What Is Corporate Social Responsibility?
Businesses that practice corporate social responsibility aim to improve their communities, the economy or the environment.
Prax believes that corporate social responsibility is a form of self-regulation that reflects on their accountability and commitment to contributing to the well-being of communities and society through various environmental and social measures. It plays a crucial role in the company’s brand perception; attractiveness to customers, employees, investors; and overall business success.
The company would like to implement four types of CSR efforts: environmental initiatives, charity work, ethical labor practices and volunteer projects in the near future.
A business’ success goes beyond profitability, growth rate and brand recognition. In today’s world, customers, employees and other stakeholders judge a company by how its activity impacts the community, economy, environment and society at large.
Therefore, to ensure authenticity, Prax looks at its values, business mission and core issues and determine which initiatives best align with the business’s goals and culture. This is important because it improves customers’ perception of our brand, it attracts and retains employees and increases our appeal to investors.