commitments to behave ethically and contribute to economic and social development. Carroll presents CSR as consisting of four layers: economic, legal, ethical, and philanthropic responsibilities. Later perspectives discussed move beyond philanthropy to include impacts on employees, markets, and communities from business operations. Stakeholder involvement from the start is important for CSR initiatives to be successful.
Business Case For Corporate Social Responsibility & ContributionAnthonySork
This presentation explores the business case for CSC/CSR both direct and indirect. Margo Ward is the CEO of KidsXpress and Anthony Sork is the Managing Director of Sork HC
Allyson discusses Shared Value, the concept first popularized by Michael Porter and Mark Kramer in their Harvard Business Review article, and shape the discussion around the impact & import for the non-profit sector.
You can see and hear the full presentation in context by visiting http://sigeneration.ca/SharedValue.html
Allyson Hewitt is the Director of Social Entrepreneurship at the MaRS Discovery District and Director of SiG@MaRS.
The document summarizes research on purpose-driven organizations. It finds that such organizations achieve superior financial performance and increased employee engagement and customer satisfaction compared to peers. Purpose-driven CEOs play a key role in advocating for their organization's core purpose and ensuring decisions are made in line with shared values. Authentically connecting employees' personal purposes to the organizational purpose is important. Purpose provides resilience for leaders and focus for organizations, driving long-term sustainable performance.
This document provides information about a warmer product and how to use it, contact information for the company that produces the warmer, and the names of the individuals responsible. It discusses the application of the warmer, using the warmer, and provides contact details for any questions, comments, or feedback regarding their products.
The document discusses corporate social responsibility (CSR), outlining its definition, purpose, drivers, and different strategies and approaches companies can take toward CSR. It notes that CSR provides win-win opportunities for companies, investors, and society by allowing companies to treat stakeholders ethically while addressing social and environmental issues. The document also discusses arguments for and against CSR, limitations to current approaches, and some organizations working in the CSR field.
CORPORATE SOCIAL RESPONSIBILITY - Background & Implications In IndiaSatyaki Chowdhury
This Presentation on CSR will give you the very core idea of what is CSR, how it evolved, what are it's applications, its effect on the aspect of Business & Some examples of CSR's Involvement in India!!!!
The Slide No. 25 contains a Youtube Video. The link is given below :
https://www.youtube.com/watch?v=o0Ur-JqQmvQ
Hope you will get a basic idea of CSR from the presentation.
Thank You.
H&M is a major global retailer established in 1947 that operates over 2000 stores across 37 markets. It focuses on fashion and quality at affordable prices without owning any factories, instead working with over 700 independent suppliers. H&M has faced criticism over working conditions and environmental impact but has increasingly focused on sustainability through initiatives like a code of conduct for suppliers, reducing carbon emissions, and increasing use of organic cotton in its products. It communicates its sustainability efforts through its website, reporting, and partnerships with organizations like UNICEF to manage risks, position itself positively in the market, and be more strategically involved with stakeholders.
A presentation looking at trends, drivers, actions, strategy and business ethics, why they matter, who does them well and what the business case is today
Strategic Corporate Social Responsibility Recommendations for H&M, 2008Sustainable Fashion LA
This is a presentation my group put together for our Strategic CSR class. We were assigned the task of recommending a Sustainability Strategy that fit within the core business strategy of our our selected business.
What's really exciting is that H&M is actually starting to do this. Not on our recommendation, of course, but as a reaction to recent press around their practice of throwing unsold clothing into the trash.
As always in fashion, one man's trash...
The document discusses corporate social responsibility (CSR). It begins with Jamie introducing the topic and definitions of CSR. Tom then presents arguments for CSR, discussing how it can reduce costs, enhance brand reputation, and increase sales and employee retention. Jennifer argues against CSR, noting concerns about conflicting stakeholder interests, CSR being used as public relations, and difficulties measuring the benefits of CSR activities. The document then discusses case studies of Microsoft's CSR programs and how Ford has worked to reduce vehicle emissions. It concludes with Marie and Jen discussing conclusions on the topic of CSR.
