Unethical corporate practices, human rights violations, environmental disasters, increasing wealth inequality and in general profits at the expense of the community have profoundly damaged the reputations of many corporations across the world and of capitalism as a sustainable system itself. Businesses have tried to use CSR practices, such as philanthropy as a way to win back the trust of increasingly aware customers, regulators and even investors, framing, therefore, CSR just as a marketing strategy. But in recent years things have changed and a new approach to CSR has emerged.
Businesses have moved away from the idea that their sole scope is to return value to shareholders. They have instead rethought their business model and the way they make profits by focusing on creating value for all stakeholders that play a role in a company’s economic success. By identifying societal needs and problems that intersect with their businesses, companies have found new opportunities for growth.
Investments in the wellbeing of employees result in increased productivity and efficiency, while training and skills development in rural communities that support businesses help establish long-term sustainable supply chains.
More and more companies have started reducing their environmental impact as they see climate change as an already present threat to their financial success. They have rethought their operations, their energy and water use, to reduce GHG emissions, waste, air and water pollution, in many cases obtaining efficiency gains and substantial cost-savings.
Through these sustainability efforts, which in many ways go beyond what’s required by regulations, companies have sparked innovation and increased their competitiveness.
It’s clear therefore that through their CSR and CSV efforts companies can address the problems of their surrounding communities and as a result create value for investors. But through their collaboration with regulators and NGOs, they also play a fundamental role in creating systemic transformational change in society as a whole.
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