What Is Corporate Social Responsibility (CSR)? | Business: Explained
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https://www.youtube.com/watch?v=ZoKihFLCY0s

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0:04 Businesses have historically operated in pursuit of a single goal, maximizing profit.
0:10 Yet, over the past several decades, that's changed. Many business leaders have come to recognize
0:16 they have a responsibility to do what's best not just for their companies but for people,
0:22 the planet, and society. This idea is known as Corporate Social Responsibility, or CSR,
0:29 and it's led to the emergence of companies that carry socially responsible designations, such as B
0:34 corporations, social purpose corporations, and low profit limited liability companies.
0:41 What corporate social responsibility means varies depending on an organization's goals.
0:46 At its core, it's a form of self-regulation expressed in initiatives and strategies.
0:52 Firms are often guided by a concept called the triple bottom line.
0:57 It dictates that rather than focusing solely on financial performance, businesses
1:01 should measure their impact on the three P's, profit, people, and the planet.
1:08 Corporate social responsibility is traditionally broken into four categories, environmental, philanthropic,
1:16 ethical, and economic. Environmental responsibility is the belief
1:21 that organizations should behave as environmentally friendly as possible.
1:26 Ethical responsibility is concerned with ensuring companies operate fairly.
1:31 Philanthropic responsibility refers to businesses aims to make the world better and improve
1:37 society. Economic responsibility is the practice
1:41 of firms rooting financial decisions in a commitment to do good.
1:46 No matter the type, organizations that embrace corporate social responsibility
1:50 can reap several benefits. For example, CSR can be a powerful marketing tool
1:56 that enables companies to position themselves favorably in the eyes of consumers, investors, and regulators.
2:03 CSR efforts can also improve employee engagement and satisfaction, key measures that drive retention.
2:10 What's more, it can help attract job candidates with personal convictions that match
2:15 those of the organizations they apply to. Pursuing CSR also prompts business leaders
2:20 to examine how they hire and manage, source products and resources, and deliver value to customers.
2:27 Such reflection can lead to more socially responsible actions, which in turn enables their firms to address
2:35 the world's most pressing problems while succeeding financially.
2:39 If you want to understand what it takes to reap the benefits of CSR
2:43 and combine purpose and profit, explore our online course sustainable business strategy and discover
2:51 how you can become a purpose driven leader.