What is corporate social responsibility (CSR)?

Corporate social responsibility (CSR) refers to a business model that integrates social and environmental concerns into a company's operations and interactions with stakeholders. This concept emphasizes that companies can contribute positively to society while also pursuing their business objectives.

By adopting CSR practices, businesses are encouraged to be accountable not only for their economic performance but also for their impact on society and the environment. This may include initiatives such as reducing carbon footprints, improving labor policies, enhancing community relations, and contributing to charitable causes. Thus, the essence of CSR lies in the recognition that businesses have obligations beyond profit-making, extending to fostering sustainable development and ethical practices.

This understanding enhances a company's reputation, builds consumer trust, and can lead to long-term profitability, demonstrating that integrating social responsibility into their business strategy is not only beneficial for the community but can also positively influence the bottom line.