What is corporate social responsibility?

Corporate social responsibility (CSR) refers to a business's concern for society's welfare and its commitment to ethical practices that benefit not only the company but also the community and environment in which it operates. This concept emphasizes that companies have a duty to operate sustainably, consider the impact of their actions on various stakeholders, including customers, employees, and the broader society, and engage in practices that promote social good.

The significance of CSR lies in its ability to foster goodwill and build trust among consumers and communities. Companies that actively embrace CSR initiatives often support charitable activities, implement sustainable practices, and improve workplace diversity, all of which contribute positively to their image and stakeholder relationships.

This perspective contrasts with the notion that a company's primary focus is solely on profit generation, which disregards the broader implications of business operations on society. While compliance with government regulations and internal protocols for employee relations are important, they do not encapsulate the broader ethical perspective and proactive approach of corporate social responsibility. Instead, CSR represents an overarching philosophy that integrates social and environmental considerations into business strategy and operations.