The economic boom was a period when large organisations desperately clambered to jump on the CSR bandwagon.
But as the financial crises deepens cash-strapped companies look set to pull the plug on their corporate social responsibility campaigns in a bid to scale down their budgets.
When the economy is suffering, companies traditionally slash their spending in the areas that have the least direct impact on bottom-line profitability- and that inevitably spells bad news for CSR budgets.
However, those companies that decide to cut back on CSR face the prospect of criticism that their corporate citizenship was never anything other than superficial window dressing and that they soon lose their sense of social obligation when shareholders become concerned about their dividends.
On the other hand, those organisations that remain committed to their corporate responsibilities also stand to enhance their reputation as companies around them risk losing their CSR credentials.
The new economic landscape will present them with the opportunity to differentiate themselves from the competition by demonstrating that their values are genuine and that they really do care about their impact on society and, more widely, the environment.
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