Can You Make a Profit and Be Socially Responsible?
business.com explains that corporate social responsibility (CSR) is the effort a business makes to take responsibility for its actions. Companies that practice CSR reflect a company’s values and relationship to society.
“[CSR] can encompass activities that are strictly voluntary, such as volunteering and philanthropic efforts, and also areas that are now being lightly regulated, such as those known as ESG, strategies companies deploy to address environmental, social and governance concerns,” Skeet explained. “Small businesses should approach corporate social responsibility holistically by engaging in activities that align with their mission and core values and reinforce ethical business practices.”
Ann Skeet, senior director, leadership ethics, quoted by business.com.