WHAT IS CSR?

Corporate Social Responsibility (CSR) is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. CSR finds the business opportunities in building the skills of the employees, the community and the government. As a whole CSR concentrates on the way a company manages their core business and its impact on society as a whole.

CSR not only has a positive impact on society but on the business as well. Nowadays, both customers and employees are attracted by companies with positive image that is built through CSR initiatives. It often happens that customer will choose not to work with a company because it has the reputation of being socially irresponsible. Conversely, business that is committed to CSR initiatives can attract many more customers that believe in such commitments. Moreover, the good that a company does is part of the perceived value of its products, which in turn results in higher customer satisfaction. Higher customer satisfaction always leads to a stable and loyal customer’s base.

CSR has a very high impact on company’s employee recruitment. Millennials that are now entering the work force have grown up with the ideas of CSR and company’s commitments towards the environment and society. Thus, these factors become significant in whether they will join an organization. Furthermore, employees often leave a company with a negative image in the media, which often means loosing valuable employees.

CSR

“Today, more than ever before, the air we breathe and the water we drink are not strictly environmental issues. They’re business issues. That’s because today, more than any time in our history, business and the environment are inextricably linked.” – D.J.MANNING

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