Corporate Social Responsibility (CSR) has been with us for around a quarter century now, but is rooted in philanthropic concepts as old as time, which go to the heart of what society could or should be based on. The tendency to want to be seen as doing good and being fair-minded has long been a concern to leaders of businesses, nations and other institutions. Not least of which since it helps justify their continuing to retain power and influence, for – at least in their minds – the greater good.
The authority to help out
While CSR is still seen as secondary to the overriding purposes of many firms, it easily aligns with their overarching mission statements, which describe companies’ ideal societal impacts, beyond profits. At a minimum, companies facilitate the betterment of the lives of employees and their dependents. Meanwhile, governments tend to see themselves as providers or at least enablers of the SR part of CSR. But as big data comes about, transparency increases and bottom lines and product origins become more traceable, CSR in a wider sense of ethics increasingly affects not just local environments, but carbon footprints felt globally.
The Gen Z factor
People with little to know knowledge of the last millennium or life before smartphones are now coming of age, shopping online, and expressing tendencies to spend their money on companies they see as taking stands on issues and sourcing products and services in ethical, sustainable and documentable ways. Several multinationals like Netflix, Google and IBM have reached out to young consumers who have expressed interest in supporting companies aligned with their progressive, modern values. Many brands are shifting to move away from certain segments of the public and more overtly marketing and positioning themselves to take better advantage of new demographic realties.
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