This document defines organizational culture and describes its key elements. It discusses that culture is comprised of shared beliefs, assumptions, values and norms that shape group behavior. Culture is transmitted through socialization and exists when shared by most group members, passed between generations, and influences behavior. The core elements of culture include observable practices/symbols and deeper assumptions/values. The document then examines different types of organizational cultures like bureaucratic, clan, market, and entrepreneurial cultures and how they influence behaviors and performance. Finally, it discusses how strong, well-socialized cultures can enhance performance and satisfaction if a common style is developed and reinforced.
This document provides an introduction to corporate social responsibility (CSR), including a definition, reasons for adopting CSR programs, potential objections to CSR, and how CSR programs can be communicated and reported. It discusses the business advantages of CSR in areas like human resources, risk management, and brand differentiation. It also presents alternative viewpoints on CSR and considers frameworks for CSR reporting, including using triple bottom line accounting and standards from organizations like the Global Reporting Initiative.
Organizational culture refers to the shared values, beliefs, and behaviors of members of an organization. A strong organizational culture can attract and retain talent, engage employees, create energy and momentum, and make everyone more successful. Culture is learned through stories, rituals, symbols, and language within the organization. Founders and top management play important roles in establishing and maintaining an organization's culture through selection practices, actions, and socialization of new employees. While difficult to change, understanding organizational culture is important for managing change within a company.
Corporate Social Responsibility (CSR) refers to voluntary actions that businesses take to operate in an economically, socially, and environmentally sustainable manner. CSR acknowledges that companies have a responsibility to various stakeholders, including employees, customers, investors, communities, and the environment. CSR involves businesses integrating social and environmental concerns into their operations and interactions with stakeholders on a voluntary basis.
The document discusses different types of organization structures including functional, divisional, matrix, and emerging structures. It provides details on each structure type, describing their advantages and disadvantages. For example, it notes that a functional structure groups positions by specialized function which allows for expertise development but slow response to multi-function problems. A divisional structure groups positions by products/markets, enabling fast response to change but potential resource duplication.
This document discusses organizational structure and provides definitions and examples of key concepts. It defines organizational structure as how a group is formed and how communication and authority are channeled. It then discusses the importance of organizational structure for clarifying roles and responsibilities. The document contrasts formal and informal structures and describes centralized and decentralized structures. It also defines organizational charts and discusses types of charts including vertical, horizontal, and circular charts. The key concepts of authority, responsibility, delegation, and accountability are defined.
Corporate social responsibility (CSR) involves companies taking responsibility for their impact on society beyond short-term profits. CSR addresses stakeholders' interests, including employees, customers, communities, the environment, and shareholders. By adopting CSR, companies can build trust with stakeholders, attract customers and employees who value ethics, manage risks to the company's reputation, and gain government support. CSR has become necessary for companies to operate sustainably in today's competitive environment.
Corporate social responsibility (CSR) refers to a company's responsibility to consider the interests of stakeholders, including communities, in its business activities and operations. Stakeholders exert direct or indirect influence over a business and are also impacted by its actions. CSR aims to address major challenges like economic, social, environmental, and ethical issues faced by companies. By creating a culture of "doing good" and "being right", companies can gain stakeholders' trust and purchasing preferences. CSR involves delivering benefits not just to a company's direct customers but to everyone affected by the business.
Corporate social responsibility (CSR) refers to a company's responsibility to consider the interests of its stakeholders, including consumers, employees, investors, communities, and the environment. Stakeholders exert direct or indirect influence over the company and are also impacted by its actions. CSR aims to address major challenges companies face, such as economic, social, and environmental issues, by creating a culture of "doing good" and "being right" to gain stakeholders' trust. Implementing CSR can help companies manage risks, recruit employees, gain government support, and reduce costs - ultimately leading to long-term business success.
Corporate social responsibility (CSR) refers to a company's responsibility to consider the interests of its stakeholders, including consumers, employees, investors, communities, and the environment. Stakeholders exert direct or indirect influence over the company and are also impacted by its actions. CSR aims to address major challenges companies face, such as economic, social, and environmental issues, by creating a culture of "doing good" and "being right" to gain stakeholders' trust. Implementing CSR can help companies manage risks, recruit employees, gain government support, and reduce costs - ultimately leading to long-term business success.
