What is corporate social responsibility?
Corporate social responsibility (CSR) refers to a business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders and the community. The term generally applies to efforts that go beyond what is required by law and regulations.
The concept and practice of corporate social responsibility refer to a whole range of a company’s activities. Company’s product or service, the use of its product, resources, the way the company makes a purchase, its sale, employment policies and procedures, relation to employees, training, work conditions, investment in the community, respect of the human and labor rights are just some of the questions which determine company’s overall impact on the community.
The concept is used for companies that integrate care for the environment and the local community in their decision-making system, beyond strictly legal obligations. In this way, good business results cease to be the sole criterion for evaluating the success of the company.
One can say that a company that consistently takes into account its economic, social, and environmental impact is the successful one, and CSR represents a business model and management style where profit is achieved in a socially responsible way.