Corporate Social Responsibility Flashcards, test questions and answers

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What is Corporate Social Responsibility?

Corporate Social Responsibility (CSR) is a concept that has become increasingly popular in recent years, as companies have realized the importance of being socially responsible and accountable to their stakeholders. CSR is defined as the concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on consumers, employees, communities, and the environment in all aspects of their operations. The primary goal of corporate social responsibility is to create economic value while also contributing positively to society and improving its quality of life. Companies may seek to do this by engaging in various forms of philanthropy or donating money towards charity initiatives; however, there are many other ways businesses can practice CSR such as: investing in local economies through job creation or providing educational opportunities; reducing environmental impacts by implementing green practices such as energy efficiency or recycling; promoting diversity within its workforce and leadership teams; offering flexible work arrangements for employees; or engaging with stakeholders through open dialogue about issues impacting them. The possibilities are endless.By practicing Corporate Social Responsibility, companies gain positive public perception which can lead to improved customer loyalty, increased employee engagement and higher profits. Additionally, it allows organizations an opportunity to be more transparent with regards to its operations which helps build trust among key stakeholders. In some cases it can even result in government tax benefits due to increased investment made into social causes deemed beneficial by authorities. Ultimately, Corporate Social Responsibility should not be seen as just another expenditure for businesses but rather a way for them to truly make a difference in society whilst creating long-term value for themselves at the same time.