Corporate social responsibility (CSR) refers to a company's responsibility to consider the interests of its stakeholders, including consumers, employees, investors, communities, and the environment. Stakeholders are groups that influence or are influenced by a company's actions. CSR requires companies to provide value to stakeholders through their operations in an ethical and environmentally sustainable manner. Implementing CSR can help companies reduce costs, attract customers and employees who value sustainability, manage risks to the company's reputation, and gain government support.
Corporate social responsibility competitive advantage or social concernAlexander Decker
This document discusses corporate social responsibility (CSR) and whether it provides competitive advantage or is simply a social concern. It provides background on the evolution of CSR from philanthropy to a business strategy seen as key to long-term success. The document outlines several definitions of CSR and discusses frameworks for CSR reporting. It also reviews literature on how CSR can provide competitive advantage through gaining reputation and community support, but may be seen as too expensive by some. A survey is discussed to understand employee perceptions of whether CSR is for advantage, concern, or both.
11.corporate social responsibility competitive advantage or social concernAlexander Decker
This document discusses corporate social responsibility (CSR) and whether it provides competitive advantage or is simply a social concern. It provides definitions of CSR from various organizations. CSR was originally seen as corporate philanthropy but is now viewed as a business strategy. Companies have realized they need community support to succeed and that addressing social and environmental issues is important for long-term business goals. The document also discusses frameworks for CSR reporting and rising expectations around CSR in India.
Corporate social responsibility (CSR) involves businesses addressing ethical, social, and environmental impacts in their operations. A 3 sentence summary is:
CSR is important for attracting employees, customers, and investors who value responsible business practices. While critics argue CSR distracts from profit-making, proponents counter that CSR strategies can reduce costs, drive innovation, and provide competitive advantages. Leading companies now report on their CSR initiatives to differentiate themselves and respond to growing stakeholder expectations for transparency around social and environmental performance.
Corporate social responsibility (CSR) refers to a company's obligation to consider the interests of society through its activities and business
relationships. The document discusses CSR in the context of the global electronics industry supply chain. It identifies key social issues like gender
inequality and discrimination. Environmental issues discussed include pollution and e-waste. Economic issues discussed are tax havens and special
economic trading zones. The document also provides examples of CSR programs addressing communities and education in developing countries.
The Relationship Between Corporate Ethics in Determining the Morality, Perfor...CharleneWoods5
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4. No responsibility
• CSR should not be the responsibility of corporations
where individual investor‟s interests are not
democratically represented
• “businesses give to anything that is tied into the business’s
managers or employees personal beliefs, instead of being tied into
well thought out social or business objectives“ (Porter and Kramer 2012)
• There is no positive perpetual relationship between CSR
and profitability
• Business must put their business needs before their CSR
5. Shareholder value
• Important differentiation between
privately and publicly held companies.
• “ValueAct Capital hedge fund will push
for change with the support of others to
advance their agenda for change”
(AllthingD Article)
10. Profit maximization – The primary
objective?
• Is profit maximization indeed in the interest of business?
• Alternative maximizing theories - Profit satisficers (Hinde 2012)
Employees Organization
• Employee motivation base
primarily on intrinsic
motivation
• People prefer organizational
culture, personal
development and people
before financial bonuses
(Cannell & Wood 1992,
Langenberg 2013)
• Investments into green
growth proofed to positively
impact long-run profit
• Passion for business and
satisfied customers, will
impact profits positively
(Hallegatte et al. 2012,
Kay 1998)
11. Real World Examples
• Improving Customer and Partner
Experience (CPE) is one of Microsoft‟s
primary business objectives
• Customer and Partner satisfaction is
fundamental for MS to maintain its market
position and secure future revenue
• 73% of businesses indicate “cost savings”
as one of the top 3 reasons to engage in
CSR (Pricewaterhouse Coopers in Carroll Vol 12 (1) p.97 )
12. Alternative views
• Companies are stuck in a “social responsibility” mindset.
• Shared value is at the center of what companies do and
creates economic value for business and society.
• Purpose of corporation is to create shared value
• No value redistribution but extension of economic and social values
13. Business obligations
• Business has more than one obligation
• Business should partner with governments
to set legislation
We need to work in a collective way (Bill Weldon,
former CEO of Johnson and Johnson)
• Statistics and scenario planning can help
managers to determine if their course of
action may have the desired social impact
• Business should align their philanthropic
activities with their core competencies
15. Conclusion
• The level of engagement in CSR divides the
business environment until today.
