Last summer I bought my first pair of Tom’s Shoes and, even though I destroyed them immediately – beige color just is not for me, I was amazed to learn that their producer donates one pair of shoes to a child in need for every pair purchased.
Well, that’s exactly what the CRS is.
Therefore, business practices involving initiatives that benefit society represent the corporate social responsibility (CSR). Some of its categories are environmental protection, labor practices that are ethical, philanthropy (i.e., charity), etc. The recognized international standard for CSR is ISO 26000.
And while public sector organizations such as the United Nations adhere to the triple bottom line, it is widely accepted that CSR adheres to similar principles – profit, people and planet, with no formal act of legislation.
As consumers’ awareness about the issues global society encounters continues to grow, so does the importance these customers place on CSR while choosing where they’ll buy. According to the Carbon Trust survey, over 50% of people that were interviewed are more loyal to brands that can show evidence of environmental actions. But consumers aren’t the only ones who are attracted to these businesses. Namely, it appears that a company’s CSR strategy is an important factor for today’s top talents while choosing where to work.
The CSR policy is, hence, a win-win situation: vital for the business success as well as it is for sustainable development of the planet.