CSR as a Common Practice for Many International Companies

Essay aus dem Jahr 2023 im Fachbereich BWL - Customer-Relationship-Management, CRM, Note: 1.3, , Veranstaltung: International Strategic Management, Sprache: Deutsch, Abstract: Today, many international companies use corporate social responsibility (CSR) to prioritise the well-being of their stakeholders, including customers, employees, suppliers, and the environment, in addition to their financial bottom line. While this shift towards social responsibility may seem like a recent trend, it results from several factors that have been evolving for decades. This short essay focuses on the increasing importance of CSR and tries to answer why it has become more important in the last 30 years. CSR stands for corporate social responsibility, which refers to a company's voluntary actions and initiatives to address social, environmental, and ethical issues in its operations and business activities. It involves a company's commitment to behave ethically and contribute to economic development while improving the quality of life of its workforce, their families, the local community, and society. CSR initiatives can take many forms, such as sustainable business practices, environmental protection, community involvement, philanthropy, ethical labour practices, and human rights protection. CSR aims to positively impact society while benefiting the company through enhanced reputation, increased customer loyalty, and improved financial performance.