• Firms must generate enough profit to satisfy
their key investors needs.
• Leading organizations increasingly seek
balance between profit maximization and social
engagements.
• To increase efficiency
• To increase customer and employee satisfaction
• Shared value fundamentally redefines capitalism
and could become the next business paradigm.
16. Bibliography
• Campbell, JL. (2007), 'WHY WOULD CORPORATIONS BEHAVE IN
SOCIALLY RESPONSIBLE WAYS? AN INSTITUTIONAL THEORY OF
CORPORATE SOCIAL RESPONSIBILITY', Academy Of Management
Review, 32 (3) pp. 946-967, Business Source Complete, EBSCOhost,
viewed 8 June 2013.
• Carroll, A, & Shabana, K 2010, 'The Business Case for Corporate Social
Responsibility: A Review of Concepts, Research and Practice',
International Journal Of Management Reviews, 12, 1, pp. 85-105, Business
Source Complete, EBSCOhost, viewed 6 June 2013.
• Friedman, M 1970, 'The Social Responsibility of Business is to Increase its
Profits', The New York Times, September 13th 1970, viewed February 10th
2011, <http://www.colorado.edu/studentgroups/libertarians/issues/friedman-
soc-resp-business.html%3E.
17. Bibliography
• Hamilton, P 2013, 'Reward Management', in Managing People, Durham,
UK, viewed May 5th 2013.
• John Sloman, Kevin Hinde & Garratt, D 2010, Economics for Business, 5th
edn, Pearson Education Limited, Essex, England.
• Kay, J 1998, 'The Role of Business in Society', The Financial Times,
February 3rd 1998, viewed March 27th 2012,
<http://www.johnkay.com/1998/02/03/the-role-of-business-in-society%3E.
• Mulligan, Thomas. (1986), „ A Critique of Milton Friedman‟s essay, „The
social responsibility of business is to increase its profits.” Journal of
Business Ethics”, 5 (4)pp 265-269.
• Porter, ME & Kramer, MR 2011, 'CREATING SHARED VALUE', Harvard
Business Review, vol. 89, no. 1/2, pp. 62-77.
18. Bibliography
• Porter, Michael E and Kramer, Mark R. (2002). “The Competitive
Advantage of Corporate Philanthropy”,Harvard Business Review 80 pp 56-
69
• Stavins R., Reinhardt, F. & Vietor, R. (2008) Corporate Social
Responsibility through an Economic Lens , John F Kennedy School of
Government, Harvard University, Working Paper Number:RWP08-023.
Available at http://www.nber.org/papers/w13989 (accessed 27th March
2012)
• Stephane Hallegatte, Geoffrey Heal, Marianne Fay & Treguer, D 2012,
From growth to green growth, CEPR, viewed June 8th 2013 2013,
<http://www.voxeu.org/article/growth-green-growth%3E.
19. Bibliography
• Swisher, K 2013, Microsoft Ponders Major Restructuring, Amid Renewed
Wall Street Focus on Stock, Dow Jones & Company Inc, viewed June 6th
2013, <http://allthingsd.com/20130603/microsoft-ponders-major-
restructuring-amid-renewed-wall-street-focus-on-stock/%3E.
• Zadek, S. (2000). Doing Good and Doing Well: Making the Business Case
for Corporate Citizenship. Research Report 1282-00-RR. New York: The
Conference Board.
Editor's Notes
This presentation will discuss social responsibility and its function within business. Contributors to this formative assignment were Christian Langenberg, Shakeela Khan and NamakauKatundu
This statement by Milton Friedman reflects the traditional profit-maximizing theory. The rationale behind this theory derives out of the assumption that organizations are led by their owners or the people that are financially invested in it. It is assumed, that the owners or investors will look for a financial return that at least compensates for their opportunity costs expressed in potential alternative investment forms. Friedman’s view is closely related to the agency problem, which describes potential differences in values and objectives between people who own the company or stakes within the company (owner/shareholder) and the people who run the day to day business (managers). In this sense, Friedman points out that the manager’s responsibility is “to conduct the business in accordance with their <the owners> desires, which generally will be to make as much money as possible”.
