In a few words, what is CSR?
CSR is not just about donating money; it is about embedding social and environmental concerns into business operations. CSR can help drive innovation and increase profits. Companies should recognize both the financial and societal potential of CSR.
The Truth About Corporate Social Responsibility
Corporate Social Responsibility (CSR): An approach to business that focuses on creating a positive impact on communities and the environment while still generating a profit. Triple Bottom Line: A management framework which focuses on a company’s performance in terms of social, environmental, and economic performance. Impact Investing: An investment strategy that focuses on generating both a financial return and a positive social or environmental impact.
The 'CSR' movement began in 1953, when the United Nations adopted the Declaration of Human Rights. The term 'CSR' was first used by Howard Bowen in his book, 'Social Responsibilities of the Businessman' in 1953. In the U.S., the National Council on Corporate Responsibility was established in 1972 to promote corporate social responsibility.
Did you know?
What is the role of CSR in a business today? How can it be used to create value?
What are the pros and cons of implementing a CSR strategy? How do you decide whether it is a good fit for your business?
How has your perception of CSR changed after reading this article? What new insights have you gained?
What is the most important takeaway from the article? How can you apply it to your own work?
Brain break: Draw a pig playing a guitar at a concert
Work together in pairs: Which of the following statements best describes the primary goal of corporate social responsibility (CSR) according to the Harvard Business Review article?A. To reduce the company's environmental impactB. To increase profitsC. To create a positive public imageD. To provide a more ethical workplace