Corporate Social Responsibility
What is Corporate Social Responsibility?
In an age in which environmental and social issues are top of mind for many consumers, businesses can no longer exist in a bubble. Today's shoppers aren't just looking for the best price and quality — they expect the companies they patronize to do good with their dollars and make a positive impact on the world around them. To this end, many organizations are now making social responsibility a top priority.
Corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefit society. As consumers' awareness about global social issues continues to grow, so does the importance these customers place on CSR when choosing where to shop.
"Technology has brought global connectivity and enabled advocacy and awareness for social situations that were once obscure," said Alexis Magnan-Callaway, whose fashion company Pax Cult donates 10 percent of its profits to an organization of the customer's choice. "Millennials are redefining what it means to connect and give back through this technology. It's not just about having a recycling program or sustainable products. Those actions, while appreciated and commendable, should be done intuitively. People want to feel good about what their dollar is doing in the world."
It's not just consumers who are drawn to businesses with a strong CSR strategy. Susan Cooney, founder of crowdfunding philanthropy platform Givelocity, said that today's top talent wants to work for companies who are making a difference.
"The next generation of employees is seeking out employers that are focused on the triple bottom-line: people, planet and revenue," Cooney told Business News Daily. "Coming out of the recession, corporate revenue has been getting stronger. Companies are encouraged to put that increased profit into programs that give back."
Types of corporate social responsibility
CSR can encompass a wide variety of tactics, from giving nonprofit
In an age in which environmental and social issues are top of mind for many consumers, businesses can no longer exist in a bubble. Today's shoppers aren't just looking for the best price and quality — they expect the companies they patronize to do good with their dollars and make a positive impact on the world around them. To this end, many organizations are now making social responsibility a top priority.
Corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefit society. As consumers' awareness about global social issues continues to grow, so does the importance these customers place on CSR when choosing where to shop.
"Technology has brought global connectivity and enabled advocacy and awareness for social situations that were once obscure," said Alexis Magnan-Callaway, whose fashion company Pax Cult donates 10 percent of its profits to an organization of the customer's choice. "Millennials are redefining what it means to connect and give back through this technology. It's not just about having a recycling program or sustainable products. Those actions, while appreciated and commendable, should be done intuitively. People want to feel good about what their dollar is doing in the world."
It's not just consumers who are drawn to businesses with a strong CSR strategy. Susan Cooney, founder of crowdfunding philanthropy platform Givelocity, said that today's top talent wants to work for companies who are making a difference.
"The next generation of employees is seeking out employers that are focused on the triple bottom-line: people, planet and revenue," Cooney told Business News Daily. "Coming out of the recession, corporate revenue has been getting stronger. Companies are encouraged to put that increased profit into programs that give back."
Types of corporate social responsibility
CSR can encompass a wide variety of tactics, from giving nonprofit