Friedman asserts that when managers act socially responsible, they tend to favour causes that are aligned with their own belief which in effect does not represent the interest of the shareholders or even other stakeholders. This is true of most managers and according to Michael E. Porter, many businesses give to anything that is tied into the business’s managers or employees personal beliefs, instead of being tied into well thought out social or business objectives (Porter and Kramer, 2012 p.6). However, as we will later see, despite the altruistic actions of many firms, most do not engage in CSR without thought to the bottom line. There is no positive perpetual relationship between CSR and profitability. So unless one can gain advantages from it, then it may not be worth engaging in. Mintzberg argues that firms may be rewarded up to a certain extent for engaging in CSR and after that there is diminishing return (Carroll,100)Businesses cannot engage in CSR without thought to the bottom line. For without positive financial performance, then there will be no extra to spend on social responsibilities. As Zadek pointed out, in this highly competitive world, firms cannot only think altruistically, but must give thought to how they allocate their resources and must put their business needs before their CSR (6, 2011). That is not to say though that businesses cannot behave socially responsible, but it is difficult to decide what actually constitutes socially responsible. Therein lies the problem.
In the overall CSR discussion, it is worth differentiating between privately owned and pubicly held companies. Owners of privately held company’s invest “their own” money when engaging in social activities and tend to be in general closer to the community. Puclicly listed companies are typically owned by institutions such as hedge funds or pension funds. These companies are beind held accountable to generate profits by their customers, for example to enable them to pay out pensions.The pressure such funds can put on organization has been recently highlighed in an aritcle which states that Microsoft becomes increasingly under pressure to focus on shareholder returns since the ValueAct Capital hedge fund purchased 1% of the entire Microsoft stock. The hedgefund purchased the stock with the objective to “push for change with the support of others to advance their agenda for change” (AllthingD Article). This quote reflects that if a group of shareholders is not satisfied with the resulting return of the organization, it can potentially actively seek for a change in stewardship.
The Rio+ 20 Conference held in Rio De Janeiro, Brazil from 20th t0 22nd June 2012, brought together different stakeholders to deliberate and chart progress on the issue of sustainable development. As part of the commitment statement by stakeholders it was recognised that “sustainable development can only be achieved with a broad alliance of people, governments, civil society and the private sector, all working together to secure the future we want for present and future generation”. This working together in this context can be described as the Corporate Social Responsibility of these stakeholders to address issues pertaining to Climate Change, Biodiversity and Combating Desertification. Milton Friedman recognized that it would be in the long term interest of a corporation to contribute a part of its resources to a viable cause in the community thus reducing its contribution in taxes to the respective Government. In the same way following the Rio+20 conference which was an action-oriented conference, all stakeholders, including major public and private groups, the UN System, IGOs and member states were invited to make commitments focusing on delivering concrete results for sustainable development on a voluntary basis. By the end of the Conference, over 700 voluntary commitments were announced and compiled into an online registry managed by the Rio+20 Secretariat, initiating a new bottom-up approach towards the advancement of sustainable development. It is clear to see that these initiatives and commitments can not be undertaken without resources whilst at the same time underlying the importance that the primary objective of most business is to generate financial resources. For example a private University may commit to this cause by establishing a syllabus dedicated to educating students on renewable energy but in order to implement the deliverance of that module, it would have to charge tuition and other fees for the new programme. In the same way, an industrial firm manufacturing various products may outline its commitment in the form of utilizing more energy efficient ways of production but any cost of implementing the new technology would be borne ultimately in the cost of the products to the clientele of the industry. This ensures that the business still remains viable and intentionally profitable.
