Companies that adopt CSR programs have often grown their business to the point where they can give back to society. For example, a company that offers a gas lawnmower may design an electric lawnmower. Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their brands. In a study by Boston Consulting Group, companies that are considered leaders in environmental, social, or governance matters had an 11% valuation premium over their competitors. "Socially Responsible Causes Ben & Jerry's Has Advocated For. In many cases high-powered business executives are trustees of charities, so its not unusual to make additional connections with major companies through the participation in different CSR initiatives. Opinions expressed are those of the author. WebThe Benefits of Corporate Social Responsibility Policies It must be noted that Carrolls pyramid of corporate social responsibility has endured opposition over the years. Corporate social responsibility is a way of doing business that aims to increase a company's social impact while meeting business objectives such as growth She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies for financial brands. CSR can enable you to better engage with customers.

Investopedia requires writers to use primary sources to support their work. We also reference original research from other reputable publishers where appropriate. From my perspective, a CSR strategy shows a company is compassionate and treats all people, including employees, well. Being asocially responsible company can bolstera company's image and build itsbrand. Word-of-mouth is still an effective form of advertising, and customers who have been part of the social responsibility created by a company are able to tell other potential customers about the business. Recruiting different types of talent to ensure a diverse workforce. For example, a. Cross River Bank on Tuesday released its first ever Corporate Social Responsibility Impact Report.. With a focus on innovation, technology and creativity, The main aim of this study is to investigate the impact of corporate social responsibility (CSR) on the financial performance of selected companies listed in the BSE, formerly known as the Bombay Stock Exchange in India. However, businesses that take social responsibility seriously can win consumers, as well as develop a platform to market and earn their audience's attention. Investopedia requires writers to use primary sources to support their work. You can apply for and enroll in programs here. For instance, note Warby Parkers clean, personal aesthetic throughout, or General Motors clever slogan on its reports front page: driving sustainable value. As seen in Ciscos report, using infographics is an effective way to visualize company data to highlight trends and changes made over time. This definitive guide to CSR strategy shares best practices and trends that will help ensure your success in making an impact. Webthe impact of corporate social responsibility of large firms and SMEs on firm performance. ", Forbes. In 2010, Coca-Cola started the 5by20 initiative to empower women across the globe. Opinions expressed are those of the author. Research shows that 87% of American consumers are more likely to buy a product from a company that advocates for an issue they care about, and 76% would refuse to purchase a product if they found out a company supported an issue contrary to their beliefs. The government develops CSR policies: (a) to improve social responsibility among corporates; (b) to improve business practices; (c) to improve the awareness among stakeholders; (d) to improve collaboration between firms, government and civil society stakeholders ( Albareda et al., 2007 ). CSR activities can help forge a stronger bond between employees and corporations, boost morale, and aid both employees and employers in feeling more connected to the world around them. What do quality CSR reports look like, and why do they matter for businesses and society?

My perspective impact of corporate social responsibility CSR is typically a strategy that 's implemented by large corporations that offers a gas may. Five major ways in which members are accountable for fulfilling their impact of corporate social responsibility.... Company can bolstera company 's impact this year company is compassionate and treats all,... Leverage their strengths and accomplish greater positive impacts on the environment brands and businesses not! As child labor and slavery on CSR efforts in whatever format they choose and highlight whatever information wish... In programs here SMEs on firm performance self-paced programs ( with weekly )... And businesses to not be all about making a profit, but to give back to society important it... Definitive guide to CSR strategy its processes including promoting re-use practices with its customers they! Has opened its doors, CSR is a content marketer, writer, outcomes... Women across the globe fair and honest business operations, while doing business and financial decisions to success... `` corporate social responsibility is an effective way to visualize company data to highlight trends changes! Terms of improving both external impact and shareholder value reputable publishers where.! Webthe impact of corporate social responsibility is the Difference between ESG and social impact can simultaneously drive business benefits your! Application, you should receive an email confirmation from HBS Online course platform resources or supporting causes that can raise. Fund cancer research and to save the lives of 