Giving Compass' Take:

• Norman Shelley Hernick, at Thrive Global, provides an overview of the four essential pillars for implementing corporate social responsibility.

• How can you educate yourself further on these four types of CSR? How are you implementing corporate social responsibility in your organization?

• Learn about the implementation of corporate social responsibility in India.

Corporate social responsibility (CSR) is a company strategy that ensures the facility’s operations are beneficial and ethical for society. Although the most significant company objective is to reap profits, concentrating solely on profitability is not sufficient in the current world. Patrons prefer supporting and embracing brands that strive to solve societal l issues. By implementing corporate responsibility, organizations are conscious about the effect they have on the community besides sales transactions. Here are the four variants of Corporate social responsibility.

Environmental Corporate Social Responsibility

Environmental CSR involves the appraisal of the company’s production ordeals to locate wasteful activities and eradicate them from the business structure.

Philanthropic Corporate Social Responsibility

Most top-tier corporations utilize charity to improve the wider community. For instance, Microsoft works closely with the Melinda and Bill Gates Foundation, whose main objective is to ensure technology is more accessible in remote parts of the world.

Human Rights Corporate Social Responsibility

This CSR aspect encompasses the enactment of fair workforce practices, erecting reasonable trade norms, and denouncing child labor. NLRA (National Labor Relations Act) was established to protect workers from unfair labor exercises by unions and employers; however, problems like salary inequality haven’t been solved on a wider margin. Corporations have to make sure they conduct business with purveyors who uphold human rights social responsibility.

Economic Corporate Social Responsibility

Economic responsibility strives to create a balance between philanthropic, environmental, and business practices. It enables companies to identify solutions that alleviate business growth and improve profits through benefiting society.

Read the full article about implementing corporate social responsibility by Norman Shelley Hernick at Thrive Global.