CSR: The Modern Business Model
Over the last few decades, the impact of Corporate Social Responsibility (CSR) on a firm’s organisational strategy has become increasingly vital. Consumers, as well as employees, attach more and more value to social issues, such as environmental sustainability and economic equality. Irresponsible behaviour by firms results in damage to their public image, which possibly triggers an organisational crisis. Where CSR is seen as a requirement for a modern organisation, CSR can be converted from being a threat into an opportunity. Nowadays, people attach more and more value to the CSR reputation of firms, which creates a unique opportunity for organisations to differentiate from their competitors. In times of a crisis, a firm can even use its CSR reputation to regain or restore its customers’ trust. How can organisations communicate their CSR activities to their internal and external stakeholders? And how can they benefit from their CSR reputation?