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What is it?

Corporate Social Responsibility (CSR) is the idea that companies become actively involved in the welfare of the workforce, the well being of customers and in society as a whole. CSR has had an enormous impact on the way companies do business and the way they present themselves to consumers. Recent studies have shown that a company with a high-profile CSR policy can significantly increase business and attract higher-calibre recruits.

CSR is often undertaken voluntarily and the lack of legal obligation has led to some criticism that CSR is often nothing more than a highly effective public relations campaign.

Why is the term in the news?

A new IBM survey of 250 executives around the world found that, for 68% of firms, corporate social responsibility (CSR) is viewed as a potential source of revenue growth rather than a regulatory or philanthropic issue.

54% of the executives surveyed said CSR initiatives are giving their companies a competitive advantage, because of the favourable response such initiatives attract from customers.

How can I use it in class?

Write the term ‘Corporate Social Responsibility’ on the board and ask students to brainstorm the meaning. Lead students into discussions in the following areas:

• Would you buy a product from a company that is known to be unethical?
• How much influence do consumers have in changing the way companies do business?
• Does it surprise you that CSR has had such an impact on companies’ competitive advantage?
• Should there be a legal obligation for companies to be socially responsible? Why or why not?

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