CSR - Corporate Social Responsibility

Conducting business in an ethical way

Key information

Corporate Social Responsibility (CSR) is a management concept whereby companies are socially accountable to themselves and their stakeholders. Through integrating social and environmental concerns into their operations and stakeholder interactions firms a company can achieve balance socially, environmentally, and economically.

Source: UNIDO

There is an accounting framework that considers these three key factors which is called 'the triple bottom line'. The three areas are often referred to as The Three P's; People, Profit and Planet.

Source: TechTarget

Some examples of CSR in practice

• TOMS shoes - Founded upon the social mission that for every pair of shoes sold, one pair would be given to a child in need of shoes.

• Starbucks - In its hiring procedures Starbucks strives for equality and diversity, hiring veterans and refugees, and maintaining 100% pay equity across men and women and people of all races for performing similar work.

• Salesforce - Champions a 1-1-1 philanthropic model, this means giving 1% of product, 1% of equity, and 1% of employee time to communities and the non-profit sector. Interlinking success of the company with positive impact.

Quick activity: Think of a job that you have done, what is a way that CSR practices could be applied to the work or company?

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If you want more

https://online.hbs.edu/blog/post/types-of-corporate-social-responsibilityonline.hbs.edu

https://online.hbs.edu/blog/post/what-is-the-triple-bottom-lineonline.hbs.edu