The question of whether corporate social responsibility is profitable and adds value to a company is important to the development community because the private sector has far greater resources than government aid programs. If the game-changing resources of the world’s largest corporations are put toward the tasks of poverty, climate change and other global challenges, the results could be dramatic.
Corporate social responsibility over the years has developed from a simple form of check-writing by companies to a complex set of principles that encompass nearly every interaction a company has with society.
“Corporate social responsibility encompasses not only what companies do with their profits, but also how they make them,” according to a definition from the Corporate Social Responsibility Initiative at Harvard’s Kennedy School of Government. “It goes beyond philanthropy and compliance and addresses how companies manage their economic, social, and environmental impacts, as well as their relationships in all key spheres of influence: the workplace, the marketplace, the supply chain, the community, and the public policy realm.”
Porter’s theory of “shared value” takes the concept of corporate social responsibility further. He argues that companies should use their interactions with society – and more importantly address society’s problems – to drive new business opportunities and create a source of significant untapped profits.
“The ability to address societal issues is integral to profit maximization instead of treated as outside the profit model,” Porter wrote in the Harvard Business Review article, which he co-authored with Mark Kramer, founder of the nonprofit consultancy FSG.
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