Updated: Mar 11, 2020
Recently, I heard a President of fortune 500 company remark, "this company has a group of highly competent and talented people; however, as a group, they are not very innovative. Our competitors are winning more business because they are more innovative." At the same time, I was also learning about corporate social responsibility (CSR). Social responsibility is an explicit effort by corporations to help communities, improve employees' wellbeing, and contribute to a sustainable environment all while they are generating a profit for shareholders. What I learned is that some corporations make investments into developing more innovative products and services. However, for the company of reference, their idea of CSR was to make corporate donations to charitable organizations.