What is corporate social responsibility or CSR?

Corporate Social Responsibility (CSR) is the idea that businesses and organizations have a responsibility to consider the impact of their operations on society and the environment. It is the concept that companies should operate in a way that promotes sustainable development and improves the well-being of their stakeholders, including employees, customers, shareholders, and the communities in which they operate.

CSR is not a legal requirement, but rather a voluntary effort by companies to operate ethically and in a socially responsible manner. This can involve a range of activities, including reducing the environmental impact of operations, improving working conditions and employee benefits, promoting diversity and inclusion, and supporting local communities through philanthropic initiatives and volunteerism.

The goal of CSR is to ensure that companies are operating in a way that benefits society as a whole, not just their shareholders. By taking a more holistic approach to business, companies can build stronger relationships with stakeholders, enhance their reputation, and create long-term value for their shareholders. Additionally, CSR can help companies mitigate risks and identify new business opportunities that align with social and environmental goals.