Corporate Social Responsibility (CSR) is a business model where companies integrate social and environmental concerns into their business operations and interactions with their stakeholders. It is about companies going beyond what may be required by regulators or environmental protection groups to contribute to the welfare of society.
While this concept has been around for decades, its value and purpose have grown in recent years, with the recent economic changes that happened and the consumers becoming more conscious of issues such as climate change, income inequality, health care disparities, unfair labor practices, and gender inequity. The 2019 AFLAC Corporate Social Responsibility survey reports that 77% of consumers are “compelled to purchase from companies committed to making the world a better place.” This number shows how CSR is familiar to companies and a concept consumers value.
With the sudden shift brought about by the COVID-19 pandemic, geopolitical conflicts, and economic volatility, how has CSR changed and worked today? This explores the evolution of CSR, drawing on…
