Corporate Social Responsibility (CSR) is the responsibility the corporates have towards the society and the environment. The essence of this responsibility is that the society and environment contribute to the profitability of a company. Thus it is the responsibility of the company to ensure that it gives back to the society and environment to make up for the usage, and to avoid exploitation of it. There are four main types of CSR: environmental responsibility, ethical/human rights responsibility, philanthropic responsibility and economic responsibility. Let us examine each one of them.
1. Environmental corporate responsibility
Environmental responsibility refers to an organisation’s commitment to sustainability and environment friendly operations. Climate change and extreme weather events caused by it has brought environment conservation into focus. A lot of onus on that has been placed on companies as they have been historically and currently responsible for carbon emissions.
Recognising their responsibility towards the environment, several companies are prioritising sustainable practices and pledging to go Net Zero. For example Google and Microsoft have committed to go Net Zero by 2030.
To know about the Top 10 companies that are taking up their responsibility towards environment seriously, read the article in the link.
2. Ethical/human rights social responsibility
Ethical responsibility is a company’s commitment to operate their business in a manner that is ethical, upholds fundamental human rights, provides equitable and fair treatment, does not practice racial, gender or any other form of discrimination, and participate in any form of exploitation.
To know about the Top 10 companies that are rated best places to work, read the article in the link.
3. Philanthropic corporate responsibility
Philanthropic responsibility of a company includes its aims, goals and objectives for actively improving the society as a whole. One of the major aspect of corporate philanthropy is providing financial support from company earnings to worthy causes within the local community — often in the form of a trust or foundation.
It basically entails using the vast resources, knowledge, expertise and influence of a company to solve local community development challenges. To know about the top 10 companies conducting philanthropic CSR, read the article in the link.
4. Economic corporate responsibility
Economic responsibility of a comprises of the practice of making financial decisions of an organisation based on a commitment to doing good. This includes companies making decision to use renewable or clean energy for its operations, even if it might be more expensive than fossil fuels.
In order to uphold economic responsibility, the business leaders are challenged to think past operational cost savings and instead put their obligation to corporate citizenship at the heart of all financial decisions. The companies that have aligned themselves with Science Based Targets are a good example of this form of CSR.
To know about the Top 10 companies performing economic corporate social responsibility, read the article in the link.
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