More Than An Investment, Its A Desire To Create Value.
Singapore (December 4, 2008) /ChinaNewswire.com/ — Socially Responsible Corporates sees 'giving' as an investment, as oppose to consumption which is a hallmark of traditional economic rationale. Their giving, just like their approach to business, is touched by the stewardship desire to create value. Simply, CEOs of these corporates want their giving to have productive power rather than a generous throwaway in fulfilling the social contract.
Business can be a powerful force for positive change in building a sustainable society. Business's contract with the society is a source of competitive advantage. It seems appropriate for the businesses to help address social issues as many of the society's toughest problems have an adverse effect on the long-term growth rates and business health.
No doubt that globalisation has created new opportunities for businesses, it has also increased organisational complexity especially for companies with operations in the developing world. Truly, no one-size-fits-all CSR approach can be exactly replicated domestically and be applied across borders without thorough understanding of the local needs.
Another challenge will be in choosing the best PR & communication strategy of your CSR efforts. "Public Relations based on substance can be effective , but it can backfire if it is insincere", says Jerry Storch, Chairman and CEO of Toys "R" Us. Too often companies faced a communication conundrum of — either being seen overly "self-seeking" in their broadcasting of community investment accomplishments; or being too quiet and missing out opportunities created through good work.
The bottom line: If a company is not living up to basic standards of corporate citizenship, it cannot seek credit for its philanthropic efforts. CSR efforts is the most sustainable when the company's culture, ethos and CSR programme are mutually reinforcing.
Organised by The Pinnacle Group International, the "Global CSR Summit 2009″ is an excellent networking platform for corporates to learn from the leading CSR thinkers as they attempt to tackle some of the challenging global CSR issues faced by many today.
The Business Times is working with The Pinnacle Group International's prestigious Global CSR Summit 2009 and would be launching a special supplement in the Business Times on CSR that will be published on the 7 Jan 2009. This special supplement will help corporates to overcome the "communication conundrum" with professional editorials and interviews published on Business Times.