Home topics small-business-resources Small Business Small Business Why does Corporate Social Responsibility (CSR) matter for businesses? Eileen Wong March 24, 2020 What is CSR and why is it so important for businesses? With the ever growing social and environmental concerns of a business’ operations in contemporary society, there exists an inevitable pressure for businesses to consider what is known as the triple bottom line. In brief, the triple bottom line posits the interrelated significance of the three dimensions – profit, people and planet- whereby rather than the sole focus on profit maximisation and return on investment, businesses should integrate social and environmental practices into their operational goals and values. PwC and Atlassian Research In a 2019 research conducted by PwC and commissioned by Atlassian Corporation Plc, studies revealed that Australian employees inherently desired businesses to have a strong leadership role on key societal issues such as the environment, healthcare and cost of living. This Return on Action report surveyed more than 1,200 Australian employees regarding their expectations on the predominate issues relating to the sustainable accountability of a business and its moral obligations. Key employee findings include: 69% agree on the interchangeability of a businesses’ societal impact and financial performance 78% agree that businesses are liable for their environmental impact 67% desire businesses to publicly encourage governments to act on relevant societal issues Only 34% or one in three employees are satisfied with the degree of sustainability of their employers in addressing CSR issues such as climate change, data privacy,