Strategising CSR in addressing sustainable development goals using a scorecard approach

Abstract

Corporate social responsibility (CSR) is a way of responsible businesses to produce an overall positive impact on society through economic, environmental and social actions. CSR has matured rapidly as a concept, driven by demand for greater accountability by corporate to society. CSR is also regarded as one of the key drivers to attaining sustainable development goals (SDGs). Although CSR initiatives may not generate direct and fast economic outcomes for enterprises in the short run but it has the potential to deliver strategic returns in long-term. The paper discusses the need to integrate organisational goals as well as sustainable development goals through a strategic outlook towards CSR using a balanced score card approach. The paper describes a scorecard approach to CSR and shares the Indian way of addressing sustainable development goals (SDGs) through strategic CSR. The paper also explains a strategy map for implementing CSR using balanced scorecard approach.