Corporate Social Responsibility in the era of big data
Companies would do well to bear in mind issues of sustainability and ethicality, and look beyond their bottom lines to focus on the long road.
CORPORATE social responsibility (CSR) has become quite the catchphrase, so often bandied about by companies that it seems at times to be devoid of meaning. At its core, the laudable goal of CSR is that companies must not merely be profit-driven, but should see themselves as corporate citizens with a responsibility toward the societies from which they derive capital gains. Companies often engage in high-visibility CSR efforts that can attract the most favourable media attention, helping them develop a positive reputation with their multiple stakeholders.
These CSR efforts can take the form of large-scale charity drives, the launch of new products that cater to pressing societal needs, and organisational transformations that reflect higher ideals such as diversity and inclusivity.
However, the practice of CSR must go beyond such piecemeal, high-wattage initiatives. Responsibility to society should be deeply inscribed into companies' standard practices and operations, and form the cornerstone of their corporate philosophy. Companies must strive to be socially responsible corporate citizens who serve to uplift the very communities from which they profit so that the relationship of mutual benefit is sustainable.
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