The opportunity cost of establishing a business by its owners can be defined as the potential profit of that firm and this is normal profit.Abnormal profit is the difference between total profit and normal profit. How is abnormal profit determined. Lets take for example the Swedish clothing firm of H&M who have committed to more sustainable production methods for cotton growing and processing. The committed deliverable states that 100% of our cotton should come from more sustainable sources, i.e. a combination of organic cotton, re-cycled cotton and better cotton.Through the Better Cotton Initiative H&M aims to produce 300,000 tonnes of cotton lint as Better Cotton, in Brazil, India, Pakistan and West and Central Africa. The community service initiative a clear case of CSR whilst allowing for better cotton production will inevitably also result in increased prices for the products sold by H&M as organic products are always higher priced than synthetic products but the goodwill of the CSR can not be overlooked at all. Since H&M has committed to a defined timeline and project implementation cost, it is in the best interest of its management to ensure that more revenue is generated and profits invested so that the commitment to the project is not undermined.Similarly the NIKE Inc aims to achieve 20% reduction in CO2 emissions per unit (measuring energy and emissions based on footwear) from FY11 levels through FY15 (in aggregate from assessed footprint in the built environment, logistics and footwear manufacturing). This is a global initiative and needless to say the profits of NIKE are not likely to decrease but to increase because of the nature of the products sold.Another interesting case is that of Deloitte UK, which has initiated Our Green Journey which was a development arising from engagement with key stakeholders (including clients and Deloitte professionals) and evaluation of strategic considerations. Deloitte UK is committed to assisting firms report correctly and monitor their Corporate Social Responsibility activities. These services are not offered freely but do go a long way to contributing to the CSR activities of the reporting firms as their service to the community is clearly articulated and recorded.
Based on the nature of certain global industrial organizations it has become imperative for these to incorporate corporate responsibility as part of their business and growth strategy to avoid costs in the long term associated with not addressing issues that would affect the community in the short term.The giant steel firm of Arcelormittal as committed to implementing a clearly articulated corporate responsibility governance strategy through a dedicated unit.Our approach to corporate responsibility has evolved considerably over the last five years and is increasingly integral to the way we manage our business. As a result, corporate responsibility is now a fundamental part of our mainstream governance processes and reporting
Before expanding on the role of social responsibility in business, it is worth to question Friedman’s theory that investing shareholder profits into non-profit generating projects makes manager’s fail as agents. This statement assumes that business will only benefit from short-run profit maximizing actions. But is this really the case?Alternative economic theories suggest that organizations can thrive for multiple objectives, whereas profit maximization is merely one of them. Manager’s try to achive sufficient profit level but focus on the achievement of other goals that can include economic objectives such as sales revenue maximization or growth maximization but also goals such as being a market leader or improving employee and customer satisfation. Such organizations are also known as “profit satisficers” (Hinde 2012 page 287). The aspect of increasing employee and customer satisfaction is an interesting concept. Academic theories tie improved motivation closely with improved organizational performance. Motivating employee’s is also confirmed not to be primarily financially driven, but due to so called “intrinsic motivation”. This form of motivation derives out of an internal drive towards something based on interest or enjoyment. Cannel & Wood (1992) suggest that things such as individual recognition, promotion and job qualities are primary driver for employee motivation. A recent Durham MBA assignment investigating the impact of variable pay on employee motivation confirmed that employees value things like company culture, people and career development more than a high financial bonus.On an organizational level, social responsible project significantly add to customer satisfaction and even increased revenue in the long run. Stéphane Hallegatte, Geoffrey Heal, Marianne Fay and David Tréguer describe in an article about green growth the economic benefit of sustainability programs. One such example related to the input effect describes the regeneration of fish stocks by implementing fishing quotas. While this impact the fishing industry in the short run, it ensures future fishing opportunities in the future. John Kay (Kay 1998), an opponent of the profit-maximizing theory identified various successful businesses that were not primarily driven by profit maximization but rather by the drive to simply be good businesses. Such objective primarily derives out of pure passion for the business, industry or technology. Measured by “satisfied customers, motivated employees, well-rewarded investors and high reputation within their communities”, organizations can indeed combine a passion for business with measurable success. If these measured are aligned and achieved properly, profits will follow.
For real world example of an organiztion that focuses on customer satisfaction is Microsoft. Microsoft carries high Customer Partner Experience (CPE) as a continuous organizational objective in their full year key initiatives. Generating most of their sales revenue through OEM customers (HP, DELL etc.) and channel partners puts enormous pressure on Microsoft to remain the partner of choice in order to stay competitive against companies such as Google or Samsung (Microsoft internal document). Every year, Microsoft performs a so called NSAT survey that asks its customers and partners a series of questions in relation to quality, satisfaction with the service or the account management. Based on the feedback Microsoft implements large scale and sometimes costly projects that work on improving the overall NSAT score. The strategy behind this is that Microsoft seeks to maintain its market position and secures future sales revenue by maintaining customer satisfaction. ------Despite the altruistic actions of many firms, most do not engage in CSR without thought to the bottom line. Therefore, Milton Friedman’s assertion that the social responsibility of business is to increase its profits is an accurate reflection of how firms view their obligations. However, engaging in CSR actually works for many businesses as they gain cost reduction and competitive advantage and goodwill/reputation benefits. Indeed, in a survey performed by Pricewaterhouse Coopers which asked business executives to identify why companies were becoming more socially responsible, 73 percent indicated “cost savings” as one of the top three reasons (Carroll Vol 12 (1) p.97). Businesses also use CSR to gain competitive advantage. They also use CSR for solidifying reputation and goodwill within a community. In fact, there have been instances where the advertisement bill for the CSR greater than the CSR bill.