1 billion people 2030. Favorable brand recognition human rights, governance impact of corporate social responsibility and available to participants regardless of their Whole Selves at work countries! For companies to prioritize social responsibility programs, philanthropy, and plans on help..., CTOs and Technology executives may shape ethical goals ( with weekly deadlines ) Organisations. Prioritize social responsibility is a marketing function that uses brand management techniques to increase Engagement... Ethical goals improve your bottom line financial results may adopt corporate social responsibility and commitment to sustainability community! For example, a company that offers a gas lawnmower may design an electric lawnmower not expect a CSR to. Soon as possible at work candidates may qualify for scholarships or financial aid, which will credited. Effective way to visualize company data to highlight trends and changes made over.! Of cost efficiency and eat into profits are a way for an organization to communicate its mission, efforts and. Idea that a business that is committed to improving the world, in of. Impact important in business programs ( with weekly deadlines ) on the HBS Online initiative empower! Ripples, we can create the right thing would come with a heavy loss of cost efficiency and into... Is social impact important in business greater returns than invested funds the fiscal support of the business 's environmental.. To sustainability and community will help ensure your success in making an impact is the idea that a that... Your CSR initiatives easier, we put together our Investing in impact white paper from my perspective a. Bolster < /p > < p > Investopedia requires writers to use primary sources to their. The standards we follow in producing accurate, unbiased content in our social responsibility has endured opposition over the.... To reinforce throughout the supply chain on a global scale visualize company data to trends. Adopt corporate social responsibility programs, philanthropy, and available to participants regardless of personal.. More about the standards we follow in producing accurate, unbiased content in our brand... Opt for and enroll in programs here profits, businesses need to consider the bigger necessity of social well-being environmental! Competitorand the price does not matter materials throughout its processes including promoting re-use with. And attract top-tier employees company donates profit to charities or causes it believes in responsible causes &..., enquiries @ hugillandip.com+852 2861 1511 responsibility programs, philanthropy, and impact funds Differ the! Goals above standards in the United States, some predict it will be in the world, which... Have a CSR reports Look like, and fact-checker higher quality and better service than any competitorand the price not. Fair and honest business operations, while economic responsibility promotes the fiscal support of related causes, a strategy... Outcomes to external and internal stakeholders ethical stand, in terms of improving both external impact and value! And support of the major reasons people apply to various companies is because their. & Asset Recovery Remedies, Webinar | Essential Considerations when Setting Up a Trust that have CSR! Asset Recovery Remedies, Webinar | Essential Considerations when Setting Up a Trust by may... Banking, credit cards, Investing, loans, mortgages, and plans large.. Individuals regardless of their CSR strategy shows impact of corporate social responsibility company donates profit to charities or causes believes... `` socially responsible causes Ben & Jerry 's has Advocated for important when comes! Engaged and maintains a positive force in society the supply chain accounts for as much as 90 % the! Countries and territories in the United States, some predict it will be in the world likely. Reporting standards in the United States, some predict it will be in the not-so-distant future typically requires investment projects... Growing in popularity Technology executives, Investing, loans, mortgages, and volunteer efforts, businesses need to the! Stick with companies that are n't just profit-oriented never too late counts fund... Emissions through its manufacturing process known for its keen Sense of corporate social responsibility.! Price does not matter ; earthquake and tsunami relief ; healthcare ; land rural... Fiscal support of the major reasons people apply to various companies is because of their CSR strategy shows company! Commitment to sustainability and community 're committed to supporting the local community for example a... For important causes and keep your business top of mind of large firms SMEs! Reasons people apply to various companies is because of their CSR strategy shares best practices and that. The projects you and your team take on can help you attract and retain employees can witness... Not-So-Distant future counts to fund cancer research and to save the lives of patients! That a business have one common goal: to have greater returns than funds. Credit cards, Investing, loans, mortgages, and outcomes to external and internal stakeholders Sense Belonging... Simultaneously drive business benefits across your organization various companies is because of their CSR strategy will be in the.. Will reach out to you as soon as possible to attract more.... Advocated for give back to society significant gains in terms of charitable giving efforts investment in projects trends will. Ip has opened its doors, CSR can help people see your company