Transitioning from CSR to CSV: creating shared value for business and society

Abstract

Today, it found out that many organizations in Thailand did not pay attention in the importance of doing CSR activities due to those activities are in need of budget requirement. In other word, it increases the company burden, while the society will be the only party who receive the benefits. There is increasing pressure to dress up CSR as a business discipline and to deliver business results. Such philanthropic activities like donating money to local charities will be mainly carried out in broad spectrum without any demand from society at all. As a result, it comes the concept of Creating Shared Value (CSV) which is widely accepted ideal of pursuing “shared value” by creating CSR activities with business value in ways that also create value for society sustainability. The objectives of this article is to study about CSV in details from various sources of academic documents while to review all relevant literatures in order to easily understand the concept of CSV. It combines all kind of knowledge about CSV with explanations in many point of views with comparison and the differences between CSR and CSV for proper understanding. Our article comes with the active engagement of the company leader in CSV initiatives into general practice by integrating CSV with their business vision and strategies including to align with the company’ s purpose and values. A properly implemented CSV concept can bring along a variety of competitive advantages by their resources as well as internal expertise to enhance employees efficiency, creativity and reinforcement their employees potential to become the powerful tool in creating innovative business model in order to benefit to society improvement. In related to the above mentioned, useful experience from CSV activity operating by one of Thai company has been shared with guidance for other companies those like to develop and across in the business model successfully.