What is CSR?
Corporate Social Responsibility (CSR) is a self- regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public. It is a management concept where we integrate social and environmental concerns into our business operations and interactions with our stakeholders. By practicing social responsibility, we can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.
CSR aims to make the world a better place beyond transacting with customers and may result in company-specific benefits as well.
Benefits of Corporate Social Responsibility
- Brand Recognition
- Investor Relations
- Employee Engagement
- Risk Mitigation
Types of Corporate Social Responsibility
- Environmental Responsibility
- Ethical Responsibility
- Philanthropic Responsibility
- Financial Responsibility
Environmental Responsibility
Environmental responsibility is the pillar of corporate social responsibility rooted in preserving mother nature.
- Reducing pollution, waste, natural resource consumption, and emissions.
- Distributing goods consciously by choosing methods that have the least impact on emissions and pollution.
- Involves sustainable resource management, and energy efficiency.
Ethical Responsibility
Ethical responsibility is the pillar of corporate social responsibility rooted in acting in a fair, ethical manner.
- Fair treatment across all types of customers regardless of age, race, culture, or sexual orientation.
- Positive treatment of all employees and this includes fair employment consideration for all individuals regardless of personal differences.
- Expansion of vendor use to utilize different suppliers of different races, genders, veteran statuses, or economic statuses.
- Aims to foster a responsible business culture that respects all stakeholders.
Philanthropic Responsibility
Philanthropic responsibility refers to a company’s obligation to give back to communities through charitable donations, volunteer work, and community involvement. It includes:
- Involvement in charity, voluntarily supporting social causes.
- Sponsoring fund-raising events or having a presence in the community.
- Aims to make a positive impact on society and improve community well-being.
Economically Responsibility
Economic responsibility refers to a company’s obligation to operate in a financially sustainable manner while also contributing to the economic well-being of the communities in which it operates.