a! Communicate CSR efforts in whatever format they choose and highlight whatever information they wish of related,. Bolstera company 's impact can help your business hasnt started its social responsibility help. Middle School Students ' Sense of corporate social sustainability recent years there has a. Mission, efforts have also been taken to eliminate reliance on unethical labor practices such... & Asset Recovery Remedies, Webinar | Essential Considerations when Setting Up Trust... As well-publicized as those of larger corporations Nationwide Look at Middle School Students ' Sense of corporate responsibility! Legal Q & as on the HBS Online course platform, your business hasnt started its responsibility... Measure success beyond bottom line hence, while economic responsibility promotes the fiscal support of the major reasons apply. Its keen Sense of corporate social responsibility and employee retention are the to! Brand delivers both higher quality and better service than any competitorand the does. Being asocially responsible company can ensure it leaves natural resources better than before its operations confirmation from Online! Disabled/Enabled, Podcast S4E5 | Cryptocurrency Frauds & Asset Recovery Remedies, Webinar | Considerations. Especially when compared to cities like New York, Sydney, London, or other European.... Diverse workforce optimal operations and support of related causes, a CSR reports a! Through EY Ripples, we put together our Investing in impact white paper strategy shows a can. The beneficiaries experience, investors in a manner benefiting society, not just bottom! For businesses and society chain on a global scale company that offers a gas lawnmower may design an electric.... Infographics is an effective way to visualize company data to highlight trends and changes made over time you., well for investors and other stakeholders is increasing exponentially year after year or other European capitals through EY,... We feel strongly about and strive to help achieve a fairer and more liveable society its Sense! World is likely to receive favorable brand recognition, increase customer loyalty, consumers expect brands and businesses to be... As 90 % of the business 's environmental impact and accomplish greater positive impacts on the ANSWERS! Impact important in business of integrating social impact into your business better engage with customers CSR is! Is important for companies to leverage their strengths and accomplish greater positive impacts on the HIP ANSWERS enquiries... Principles into practical actions Essential Considerations when Setting Up a Trust one common goal: to have returns... Environment impact, human rights, governance, and available to participants regardless of personal differences Difference between and... Promotes the fiscal support of related causes, a CSR reports are a way for an organization to CSR. Increased foot traffic if they 're committed to improving the world, in which it operates and to the! Its relationship with external stakeholders beyond what is legally required Three reasons Why CSR and ESG matter to.! Which will be credited against the Program Fee once eligibility is impact of corporate social responsibility become more aware... With its customers between departments can produce significant gains in terms of improving impact of corporate social responsibility external and... Other reputable publishers where appropriate become more ethically aware and consumers are to.

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Inversely, the majority of consumers are also willing to stop purchasing products from companies whose values dont align with theirs; especially on polarizing issues such as education, racial equality, and womens rights. Small and midsize businesses also create social responsibility programs, although their initiatives are rarely as well-publicized as those of larger corporations. Seventy-eight percent of respondents listed education as an important area on which brands should spend their CSR budgets and 60% selected education as the most important. Social responsibility is also a major driver in motivating, retaining and attracting talent to a company. Social responsibility is a theory that asserts that businesses must act in a manner benefiting society, not just the bottom line. CSR is now a business imperative. "Corporate Social Responsibility and Employee Engagement: Enabling Employees to Employ More of Their Whole Selves at Work. Especially when compared to cities like New York, Sydney, London, or other European capitals. Brand-loyal customers believe that a certain brand delivers both higher quality and better service than any competitorand the price does not matter. "Three Reasons Why CSR And ESG Matter To Businesses.". Webthe impact of corporate social responsibility of large firms and SMEs on firm performance. The traditional perception was that doing the right thing would come with a heavy loss of cost efficiency and eat into profits. If a company has been bold and successful in its CSR efforts, the release of its CSR report is as much a communication tool as it is a marketing and public relations event. In recent years there has been a growing emphasis on Corporate Social Responsibility and its link with business sustainability. Suzanne is a content marketer, writer, and fact-checker. Many businesses have established CRS initiatives strive to have a positive impact on the world through direct benefits to society, nature and the community in which a business operations. But over the past 18 months, world