Corporate Social Responsibility

The term corporate social responsibility (CSR) is also referred to as corporate conscience or responsible business. This concept includes the social and environmental awareness that organizations are expected to demonstrate with ethical day-to-day business practices, but also involves how companies give back to society and communities through special projects.

Importance of corporate social responsibility

Companies are increasingly called upon to practice good corporate citizenship - not focusing solely on profitability, but also contributing to solving both local and global challenges. A key consideration is that a company voluntarily engage above and beyond the minimum level required to satisfy regulations. Specialized external firms are available to consult on these efforts, but it is also becoming common to find internal teams dedicated specifically to corporate social responsibility initiatives.

Examples of corporate social responsibility

Companies are not always required to donate financially. Corporate social responsibility is about giving back, potentially through monetary donations, but also through donation of services, time, energy, and ideas. Some examples include grassroots campaigns for addressing affordable housing or quality education in local communities, or global impact efforts such as participation in carbon neutrality or ethical sourcing programs.