Corporate Social Responsibility

 

Figure 1-CSR (HBS Online, 2021)

Businesses should perform in a socially responsible manner in addition to maximizing profitability. Investors and consumers seeking investments that are not only profitable but also advantageous to people and the environment have become progressively concerned about social responsibility (Ganti, 2021).

 

 

 

 

Why is corporate social responsibility so important to business?

 

Figure 2-better tomorrow (Asia Business Council, 2008)

Organizations are increasing their influence on personal responsibility. From the standpoint of economics, socially responsible businesses provide a more appealing image to both investors and consumers. This has a favorable impact on their bottom line as well as their reputation among consumers and investors (Scott, 2021).

 

 

 

 

Key points

Figure 3-CSR key (Knauf Industries., 2021)

*      Becoming a socially responsible organization can help to improve a business's image and reputation.

*      Individuals with a sense of compassion could use the commercial resources at their disposal to do this effectively.

*      Systematic corporate responsibility activities can facilitate higher loyalty and increase employee engagement.

  

 

There are three main areas of focus and improvement in "CSR".

 

 Environment

  • Figure 4-Environment (Rademacher, 2020)

    Companies are focusing on decreasing their carbon footprints, packaging waste, water consumption, and overall ecological consequences. When the amount of material used in packing is reduced, the overall cost of those materials is typically reduced (Beattie, et al., 2021)

 

  

 

 

Social

Figure 5-Social (Kamar, 2021)

Successful employees, stakeholders, and the community in which they function should all support and agree on a successful development. The methods for achieving and retaining this support vary, but it ultimately comes down to treating employees fairly and being a good neighbor and community member on a global and regional level (Beattie, et al., 2021).

 

 

 

 

 

Economic

Figure 6-Economic (Global Impact Grid, 2016)

Most businesses believe they are on solid ground when it comes to the economic sustainability movement. Profit is required for a business to be viable, but profit cannot take priority over the other two principles. Economic sustainability includes operations such as compliance, administration, and risk evaluation (Beattie, et al., 2021)

Ecological, social, and governance (ESG) criteria are a set of guidelines that are used to screen potential investment by socially concerned entrepreneurs (Scott & Courage, 2021).

 

References

Asia Business Council, 2008. Asia Business Council. [Online]
Available at: https://asiabusinesscouncil.org/2008/03/27/corporate-social-responsibility/
[Accessed 1 December 2001].

Beattie, A., Scott, G. & Munichiello, K., 2021. Investopedia. [Online]
Available at: https://www.investopedia.com/articles/investing/100515/three-pillars-corporate-sustainability.asp
[Accessed 2 December 2021].

Ganti, A., 2021. Investopedia. [Online]
Available at: https://www.investopedia.com/terms/s/socialresponsibility.asp
[Accessed 1 December 2021].

Global Impact Grid, 2016. Hi4GSR. [Online]
Available at: http://www.hi4csr.com/en/blog/csr-a-benefit-for-the-economy/
[Accessed 2 December 2021].

HBS Online, 2021. Harvard Business School Online. [Online]
Available at: https://online.hbs.edu/blog/post/corporate-social-responsibility-statistics
[Accessed 1 December 2021].

Kamar, R., 2021. Indiacsr. [Online]
Available at: https://indiacsr.in/corporate-social-responsibility-csr-in-india/
[Accessed 2 December 2021].

Knauf Industries., 2021. KNAUF INDUSTRIES Automotive. [Online]
Available at: https://knaufautomotive.com/what-are-the-key-pillars-of-csr-for-the-automotive-industry/
[Accessed 2 December 2021].

Rademacher, B., 2020. drinktec Blog. [Online]
Available at: https://blog.drinktec.com/cross-industry/corporate-social-responsibility-beverage-industry/
[Accessed 2 December 2021].

Scott, G., 2021. Investopedia. [Online]
Available at: https://www.investopedia.com/ask/answers/041015/why-social-responsibility-important-business.asp
[Accessed 1 December 2021].

Scott, G. & Courage, A., 2021. Investopedia. [Online]
Available at: https://www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp
[Accessed 2 December 2021].

