In an era of 24-hour news, the confluence of commercial success and broader societal obligation is more intertwined than ever before. Shareholder and customer expectations are evolving and values-based leadership is becoming more prevalent.
Those realities make it difficult for companies to sustain success without a focus on its broader societal impact.
Some companies do so through a corporate social responsibility (CSR) program, while others follow a shared value (CSV) model. However, an emerging trend we define as CO/RE allows companies to maximize societal impact efforts and become policy leaders without looking too far beyond what they already do best.
This HPS paper explores ways three companies – JPMorgan Chase & Co., Toyota, and Zurich – have benefited from adopting a CO/RE approach. Key takeaways include:
- The CO/RE process begins with a business articulating its core expertise and determining how to apply it to tangential social causes.
- Businesses can build on their CO/RE expertise by developing compelling thought leadership and engaging reputable partners.
- Following a thought leadership exercise and initial CO/RE engagement, businesses should look for opportunities to scale impact through public policy or other platforms.