Definition of Corporate Social Responsibility (CSR)
A business model that helps a company be socially accountable to itself, its stakeholders, and the public.
Explanation of Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR) refers to a company’s commitment to conducting business in an ethical and sustainable manner. This involves considering the social, environmental, and economic impacts of business activities and taking steps to minimize negative effects while maximizing positive contributions. CSR initiatives can include efforts to reduce carbon emissions, support local communities, ensure fair labor practices, and promote diversity and inclusion. By integrating CSR into their operations, companies can demonstrate their commitment to social and environmental responsibility, enhancing their reputation and building trust with stakeholders. CSR also helps businesses address regulatory requirements and meet the expectations of increasingly socially-conscious consumers. Additionally, effective CSR practices can lead to cost savings, improved employee morale, and increased customer loyalty. For companies, CSR is not just about doing good, but also about creating long-term value for both the business and society.