Until recently, corporate engagement in society has been viewed as a business cost, to be traded off against profitability. Increasingly, however, companies are realizing that by creating shared value, they can benefit society and boost their competitiveness at the same time.
Creating shared value can be broken out into ten key building blocks from adopting a clear vision to measuring, learning from, and communicating performance. Taken together, these building blocks form a blueprint for translating a shared value agenda into action.
Embedding shared value creation in a company is likely to require a thoroughgoing change process. While the details of this process will vary for each firm, three common lessons can be identified.
Creating SHARED VALUE: A How-to Guide for the New Corporate (R)evolution