When you say NO to corporate social responsibility, then It’s amazing to know a new concept, a word or terminology which is in the evolutionary phase to engage the corporate sector towards successful social impact. “Shared value” is more of related to social and economic benefits that the organizations can make via strategic initiatives in the community. While reading the literature I got confused with the corporate social responsibility and creating shared value. Is there any difference or what is the ideology behind this? After having brainstorming with a co-worker, I came to know the concise definition of creating shared value by corporate concerns “identifying and expanding the connections between societal and economic progress”. There is still need to work on this idea and generate more scientific evidence in order to say “shared value is the new pathway to bring change on economic and social grounds”. Although, a shared value framework needs more scientific evidence to put all the concept inline that make the difference from corporate social responsibility. This is the responsibility of companies belong to the corporate sector to lead the businesses and societies together in order to resolve the issues. There is a need to give value in return to the societies via solving their problems in a strategic way. The way forward for the corporate sector is to modify their mission and vision statements via adding social aspects. Perhaps, shared value philosophy need urgent attention from the corporate leaders in order to streamline the business with a contribution to the society by addressing issues, needs, and challenges. There should be a direct connection between the organization’s success and social progress. If you have thoughts on the term “creating shared value” please share in the comments. Sharing example of civil societies would be great. Below mentioned source is the conceptual reading by Harvard Business Review.
Source: Michael E. Porter and Mark R. Kramer (2011) “The Big Idea: Creating Shared Value” The Blog:01/28/2011 06:48 pm ET