- Increased employee satisfaction. The way a company treats its community says a lot about how a company treats its employees. …
- Improved public image. …
- Increased customer loyalty. …
- Increased creativity.
- Environmental Responsibility. …
- Ethical Responsibility. …
- Philanthropic Responsibility. …
- Economic Responsibility.
CSR programmes provide
an opportunity for corporations and companies to positively engage with communities across all levels of society
. CSR not only benefits communities. It also provides businesses with new and varied opportunities and can often be of mutual benefit for both businesses and the community.
Being a socially responsible company can bolster a company’s image and build its brand. Social responsibility
empowers employees to leverage the corporate resources at their disposal to do good
. Formal corporate social responsibility programs can boost employee morale and lead to greater productivity in the workforce.
- better brand recognition.
- positive business reputation.
- increased sales and customer loyalty.
- operational costs savings.
- better financial performance.
- greater ability to attract talent and retain staff.
- organisational growth.
- easier access to capital.
Social responsibility means that
individuals and companies have a duty to act in the best interests of their environment and society as a whole
. … As such, embracing social responsibility can benefit the prime directive: maximization of shareholder value. There is a moral imperative, as well.
- Engaged employees. …
- Loyal customers. …
- Positive public attention.
- Reducing carbon footprints.
- Improving labor policies.
- Participating in fairtrade.
- Diversity, equity and inclusion.
- Charitable global giving.
- Community and virtual volunteering.
- Corporate policies that benefit the environment.
- Socially and environmentally conscious investments.
there are three concepts of social responsibility:
(1) profit responsibility, (2) stakeholder responsibility, and (3) societal responsibility
. holds that companies have a simple duty: to maximize profits for their owners or stockholders.
Legal Responsibility
Legal responsibilities are not only liable to the individuals in the society but also to the businesses in the society. … These rules and regulations are
set for maintaining balance and the greater good of the society
. A law-abiding enterprise is a socially responsible enterprise as well.
Student social responsibility mainly focuses on
taking responsibility for one’s own actions
. It is a promise everyone should make for the society while working for the social, cultural and, ecological causes.
CSR as a concept applied in business management contributes to sustainable economic development, which is beneficial, both for the business and for society; it ensures the improvement of labour relations with employees,
cares for their families
, the local communities and the society as a whole and improves the quality …
CSR can
help you attract and retain employees
.
And a business that is committed to improving the world is likely to attract more talent. This shows how important employees take social responsibility. CSR efforts also help foster a more productive and positive work environment for employees.
One way to demonstrate your commitment to Corporate Social Responsibility is
to get involved with your local community
. Participate in local events, buy from local suppliers, and get involved with community decisions.
The main disadvantage of CSR is
that its costs fall disproportionally on small businesses
. Major corporations can afford to allocate a budget to CSR reporting, but this is not always open to smaller businesses with between 10 and 200 employees.
How does CSR benefit the environment?
Environmental CSR initiatives play a key role for major corporations to
impact climate change, water use footprint and energy use effectiveness
. … With disclosure, corporations can improve the transparency of internal operations to display improvements that are being implemented across facilities or assets owned.
