Vision: Integrating Corporate Citizenship into Operating Practices
Vision, Values, Value-Added:
Integrating Corporate Citizenship into Operating Practices*
Sandra Waddock
Boston College
Carroll School of Management
Chestnut Hill, MA 02467
617-552-0477
F: 617-552-0433 waddock@bc.edu Vision, Values, Value-Added:
Integrating Corporate Citizenship into Operating Practices
Abstract
Leading corporate citizenship today demands an integrated—or integral—perspective on the way that a company articulates its purposes and how it operates day-to-day with respect to its numerous stakeholders. Arguably it will become increasingly difficult for companies to ignore the responsibilities that are inherent to the impacts that they have on societies and stakeholders as demands for transparency and accountability for corporate impacts continue to mount. This paper will present evidence that a combination of vision and values linked to operating practices that respect stakeholders contribute to value-added—and possibly to competitive advantage—for companies. Values that underpin leading corporate citizenship include respect for stakeholders, mindfulness about corporate impacts, integrity in all senses of the word, which help to create trust. Leading corporate citizenship also demands working with (not managing) stakeholders through on-going processes of engagement, dialogue, and reciprocity, and a willingness to be accountable for corporate activities, while providing transparency for external stakeholders. Further, I will argue that although most companies are still far from achieving this integrated approach to corporate it is becoming increasingly clear what stakeholder-related practices companies need to have in place to become leading corporate citizens. Thus, the paper will present a prescriptive model, based on current best practice, of the ways that leading corporate citizens can potentially conceive of their citizenship practices.
Vision, Values, Value-Added:
Integrating Corporate Citizenship into Operating
Integrating Corporate Citizenship into Operating Practices*
Sandra Waddock
Boston College
Carroll School of Management
Chestnut Hill, MA 02467
617-552-0477
F: 617-552-0433 waddock@bc.edu Vision, Values, Value-Added:
Integrating Corporate Citizenship into Operating Practices
Abstract
Leading corporate citizenship today demands an integrated—or integral—perspective on the way that a company articulates its purposes and how it operates day-to-day with respect to its numerous stakeholders. Arguably it will become increasingly difficult for companies to ignore the responsibilities that are inherent to the impacts that they have on societies and stakeholders as demands for transparency and accountability for corporate impacts continue to mount. This paper will present evidence that a combination of vision and values linked to operating practices that respect stakeholders contribute to value-added—and possibly to competitive advantage—for companies. Values that underpin leading corporate citizenship include respect for stakeholders, mindfulness about corporate impacts, integrity in all senses of the word, which help to create trust. Leading corporate citizenship also demands working with (not managing) stakeholders through on-going processes of engagement, dialogue, and reciprocity, and a willingness to be accountable for corporate activities, while providing transparency for external stakeholders. Further, I will argue that although most companies are still far from achieving this integrated approach to corporate it is becoming increasingly clear what stakeholder-related practices companies need to have in place to become leading corporate citizens. Thus, the paper will present a prescriptive model, based on current best practice, of the ways that leading corporate citizens can potentially conceive of their citizenship practices.
Vision, Values, Value-Added:
Integrating Corporate Citizenship into Operating