STAR4Value is an instrument with intend to provide transparency, improve understanding for the growing necessity of values-based management and social responsibility and to display such achievements. The STAR4Value program evaluates and rates an organization’s performance in 9 Dimensions and 50 Sub-dimensions and summarizes this into an overall classification within the five-star rating system. Like restaurants and hotels, a “five-star-organization” stands out by a special grade of excellence.
STAR4Value offers stakeholders an instrument that enables them to check, compare, and monitor an organization’s overall CSR performance.
Furthermore, STAR4Value can be used by organizations to effectively manage its supplier, and successfully channel resources to develop the suppliers. Should a purchaser, for example, be searching for a supplier with a particular rating for Innovation, Environment or Social Responsibility, he can search for industry sector, product, country and category to find all the suppliers which matches his specific search criteria.
On the other hand, STAR4Value provides significant benefits to rated organizations by enabling them to clearly identify strengths and improvement potentials, benchmark performance with its peers, and monitor implementation of changes in legal and market requirements. Further, the rating enables a rated organization to prove its CSR commitment and performance to stakeholders, and consequently avoid multiple CSR supplier audits. Thus, enables the rated organization to save time and money, while strengthening trust and reputation with its business partners and other stakeholders.
Moreover, STAR4Value provides a tool to investors to screen and monitor investment opportunities. A STAR4Value rating can complement a financial rating. STAR4Value covers aspects that are only marginally covered by a financial rating. However, aspects like environmental issues, quality, ethical and socials behavior could have a considerable impact on companies bottom-line. A financial rating in conjunction with a STAR4Value rating provides a complete picture of a company, consequently reducing the risk of the investment.
In a climate of increasing competition and insecurity, Brand Owners and Investors are seeking more and more close cooperation with trusted partners that can ensure their sustainability, whilst ensuring high ethical and social behavior. STAR4Value is an instrument that can be used to create the necessary transparency that would support Brand Owners’ and Investors’ aim to strengthen trust and reputation between business partners and other stakeholders.