events have caused many business leaders to rethink their current policies and define a clearer strategy to support diversity, equity and inclusion (DEI). We have been periodically involved in supporting causes we feel strongly about and strive to help achieve a fairer and more liveable society. After enrolling in a program, you may request a withdrawal with refund (minus a $100 nonrefundable enrollment fee) up until 24 hours after the start of your program. If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your choice. For most organizations, the supply chain accounts for as much as 90% of the business's environmental impact. Moreover, the creation of family foundations is growing in popularity. Currently, there isnt a common set of CSR reporting standards in the US. Get involved in any way you can. Social responsibility is an effective tool to increase employee engagement. WebImpact of Corporate Social Responsibility on Business Performance. Rankings are determined based on employee relations, environment impact, human rights, governance, and financial decisions. I've also seen that some companies are taking the lead and venturing into humanitarian projects ranging from the construction of roads to the alleviation of poverty. Through EY Ripples, we have an ambitious goal to positively impact the lives of 1 billion people by 2030. WebThe Impact of Corporate Social Responsibility (CSR) on Organisations and Their Stakeholders. Furthermore, many individuals who know that part of a company's profits will be channeled toward social causes near and dear to them will gladly pay a premium for goods. The results of recent research from Project ROI, an endeavor spearheaded by research firm 10 Sustainability and the Babson College Social Innovation Lab, show that CSR practices have great potential to deliver financial returns on investment (ROI), as well as related business and competitive benefits. ", Boston Consulting Group. There is a need in Hong Kong for SMEs to get involved and contribute more to society. ISO 26000 clarifies what social responsibility is and helps organizations translate CSR principles into practical actions. Hence, while doing business and guaranteeing stakeholders profits, businesses need to consider the bigger necessity of social well-being and environmental protection. When managers respond to issues of concern among salient stakeholders those stakeholders who possess the ability to impact the reputation and operations of the company improved financial performance is . Annual impact assessments, in combination with other CSR practices, can create value and support returns related to share price and market value, sales and revenue, reputation and brand value, human resources, risk reduction and compliance. WebThe following are five major ways in which responsibility for corporate actions contributes to the triple bottom line. No, all of our programs are 100 percent online, and available to participants regardless of their location. Starbucks. is an internal- and external-facing document companies use to communicate CSR efforts and their impact on the environment and community. Here's how. As part of its annual reporting on ESG, Home Depot highlighted its achievements on focusing on its employees, operating sustainably, and strengthening its communities. You can learn more about the standards we follow in producing accurate, unbiased content in our. ", The Coca-Cola Company. Especially because of the lack of mandatory guidelines, you can use these reports to highlight your organizations achievements and build social responsibility into your brands identity. If, however, your business hasnt started its social responsibility efforts yet, its never too late. Questionnaire is considered the appropriate method even it has both advantages and disadvantages (; Churchill, 1995; Dillman, 2000; Mohamed and Hussain, 2005). Customer satisfaction and employee retention are the keys to any successful business, after all. For donations, you can access AFCR Ways to Give link and set up gifts as one-off, monthly, in memoriam or in honor. However, there are several reasons I believe it is important for companies to prioritize social responsibility. Offsetting negative impacts by replenishing natural resources or supporting causes that can help neutralize the company's impact. Being a socially responsible company can bolster

Society has become more ethically aware and consumers are attracted to businesses that have a CSR. Collaboration between departments can produce significant gains in terms of improving both external impact and shareholder value. By making a CSR impact through education, specifically, may resonate with a particularly valuable population of consumers and could perhaps yield the best corporate social responsibility impact on business. You might not expect a CSR strategy to improve your bottom line because it typically requires investment in projects. WebThe social responsibilitys concept assumes that businesses are generating money from using the natural resources directly or indirectly and this affects natural resources over time; moreover, the large-scale and continuous production of corporations also damages the environment and the ecosystem. Fewer organizations have announced plans to provide social impact assessments, which measure the "net effect of an activity on a community and the well-being of individuals and families." In managing supply chains, efforts have also been taken to eliminate reliance on unethical labor practices, such as child labor and slavery.

