Corporate Social Responsibility (CSR) is a business model in which companies integrate social and environmental concerns into their operations and interactions with their stakeholders. It involves going beyond regulatory requirements to contribute to society’s welfare.

While the concept has been around for decades, its value has grown recently, especially as consumers have become more conscious of climate change, income inequality, and unfair labor practices. According to a 2019 AFLAC Corporate Social Responsibility survey, 77% of consumers are “compelled to purchase from companies committed to making the world a better place.” This statistic underscores the importance of CSR to both companies and consumers.

CSR has continued to evolve due to shifts brought about by the COVID-19 pandemic, geopolitical conflicts, and economic volatility. In this blog, we explore the changing face of CSR, drawing on insights from global business leader and philanthropist Igor Makarov, whose career reflects the modern, proactive approach to corporate responsibility. Learn more about Igor Makarov’s Biography to understand how his journey shapes his perspective on CSR.

More Personal CSR Efforts

The approach to CSR has evolved significantly, with companies increasingly supporting causes that align closely with their core values. Makarov emphasizes that modern CSR is less about generic efforts and more about meaningful initiatives that resonate with a company’s identity and expertise.

“Businesses recognize that engaging in CSR activities reflecting their interests and areas of expertise can make a more meaningful impact while reinforcing their brand values,” Makarov says.

Makarov’s personal history as a former professional cyclist is a prime example of this approach. His passion for cycling led him to found and sponsor the Katusha Cycling Team, where he combined his love for the sport with his business’s CSR initiatives. Founded in 2008, the Swiss-registered professional team was not just a sponsorship but an extension of his commitment to promoting the sport globally.

Through his involvement in the Union Cycliste Internationale (UCI), Makarov further expanded his cycling-for-all initiative, encouraging aspiring cyclists worldwide. Makarov’s support also extended to the European Cycling Union (UEC), where he provided funding and support for various cycling projects across Europe.

“By choosing a cause so closely related to my personal history and passion, the Katusha Team became more meaningful and impactful. It championed a sport that had significantly shaped my life and shaped other aspiring cyclists as well,” Makarov explains.

Learn more about how Makarov’s initiatives align with his philanthropic work through Igor Makarov’s Charitable Work.

A Globalized CSR Effort

CSR has transcended individual businesses and leaders to become a global movement. Makarov notes that this evolution reflects an understanding of the interconnectedness of global challenges. Today, CSR often involves collaboration across countries, industries, and sectors to pool resources, expertise, and networks for maximum impact.

After selling the Katusha Team in 2019, Makarov expanded his charitable efforts to include various global causes. His notable initiatives include establishing a clinic for adults with autism at Mount Sinai in Miami and supporting visually impaired children through the Project of the Books for Cecutient Children Fund. In Cyprus, Makarov is engaged in the promotion of cycling for all, in collaboration with local cycling communities, and demonstrates a commitment to community well-being through the funding of the construction and maintenance of a public park.

Makarov’s philanthropic work shows how CSR can become a platform for addressing global causes, benefiting diverse communities across sectors and geographies. The international scope of his initiatives underscores the importance of global cooperation in tackling issues like climate change and social inequality. According to the World Economic Forum, such global efforts are essential to overcoming pressing challenges.

The Future of CSR

Makarov believes that CSR will continue to evolve in response to economic changes and global challenges. The urgency of climate change, social inequality, and sustainable development will push CSR from a secondary initiative to a central component of business strategy.

“CSR will no longer be a sideline activity,” Makarov states. “It will become essential to business operations as companies recognize that their long-term success is tied to the well-being of the society and environment around them.”

Furthermore, with the rise of social media and digital transformation, companies are becoming more accountable for their actions. Real-time monitoring and reporting of CSR efforts will drive transparency and engagement. Makarov predicts that more strategic partnerships between businesses, governments, and non-profit organizations will emerge to tackle these global issues.

As companies integrate CSR more deeply into their operations, businesses will increasingly pursue economic growth alongside positive social and environmental outcomes. Makarov believes this broader approach to corporate responsibility is the key to creating a sustainable future. Learn more about the future of CSR and how businesses can significantly impact society through reports like those from the International Institute for Environment and Development (IIED).