An Overview on the Concept of Corporate Social Responsibility

Abstract

Corporate Social Responsibility (CSR) is a self policing corporate strategy that enables an organisation to be socially accountable to its customers, employees, and stakeholders. Corporate Social Responsibility is a vital concept that outlines a company’s commitment to operating in an ethical, sustainable, and socially responsible manner. It encompasses the responsibility of a company towards its stakeholders, including customers, employees, suppliers, shareholders, and the community at large. The concept of CSR is gaining more attention due to the growing demand for responsible and sustainable business practices. A robust CSR strategy involves the integration of social, environmental, and economic factors into the company’s decision-making process, aimed at delivering positive outcomes for all stakeholders while minimizing negative impacts on the environment and society. This paper aims to provide an overview of the concept of CSR, its evolution, and the different models and frameworks that companies use to implement CSR practices. It also highlights the benefits of CSR for companies, society, and the environment and challenges companies may encounter while implementing CSR practices. The paper concludes that CSR is an essential aspect of contemporary business practices that contributes to sustainable development while providing companies with a competitive edge and enhancing their reputation and brand value. This article embraces the types of CSR, its problems, challenges and some kind of solutions.