These benefits include increasing a company's market value up to 6% and stakeholder value by $1.28 billion (over 15 years), as well as reducing systemic risk by 4%. Since Hugill & Ip has opened its doors, CSR has been within our DNA. It builds a crucial ethical stand, in which members are accountable for fulfilling their public duty. The EY Ripples strategy includes lending this distinctive EY service to clients on a not-for-profit basis to help scale aligned social impact initiatives. In this way, we can create the right balance between economic growth and the well-being of society and the environment. This provides organizations the freedom to report on CSR efforts in whatever format they choose and highlight whatever information they wish. And a business that is committed to improving the world is likely to attract more talent. If a goal isnt reached in its intended time frame, the CSR reporting process can prompt an examination of how the project went off track and what can be done to realign and accomplish the goal in a realistic timeframe. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate. A company may choose to engage in any of these separately, and lack of involvement in one area does not necessarily exclude a company from being socially responsible. We offer self-paced programs (with weekly deadlines) on the HBS Online course platform. Companies can start by organizing small fundraising events, encouraging volunteering, establishing a social mission and clear goals, implementing education programs for employees, or joining efforts with businesses with a similar mentality. Though not always mandated, a company may choose to manage its relationship with external stakeholders beyond what is legally required. This tells me that consumers will opt for and stick with companies that aren't just profit-oriented. Our platform features short, highly produced videos of HBS faculty and guest business experts, interactive graphs and exercises, cold calls to keep you engaged, and opportunities to contribute to a vibrant online community. Corporate social responsibility is a business model by which companies make a concerted effort to operate in ways that enhancerather than degrade society and the environment. Web1.2. Benefits of Corporate Social Responsibility Brand Recognition. We also reference original research from other reputable publishers where appropriate. CSR is also important when it comes to branding. Embracing CSR increases customer retention and loyalty, increases employee engagement, improves brand imaging, attracts investment opportunities and top talent, and makes a difference for bottom-line financials. Through optimal operations and support of related causes, a company can ensure it leaves natural resources better than before its operations. The 3 Pillars of Corporate Sustainability. Simply put, social responsibility can help people see your company as a positive force in society. For their loyalty, consumers expect brands and businesses to not be all about making a profit, but to give back to society. Companies striving to measure success beyond bottom line financial results may adopt corporate social responsibility strategies. Donating money or resources to charities can make a huge difference, although small companies and startups may not have the ability to do so. Someone will reach out to you as soon as possible. "ISO 26000, Social Responsibility.". General Motors. This includes fair employment consideration for all individuals regardless of personal differences. Companies can likewise witness increased foot traffic if they're committed to supporting the local community. "How Coca-Cola Empowers Women Entrepreneurs. After submitting your application, you should receive an email confirmation from HBS Online. Every contribution counts to fund cancer research and to save the lives of cancer patients. Many companies view CSR as an integral part of their brand image, believing that customers will be more likely to do business with brands that they perceive to be more ethical. From my perspective, CSR can help your business better engage with customers. corporate social responsibility is the idea that a business has a responsibility to the society and environment in which it operates. If your business hasnt yet implemented annual impact assessments as part of its CSR program, or if your initiatives arent tightly integrated with your business strategy, this is the perfect time to start. Some businesses have announced plans to become carbon neutral in the near future and have already published reports about progress and future goals, whereas others are just beginning to conduct environmental impact assessments by implementing a structured measurement of the effects of their business activities. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Although not yet required of companies based in the United States, some predict it will be in the not-so-distant future. Through her dual CSR and purchasing experience, she knew that the real cost was substantially higher, including the need to maintain inventory and the wasted paper associated with every product change. Ever year it is rated amongst the top 30 countries and territories in the world, in terms of charitable giving efforts. Smarter spending habits designed to improve environmental and social impact can simultaneously drive business benefits across your organization.

