Understanding the Difference Between CSR and Corporate Philanthropy
Corporate Social Responsibility (CSR) and Corporate Philanthropy are two critical components of a company's strategy to contribute positively to society. While they are related concepts, they have distinct characteristics and goals. This article will explore the differences between CSR and Corporate Philanthropy, helping businesses and stakeholders understand their unique roles and impacts. What is Corporate Social Responsibility (CSR)? Corporate Social Responsibility (CSR) is a business model that integrates self-regulatory practices into a company’s operations and culture. It aims to ensure that the company is socially accountable to itself, its stakeholders, and the public. CSR focuses on the broader impact a company has on society, including economic, social, and environmental aspects. Key Elements of CSR: 1. Sustainability: Implementing practices that ensure long-term environmental stewardship and reduce the company's carbon footprint. 2. Ethical Business Pract...