Harvard Case - SK's Double Bottom Line: Challenges and Way Forward
"SK's Double Bottom Line: Challenges and Way Forward" Harvard business case study is written by William P. Barnett, Yong Suk Jang, Mooweon Rhee, Tae-won Chey. It deals with the challenges in the field of Social Enterprise. The case study is 19 page(s) long and it was first published on : Sep 27, 2019
At Fern Fort University, we recommend SK Group adopt a hybrid organizational structure that combines the strengths of a for-profit business with the social impact focus of a non-profit. This approach will allow SK to scale its social impact while maintaining financial sustainability. We propose a three-pronged strategy focused on: 1) Strengthening SK's core business through innovation and sustainable business models, 2) Developing a dedicated social impact arm with a clear mission and social enterprise governance, and 3) Leveraging strategic partnerships to maximize impact and resource utilization.
2. Background
SK Group, a South Korean conglomerate, faces the challenge of balancing its corporate social responsibility (CSR) commitments with its for-profit business objectives. While SK has a strong track record of philanthropic activities, it seeks to integrate its social impact efforts more strategically into its core business operations. This case study explores the challenges and opportunities for SK to achieve its double bottom line - maximizing both profit and social impact.
The main protagonists of the case are:
- Su-Gil Choi, CEO of SK Group, who is committed to driving social impact through business.
- The SK Group leadership team, who are tasked with developing and implementing a sustainable strategy for social impact.
- SK's various business units, who are seeking to integrate social impact into their operations.
3. Analysis of the Case Study
This case study can be analyzed through the lens of stakeholder theory, which emphasizes the importance of balancing the interests of various stakeholders, including shareholders, employees, customers, and the community. SK faces a complex web of stakeholder expectations, requiring a strategic approach to ensure all stakeholders benefit from its social impact initiatives.
Key challenges:
- Balancing profit and social impact: SK needs to find a way to integrate social impact into its core business without compromising profitability.
- Measuring social impact: Developing clear and measurable metrics for social impact is crucial to track progress and demonstrate value.
- Building internal buy-in: Engaging employees and fostering a culture of social responsibility is essential for successful implementation.
- Navigating regulatory and legal complexities: SK must navigate the evolving landscape of government policies and regulations related to social impact and CSR.
Opportunities:
- Emerging markets: SK can leverage its presence in developing countries to create positive social and economic impact.
- Innovation: SK can invest in social innovation and develop sustainable business models that address societal challenges.
- Partnerships: Collaborating with non-profit organizations, governments, and other businesses can enhance SK's impact and resource utilization.
- Brand reputation: Investing in social impact can enhance SK's brand reputation and attract talent and customers.
4. Recommendations
- Strengthening Core Business:
- Adopt a circular economy approach: Minimize waste, promote resource efficiency, and create closed-loop systems across SK's operations.
- Develop inclusive business models: Target Base of the Pyramid (BoP) markets with products and services that address their specific needs.
- Invest in social innovation: Establish dedicated innovation labs to develop solutions that address social challenges and create new markets.
- Developing a Dedicated Social Impact Arm:
- Establish a separate social enterprise entity: This entity will focus on developing and implementing social impact projects with a clear mission and social enterprise governance.
- Utilize impact investing: Invest in social enterprises and social impact bonds to generate both financial returns and social impact.
- Develop a robust social impact measurement framework: Track and measure the social impact of all initiatives to demonstrate value and guide future investments.
- Leveraging Strategic Partnerships:
- Form strategic alliances with non-profit organizations: Collaborate on projects that leverage each organization's strengths and expertise.
- Engage with governments and regulatory bodies: Advocate for policies that support social impact and sustainable development.
- Build cross-sector partnerships: Collaborate with other businesses to create collective impact and address shared challenges.
5. Basis of Recommendations
These recommendations are based on:
- SK's core competencies: Leveraging SK's existing strengths in technology, innovation, and global reach to create social impact.
- Consistency with SK's mission: Aligning social impact initiatives with SK's overall business strategy and commitment to sustainability.
- External customers and internal clients: Addressing the needs of both customers and employees through socially responsible practices.
- Competitors: Differentiating SK from competitors by demonstrating a strong commitment to social impact.
- Attractiveness: The recommendations are expected to generate both financial returns and positive social impact, contributing to SK's long-term sustainability.
6. Conclusion
By adopting a hybrid organizational structure and implementing a three-pronged strategy, SK can achieve its double bottom line of maximizing both profit and social impact. This approach will allow SK to leverage its resources and expertise to create positive change while maintaining financial sustainability.
7. Discussion
Other alternatives not selected include:
- Focusing solely on philanthropy: This approach would not be as strategic or impactful as integrating social impact into core business operations.
- Adopting a purely non-profit model: This would limit SK's ability to scale its impact and could potentially compromise financial sustainability.
Key assumptions:
- SK's commitment to social impact: The success of these recommendations depends on SK's genuine commitment to integrating social impact into its core business.
- Government support for social enterprises: A supportive regulatory environment is crucial for the growth and success of social enterprises.
- Availability of skilled talent: SK will need to attract and retain skilled professionals with expertise in social impact and sustainable business models.
8. Next Steps
- Develop a detailed implementation plan: Define specific goals, timelines, and resources for each recommendation.
- Establish a dedicated social impact team: Recruit and train individuals with expertise in social impact, sustainable business models, and impact measurement.
- Pilot test new initiatives: Start with pilot projects to test the feasibility and effectiveness of new approaches before scaling them up.
- Continuously monitor and evaluate progress: Track the social and financial impact of all initiatives and make adjustments as needed.
By taking these steps, SK can successfully navigate the challenges and opportunities of achieving its double bottom line and become a leader in social entrepreneurship and sustainable business practices.
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Case Description
SK Group, one of Korea's largest conglomerates, announced its Double Bottom Line (DBL) initiative in 2018. In January 2019, Chairman Tae-won Chey unveiled the company's pledge not only to monitor and report SK's social value, but also see social value account for 50 percent of the company's key performance indicators. This case study follows SK's shift to DBL management and efforts to place social value at the core of its business model. Social media and a hyper-connected society heaped unprecedented pressure on corporates to deliver value and to make sure no-one was left behind. To implement its DBL initiative, SK, a leading producer of energy, chemicals, telecoms, and semiconductors, needed to investigate how to measure social value created in all its business operations in monetary terms - whether value created (positive value) or value destroyed (negative value). SK began to measure its indirect contributions to the economy and business activity, in addition to social contributions like employee volunteer programs, and SK donations and CSR activities. These efforts covered all aspects of SK's operations, from the 3,600 SK-operated gas stations throughout Korea to water-free scrubbers designed to process impurities discharged during semiconductor production. The case also looks at SK's efforts to explore new institutional frameworks to multilateralize its social value agenda, to build a common and actionable approach to social value creation and measurement within the broader global business community.
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