CSR AND SUSTAINABILITY

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way of reputation management, others do it for sustain profitability and others out of a sense of being morally obligated to society (Halkos & Nomikos, 2021). Overall, though, businesses that endeavour to measure success beyond bottom maximum revenue generation adopt CSR strategies that target environmental responsibility, reinforced by philanthropic, ethical, and fiscal responsibilities that go beyond the products and/or services they sell.

Corporate social responsibility (CSR) is an organization’s participation in improving the community it’s part of. The concept of CSR is not new, and most companies already have a CSR program in place (Liang & Renneboog, 2017). However, many of these companies do not understand the impact it can have on the business. With proper budget and planning, a CSR program can increase brand awareness and reputation. It can also reduce the cost of customer acquisition, increase word-of-mouth marketing and improve employee retention. Companies have come to realize that they are more than just organizations that make money and products (Nave & Ferreira, 2019). The communities they operate in also expect them to contribute to the community they are part of. And when they do so, they can be rewarded with increased sales and profits.

The purpose of CSR is to improve relationships with stakeholders, which are the people who have a financial or personal interest in the business. Some companies implement CSR policies without considering their stakeholders, which can lead to negative impacts on society (Jamali, Lund-Thomsen & Jeppesen, 2017). CSR facilitates positive public attention for the organization. Corporate Social Responsibility is important for any business. It helps organizations to maintain their goodwill and reputation. It allows the organization to be socially responsible and helps them to maintain positive public attention (Verk, Golob & Podnar, 2021).

Corporate social responsibility helps in getting positive public attention because it creates awareness about the company's policies and helps in creating opportunities for reducing risks

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(Zaman et al., 2020). It also provides an opportunity for increasing brand value through public relations campaigns, which is generally beneficial for companies.

CSR is not a mere philanthropic act. It is about providing a service or benefit to the organization. One of the best examples would be the CSR activities undertaken by the Godrej Group, which have helped it grow in multiple ways. Godrej is one of India’s oldest and largest diversified business groups. It has been involved in CSR activities that involve creating awareness about cleanliness, solid waste management, and sanitation (Tran, 2019). These activities are aimed at improving people’s lives and making them healthier and safer. The group also works with underprivileged women to help them earn a living.

Corporate social responsibility is the practice of a company investing its resources to improve the quality of life for all stakeholders including employees, consumers, suppliers, and the community. CSR has been an important aspect for many companies for decades but with an increase in brand value, businesses are looking towards CSR as a way to attract both customers and investors. This is especially true for millennial consumers (Liang & Renneboog, 2017). In fact, millennials expect brands to be socially responsible. According to Nielsen's Global Corporate Citizenship study, 87% of millennials would switch brands to one associated with positive social change.

Customer needs are changing, and that is making it more important than ever for companies to make a good impression on their customers. As the world has become more transparent and globalized, consumers have become more aware of how the companies they buy from operate, and they want to do business with companies that share their values. That desire combined with consumers seeing a company as an investment rather than a product is driving customer satisfaction to levels never seen before (Jamali, Lund-Thomsen & Jeppesen, 2017). Customers have become more concerned about the company's values, and the use of their personal data.

The reason is that customers are victims of the overuse of their data, which has been promoted

by businesses that want to collect and profit from the information they share. As a result, people are starting to reject websites that do not respect their privacy (Liang & Renneboog, 2017).

They are also more likely to buy a product or service if the company appears to be socially responsible. There are many reasons why people buy from a business. Some, of course, care about the quality of your product or service. Others do it because of their preferences. However, there are others who decide to buy from a certain business, not because of the product or service itself, but because of your company’s values (Crowther & Seifi, 2018). Furthermore, research shows that 92% of companies believe a brand should be involved in social and environmental issues, and 63% say they would choose a brand because it is environmentally responsible.

Customers care about the environment and the impact that their habits and corporate operations have on it. Today’s consumers are increasingly conscious of companies’

environmental impact, from their carbon footprint to the level of recycling services they provide.

Companies that are able to demonstrate a commitment to sustainability in this area like Whole Foods or Patagonia, often see increased sales as a result (Nave & Ferreira, 2019). Sustainability is a business trend that involves making decisions in favour of the environment, society, and/or the economy, rather than choosing the most immediate financial returns. Businesses are increasingly recognizing that they need to be more sustainable if they want to remain successful.

The World Wildlife Fund (WWF) is one of the leading organizations working to improve sustainability across business sectors. WWF helps businesses see how they can do better by connecting them with experts who can provide valuable insights into the key issues that impact their industry.

There is a growing recognition of the interplay between Corporate Social Responsibility (CSR) and Sustainable Development. CSR has been set up mainly to ensure that companies are socially responsible, in terms of their impact on the environment, society and the economy.

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viable and ecologically sustainable (Zaman et al., 2020). While there is no formal link between CSR and Sustainable Development, they have a common goal: social responsibility. CSR has its own definition, but it overlaps with Sustainable Development. The issue of sustainability is becoming increasingly important as the world faces persistent economic challenges.