Companies are stuck in a social responsibility mindset means that businesses perceive societal issues at the periphery and not at the core. The question is not how much businesses should do satisfy the CSR side of things but rather how to reorganize the entire value framework towards shared value. Creating shared value involves creating economic value in a way that also creates value for society by addressing its needs and challenges. Porter goes as far as claiming that “the purpose of the corporation must be redefined as creating shared value, not just profit per se”. But let’s hear from Porter himself.
While many may hold this view, I contend that business has more than one obligation. As Carroll has stated Freidman’s view is a traditional one that represents an old contract with business and society. Now there is a modern view which is more representative of current business and society and holds that stakeholders expect economic, ethical, legal and philanthropic responsibilities from businesses (2010, Vol. 12, p.97). For instance, if a natural disaster occurred and drinking water was compromised, effectively endangering many lives, should water bottling companies use this as an opportunity to increase prices and maximise profits? If Friedman’s rhetoric is used, then the answer is yes.Friedman further argues that social issues should be dealt with by the government and legislation. While this statement certainly has merit, I would go one step further and point out that businesses should help partner with government to set the legislation. Indeed, business must help with social responsibility. One group cannot be held responsible. According to Bill Weldon of Johnson and Johnson, “if we do not align ourselves and work in a collective way on these social issues, everybody will be worse off”. (McKinsey and Company, 16, 2010).Freidman also claims that by giving businesses social responsibility, we are placing too much power in their hands. As Friedman says, businessmen will “simultaneously be legislator, executive and jurist.” They could become self-regulators in which case opportunities are created for businesses to act irresponsibly. For example, monopolies that fix prices.He further argues that they cannot know what impact their actions would have on social issues as they are not knowledgeable about those situations. I think this is too simplistic a view and does not accurately reflect most businessmen’s acumen. To put it into perspective: managers cannot know for sure that the product he is going to produce will have the expected level of success, but he may use statistics or trends or scenario planning etc to help him with his decision. Similarly, managers can do the same with social issues aided by advice from the in-house economist which most large organizations employ nowadays. If businesses align their philanthropic activities with their core competencies, not only do they not get distracted from their core business, but they also augment their altruistic activities. For instance, Home Depot Inc. has been providing advice on rebuilding communities to the victims of Hurricane Katrina (Carroll, 2010, 98).
Friedman’s assertion that a business obligation is to increase its profits are well supported. In fact, many shareholders will replace their directors/managers if they do not get returns on their investment. Furthermore, even if organizations want to be socially responsible, conflict of interests arise as managers would prefer to invest in causes closer to their beliefs. Firms must also allocate their resources responsibly: in other words, they cannot engage in CSR without first giving thought to their business needs.As already discussed many counterarguments exists to Friedman’s traditional view. Most recent attitude change towards CSR was clearly seen at the conference in Rio + 20 Conference where it was agreed that firms engage in a bottoms up approach that is they engage in CSR without sacrificing their financial viability. Multinational corporations such as Nike and H&M are engaging in CSR and some companies like ArcelorMittal are clearly articulating it in their corporate strategy. Surely, this is indicative of how the perception of CSR is changing. Recent studies have also shown that customers and employees are increasingly satisfied when organizations engage in CSR, and if they are happy, then profits will follow. Thus organizations know that CSR is one way to remain competitive and ultimately profitable.Michael Porter introduced the concept of Shared Value that completely redefines business thinking and shifts values towards creating value for investors but also society at large. While it will still take time until organizations embrace its potential, it certainly has the potential to become the next business paradigm of the future.Winston Churchill once said, “the price of greatness is responsibility”. While he may not have been specifically speaking about businesses, it is a quote deserving of further thought.