What is CSR in Business?

CSR stands for Corporate Social Responsibility. It is a business model which allows a company to self-regulate it's social accountability. Businesses using CSR will make it easier for stakeholders and the public to feel a connection with the company. CSR pushes the company to have an interest on how their business affects society, the economy, and environment.

When a business practices Corporate Social Responsibility, the company will use tactics and programmes in aim to enhance parts of society and the environment. These action can counter-balance or over-throw negative business operations. For example, business plants a tree for every sale.

Why should a company carry out CSR programmes?

Corporate Social Responsibility helps both stakeholders outside and inside of the organisation. CSR projects and activities can help bring employees and their company closer together. Taking part in these projects can help workers boost morale and sense of belonging when working together in a team to achieve social or environmental benefits. Employees may feel more connected with with society around them once being part of a CSR project.

CSR can positively enhance the company's brand image. Customers may be more likely to buy from the business if they are perceived as more ethical. Public relations use CSR programmes as an important component to boost customer relationships. If the business wants to create a personal connection with clients and employees, they should implement a CSR strategy.

Example of Corporate Social Responsibility: Tesco

Let's take one of the biggest companies in the UK, Tesco. They use 4 p's to make sure they don't miss anything; people, planet, product, places. Tesco makes sure they touch all communities in which they sell to. They donate to communities is many ways whether this is through supporting charities and local projects to donating good quality surplus food to those who need it the most.

Environmentally, Tesco say they are focused on tackling global climate change. One major CSR project Tesco implements is working with farmers to protect water resources, biodiversity, climate, and soil health. When potential customers see these CSR initiatives through the media, they are more likely to shop at Tesco as they are perceived as more ethical.