Corporate social responsibility

Corporate social responsibility is the viewpoint that a business should be more aware of its impact on society and the environment. The intent is to deliver positive outcomes for all stakeholders in the business that result in long-term sustainability, not just a positive return for its shareholders. The actions taken should extend beyond the narrow interests of the firm and go beyond the basic requirements of the law. There are many aspects to corporate social responsibility, which include the following:

  • A low carbon footprint, perhaps coupled with actions to clean up the environment.
  • Dealing with employees in the most ethical manner possible.
  • Engaging in philanthropy, especially in the local areas where a business has facilities.
  • Engaging in volunteer events, perhaps by allowing employees to do so on company time.

Not only does this approach result in an improved environment, it also enhances the image of the organization with its stakeholders, who will then be more likely to support it. Further, people may be more willing to work for such an organization, which enhances the quality of its employees.