Sean
Corporate Social Responsibility (CSR) is the act of integrating social and environmental concerns/initiatives into a company’s planning and operations. The reason many companies have a CSR program is to contribute to the well-being of the communities and society they affect and on which they depend.
CSR programs vary in scope, but a few common initiatives include:
- Direct giving to non-profit groups, such as a local food bank, often in conjunction with volunteer efforts by employees and donations from the company
- Commitments to ensure diversity in the workforce across race, gender, and sexual orientation
- A focus on reducing the company’s environmental footprint through more efficient supply chains, recycling, reduced energy use, and other efforts
Another common manifestation of CSR plays out after natural disasters. For example, in 2017, Walmart and its foundation committed up to $20 million toward relief efforts related to Hurricane Harvey in Texas.1 In 2018, Home Depot said it would commit $3 million for disaster relief efforts in communities impacted by Hurricanes Florence and Olivia, the California wildfires, and flooding in the Midwest.
These programs center around the idea that businesses should make the world a better place, or at the very least, reduce their negative social and environmental footprint on the world.
