Corporate Social Responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders and the public. It is a broad concept that can take many forms depending on the company and industry. Through CSR, a company aims to contribute to societal goals, through philanthropic, activist, or charitable endeavors, or by implementing responsible business practices. The key areas of CSR include:
The main idea behind CSR is that businesses are not solely economic entities, but also play a significant role in shaping society and the environment. As such, they have an obligation to operate in a way that benefits not just their owners and shareholders, but also their employees, customers, the environment, and society at large. Today, many consumers and investors expect businesses to have strong CSR policies, and businesses that do so often find that it enhances their reputation, helps attract and retain talent, and can even improve their bottom line.