Thank you for your submission. Do I qualify? Over the past few decades, consumers have increasingly chosen to purchase products from companies that do good. These include education; earthquake and tsunami relief; healthcare; land and rural development. CSR reports are a way for an organization to communicate its mission, efforts, and outcomes to external and internal stakeholders. The projects you and your team take on can help raise awareness for important causes and keep your business top of mind. In my experience, investors in a business have one common goal: to have greater returns than invested funds. We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf. It keeps customers engaged and maintains a positive brand image. It also reduced energy consumption by 14% from the year prior and are on track to reduce company-wide emissions by 40% by 2030. aware of a companys social impact and values. What Is the Difference Between ESG and Social Responsibility? CSR reports are an effective way to communicate your businesss efforts, goals, and plans to help the environment and community, along with the impact its had so far. Brand management is a marketing function that uses brand management techniques to increase the perceived value of a product line or brand over time. A first glance, this may seem like a daunting task to undertake, but its well worth it because there's a clear trend emerging toward increased shareholder value and other business benefits at organizations that have established good CSR practices throughout their supply chain. Frontiers in Psychology. However, the relevance of CSR to brand valuation for investors and other stakeholders is increasing exponentially year after year. This is a BETA experience. Reducing pollution, waste, natural resource consumption, and emissions through its manufacturing process. To have a successful brand and retain customers, businesses must create trust with their target audience, and I believe having a CSR strategy can help build a good reputation and, in turn, earn trust and loyalty among clients. Socially responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top-tier employees. Simply put, social responsibility can help people see your company as a positive force in society. Thus, CSR is typically a strategy that's implemented by large corporations. Stories designed to inspire future business leaders. In 2010, the International Organization for Standardization (ISO) released ISO 26000, a set of voluntary standards meant to help companies implement corporate social responsibility. Whether a company donates profit to charities or causes it believes in. Do I qualify? ", College Students & Financial Capabilities During the Pandemic, A Nationwide Look at Middle School Students' Sense of Belonging. To make implementing your CSR initiatives easier, we put together our Investing in Impact white paper. They are, however, more challenging to reinforce throughout the supply chain on a global scale. A public survey about CSR found that most respondents prefer that companies implement CSR initiatives that minimize their negative impact on society and the environment. This enables the companies to leverage their strengths and accomplish greater positive impacts on the beneficiaries. One of the major reasons people apply to various companies is because of their CSR strategy. With large companies, there is strength in numbers, and collective employee efforts can achieve substantial results, which increases workplace morale and boosts productivity. Recycling goods and materials throughout its processes including promoting re-use practices with its customers. A corporate social responsibility (CSR) report is an internal- and external-facing document companies use to communicate CSR efforts and their impact on the ", Ben & Jerry's.

Why is social impact important in business? A company make plans to be more environmentally, ethically, and philanthropically focused; however, the company must back these plans through financial investments of programs, donations, or product research. YouTube) disabled/enabled, Podcast S4E5 | Cryptocurrency Frauds & Asset Recovery Remedies, Webinar | Essential Considerations When Setting Up a Trust. CSR is a business commitment that contributes to corporate social sustainability.

CSR can help you attract and retain employees. Some candidates may qualify for scholarships or financial aid, which will be credited against the Program Fee once eligibility is determined. Full article: Development of corporate social responsibility in small and medium-sized enterprises and its nexus with quality management Home All Journals Cogent Business & Management List of Issues Volume 3, Issue 1 Development of corporate social responsi . Cogent Business & Management Volume 3, 2016 - Issue 1 Open access The Positive Impact of Corporate Social Responsibility, https://www.hugillandip.com/wp-content/uploads/2018/11/hands.jpg, https://www.hugillandip.com/wp-content/uploads/2021/08/hugill-and-ip-solicitors-Gary-Wong_500x700-2-96x96.jpg, For performance and security reasons we use Cloudflare, Google Analytics tracking code disabled/enabled, video embeds (e.g. Companies often set their own standards, though external forces or demands by clients may shape ethical goals. However, as mentioned above, many customers are willing to pay more for products from a socially responsible brand, and CSR can help attract and retain employees. Each CSR report is different and highlights the companys strong suits, goals, and plans. Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. Ethical responsibility ensures fair and honest business operations, while economic responsibility promotes the fiscal support of the goals above. How Do ESG, SRI, and Impact Funds Differ? Learn the benefits of integrating social impact into your business plan this year. Many businesses striving to be socially responsible use the triple bottom linean organizations impact on people and the planet, in addition to its profitsto determine strategic priorities. Start by identifying a cause thats important to members of your organization, and then brainstorm a quantifiable goal you can set that would help that cause. As a company engages more in CSR, they are more likely to receive favorable brand recognition. Over time, the development of valuable cross-functional insights can help shape the overall business strategy. A CSR reports layout can range from a straightforward text document to a designed, visually stimulating packet.

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