What does it mean for a company to be socially responsible? Corporate social responsibility, also known as CSR, is the concept that a business has a responsibility to do good. CSR means that a company should self-regulate its actions and be socially accountable to its customers, stakeholders, and the world at large.
What is an example of a socially responsible company? An excellent example of CSR on the frontline is big pharma pioneer Johnson & Johnson. They have focused on reducing their impact on the planet for three decades. Their initiatives range from leveraging the power of the wind to providing safe water to communities around the world.
Why should companies be socially responsible? Socially responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top-tier employees. These elements are among the keys to achieving increased profitability and long-term financial success.
What are the 4 types of social responsibility? Corporate social responsibility is traditionally broken into four categories: environmental, philanthropic, ethical, and economic responsibility.