Corporate social responsibility (CSR) is part of an organization's development strategy that is aimed at taking into account the interests of society. Typically, no statutory provisions provide for compulsory CSR. However, organizations, in particular large corporations, voluntarily take steps to improve the quality of life in society.

What is included in CSR?

• Compliance with ethical standards
• Helping people in socially dangerous situations
• Development of social infrastructure
• Caring for the ecological situation
• Promotion of staff development and health protection
• Leisure organization
• and so on

In other words, CSR is the use of the company's advantages (a strong brand, large audience coverage, high customer confidence, financial stability, etc.) and voluntary reduction of disadvantages (eco-friendly packaging, reduced energy consumption of production, improved working conditions, etc.). Why is corporate and social responsibility necessary?

CSR helps to increase trust and loyalty to the brand (company) on the part of all participants in business processes. This includes a positive impact on the consumer market, an increase in the company's capitalization due to the greater attractiveness of shares (the image of a stable and self-confident company), and the attraction of qualified specialists (increasing the level of competitiveness in the labor market).

Recently, there has been a trend towards the humanization of international economic relations. In this case, the regulation of solutions to world problems occurs with the participation of international structures. For example, the United Nations has compiled a list of 17 Sustainable Development Goals1. It can be a great reference tool to help define, expand and focus the scope of CSR in any organization.

by Amanda Coleman