From Corporate Social Opportunity to Corporate Social Responsibility

Abstract

During the early 2020s, business leaders have been faced with the confluence of multiple challenges, the likes of which they had never seen before: the Covid-19 pandemic, systemic racism and the continued escalation of the climate crisis. These challenges forced companies to search for new ways to create value for their investors and other stakeholders; these challenges forced business leaders to think differently about the role that their companies play in the broader society. As we think about how business leaders balance these short-term opportunities and long-term strategies, it is critical that they realize that he level of social responsibility expected by society has risen significantly in recent years. Companies need to move beyond seeing social dynamics as short-term opportunities and incorporate them into long-term strategies. In this study, we offer 6 rules for moving forward and for turning short-term social opportunities into long-term strategic value creations. Business leaders need to focus on offering products, services and relationships that help their stakeholders improve their lives. In doing this, we rely on both academic studies and case studies to show how moving beyond corporate social opportunity and towards value creation through social responsibility is the key to long-term corporate success.