Corporate social responsibility (CSR) is the continued commitment of a business to perform ethically and to contribute to their development while also improving quality of life for the community and society. This is an initiative to hold corporations to standards that necessitate that they pursue not only profitable objectives, but also objectives that advance social good.
CSR is a strategic function of management, which addresses the concerns of shareholders and stakeholders. CSR is about more than philanthropy and compliance; it is about how companies manage impact. Companies are expected to play a prominent role in social, environmental and economic issues, in part by developing partnerships and engaging with the community.
Companies are being held accountable for their impact on the world around them. When we hear corporate social responsibility, we often think of eco-friendly companies or sustainability movements. CSR is really about how companies multiply their social impact around the world by utilizing their expertise in building networks, partnerships, and successful businesses. CSR begins with a company’s commitment to the wellbeing of their employees, shareholders, community and society. It is represented through the funding, time, and technology they invest as a company to build and support programs. CSR guides a company’s ethical decision-making process as well as their strategic plan for the future of their business.
What do you think is the value of CSR? How does this relate to PR?