What is "Corporate Social Responsibility"?
by Breann Hunt
The world is changing for the better. Consumers are demanding more from the brands they shop with, but not in the way you might think. For example, the phrase “corporate social responsibility”, meaning the role a business plays in bettering the world around it, has become increasingly mainstream. Companies are innovating to keep up with consumer expectations, but changing a business set in its ways is no easy task. Developing sustainable habits can be costly and management may not see the benefit in funding CSR initiatives.
However, there are economic benefits associated with more responsible practices. There are a variety of levels for companies looking to increase their suitability efforts. The UN SDGs, B Corp and Certified B Corps are a variety of levels that indicate to consumers and investors what type of sustainability efforts the company is making. These various efforts the company makes can have direct impact on the profit. Some of those benefits include product/brand differentiation and attracting the best talent to the company.