Corporate Social Responsibility
What is CSR?
Corporate Social Responsibility refers to companies willing to modify their mind-set, acting to “do well by doing good” in order to change their impact on society. Rising awareness for social, environmental and cultural challenges have added an extra dimension to corporate competition but also a new challenge and pressure for managers to act according to this new motto.
There is rising evidence that corporate responsibility can create a significant competitive advantage for organizations. Here are the main reasons why an efficient corporate sustainability strategy should be part of every organization in order to deliver higher value to both its direct and indirect stakeholders:
- Retain top talent and increase employee satisfaction
- Better business risks management
- Product or service differentiation
- Reduce operating and manufacturing costs
- Enhance image, reputation and brand recognition
The concept of sustainable added value goes well beyond the standard focus on performance measurement and classical opportunity/costs considerations, which typically considers only the return on capital. Hence, incorporating this CSR approach to the firm’s strategy will result in a win-win situation where all stakeholders are potentially better off. The LSM Cup has the ambition to raise awareness on the importance of integrating corporate social responsibility in business through the motto of our school “Excellence and Ethics in Business”. And because at LSM Conseil, we believe that CSR should not be longer an extrabusiness practice, but must be a necessity and that we want to do everything in our power to help that transition.
This year, we will pay special attention to the fact that minimum one member of each jury should be an expert in CSR or/and associated subjects. During the day of the competition, we will also try to reduce our ecological footprint to the maximum. And finally, the winners of each case will see their solutions implemented in the respective companies with the help of LSM Conseil.