Corporate social responsibility (CSR) and the triple bottom line
What is corporate social responsibility and its significance?
Corporate social responsibility (CSR) refers to a business's commitment to operate ethically and responsibly, taking into account the interests of stakeholders and the impact of its activities on society and the environment. It is significant as it demonstrates a business's commitment to sustainability, builds reputation and trust, attracts socially conscious customers, employees, and investors, and contributes to the well-being of communities and the planet.
What are the three dimensions of the triple bottom line?
The three dimensions of the triple bottom line are economic, environmental, and social. The economic dimension focuses on financial performance, profitability, and value creation. The environmental dimension considers the impact on the planet, including sustainability, resource conservation, and ecological responsibility. The social dimension encompasses social responsibility, ethical practices, employee well-being, and contributions to communities and society.