What is Corporate Social Responsibility (CSR)?
Corporate Social Responsibility (CSR) is an enterprise-wide strategy in which companies integrate social and environmental concerns into their business strategies and operations. CSR programs may include sustainable sourcing, fair labor practices, and environmental protection.
CSR can include various stakeholders of a company, including workers, customers, shareholders, suppliers, and local communities.
A business's CSR efforts may include having a code of conduct, organizing volunteer programs, sponsorship of charitable events, and involvement in volunteer work.
In many companies, CSR includes being actively involved in the local community, donating to charity, and participating in various civic activities.
What are the benefits of CSR?
Business benefits of corporate social responsibility
- better brand recognition.
- positive business reputation.
- increased sales and customer loyalty.
- operational costs savings.
- better financial performance.
- greater ability to attract talent and retain staff.
- organisational growth.
- easier access to capital.