Sustainable Development - Through Corporate Social Responsibility (CSR) in Times of Economic Slowdown

Well-known companies have proven that they can differentiate their brands and reputations, if they take the responsibility of the well-being of the society and environment in which they operate. Companies are practicing corporate social responsibility (CSR) in the manner that generates significant returns to their businesses. CSR and development are interrelated. Sustainability and CSR have taken something of a back seat in the past few months, thanks to the increasing reality of a global economic slowdown. In a tough economic climate, tough decisions have to be made, and with everyone focused on delivering value for money to the customers, there is likelihood that people will see CSR as a fringe activity and not as a business essential. Recession is a time of uncertainty and corporates should try to focus on the long-term benefits from CSR activities rather than focusing on immediate cost cutting at the risk of forgoing their responsibilities towards the community.

Today, companies are stressing on caring and empathy as core values and encourage employees to demonstrate these values not just in on-job situations, but also by contributing to the society at large.