Giving Compass’ Take:
• The author suggests that hosting community voice, inclusive decision making, and investments that strengthen resiliency are all crucial to a successful and sustainable supply chain and proper corporate social responsibility.
• Will these strategies lead to more successful CSR? What makes them a more efficient approach?
Competing for greater market share while employing sound environmental and social practices requires that corporations design and execute comprehensive and integrated external stakeholder strategies. The degree to which a company incorporates stakeholder contributions into its business decision-making process can greatly improve its competitive advantage.
Scholars and practitioners agree that traditional Corporate Social Responsibility (CSR) as a public affairs tool is inadequate, having produced limited results to date. According to Harvard Business School economists and business strategists, Michael Porter and Mark Kramer, traditional CSR initiatives are “a hodgepodge of uncoordinated [activities] disconnected from the company’s strategy that neither make a meaningful social impact nor strengthen the firm’s long-term competitiveness”.
Multinational companies often take a risk-based approach to designing and implementing responsible sourcing (RS) strategies, with the goal of minimizing threats to operational efficiency and overall reputation. Many RS efforts concentrate on: managing supplier relations and performance; creating sustainable products; enhancing supply chain efficiency; improving governance; and creating shared value for society and local communities. However, many companies fail to create transformative change in vulnerable sourcing markets with deficient social and environmental standards.
While risk management is needed to support a sustainable supply chain, it must also incorporate the following:
- Host community voice
- Inclusive decision-making at every stage of a project life cycle
- Investments that strengthen sourcing communities’ resilience to external shocks
Read the full article about supply chain sustainability by Nikki Duncan at TriplePundit
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