 

 

Comments

  1. Buddhika JayarathnaDecember 3, 2021 at 8:36 PM

    CSR has many advantages. Companies build positive reputation, attract positive attention, save money with operational efficiency, reduce environmental impact, attract top talent, and encourage innovation. In their annual reports, public companies frequently report on their CSR performance. Thanks to share here ,

    ReplyDelete
  2. Sujeewa RupasingheDecember 6, 2021 at 3:14 AM

    Modern business world corporates are focusing on triple bottom lines deviating from pure profit focus. CRS initiatives and objectives are commonly seen in support of this cause. Employees are driven with subject trainings and encourages to work on such activities. very timely subject illustrated with supporting.

    ReplyDelete
  3. Asitha DDecember 12, 2021 at 7:20 AM

    Corporate Social Responsibility (CSR) include carrying out the programs that can enhance environmental social and economic sustainability. HR has a main contribution towards CSR activities.

    ReplyDelete
  4. Nuwansiri RathnayakeDecember 14, 2021 at 9:07 AM

    CSR is more essential to every organization to success in business world. Today, there are many socially responsible companies whose brands are known for their CSR programs, such as Ben & Jerry's ice cream. Also as an example, Starbucks' goals for 2021 and beyond include hiring 5,000 veterans and 10,000 refugees, reducing the environmental impact of its cups, and engaging its employees in environmental leadership.

    ReplyDelete
  5. Sandya December 15, 2021 at 9:07 AM

    Being a socially responsible business can help to improve a company's image and brand. Employees with a sense of social responsibility can use the corporate resources at their disposal to do good. Formal corporate social responsibility programs can improve employee morale and increase workplace efficiency.

    ReplyDelete
  6. E127918December 16, 2021 at 1:02 PM

    Corporate social responsibility is more than a passing fad in the business world. Businesses who embrace CSR will gain from it if they want to stay relevant to new generations and aid people in need throughout the world while growing their own income and efficiency.

    ReplyDelete
  7. Chularathna2021MBADecember 17, 2021 at 12:26 PM

    CSR has lots of advantages. Companies build positive reputations, gain positive attention, save money through operational efficiency, reduce environmental impact, recruit top personnel, and encourage innovation. In their annual reports, public firms frequently discuss their CSR performance. This article attempts to present some important information about CSR thank you.

    ReplyDelete
  8. Sachini MahaulpathaDecember 18, 2021 at 3:50 AM

    Corporate Social Responsibility enables a firm to be socially responsible—to itself, its stakeholders, and the general public. However, most of the organisations now a day are not focusing on their Corporate Social Responsibility, which has become a pathetic situation. In your article, you have very nicely articulated why and how a company should focus on Corporate Social Responsibility. A very interesting read.

    ReplyDelete
  9. Naradha SenanayakeDecember 18, 2021 at 6:56 PM

    CSR is a form of self-regulation that can be expressed in initiatives of the organization, depending on an organization’s goals, and may vary from organization to organization. You readily present facts easy to understand. Thank you.

    ReplyDelete

Post a Comment

Popular posts from this blog

An Employee Promotion

Image
  Figure 1 Employee Promotion   Figure 2 Employee Promotion   A promotion is the advancement of an individual from one job position to another job position in an organization that has a higher income range, a higher level job title, and, frequently, more and higher-level job requirements. When an employee is promoted, he or she may be given the responsibility of managing or monitoring the work of other employees. Promotion also generally increases decision-making responsibility (Heathfield, 2019) .   There are 4 types of Employee promotion Figure 3- Promotion Types 1.Horizontal Promotion - Employees who receive this type of promotion receive a pay raise with little to no change in responsibilities. It is also viewed as an employee's development.  2.Vertical Promotion - An upward movement of employees with a change in abilities and experience is referred to as 'upward development.' This might be a promotion from commercial supervisor to marke...
Read more

Employee Life Cycle

Image
  What is the Employee Life Cycle, and how does it work? Figure 1 -Employee lifecycle       The employment life cycle approach is used to describe the different stages that an employee experiences as they connect with their employer. There are 6 stages on employee life cycle (Personio GmbH , 2021) .    Figure 2 -Employee life cycle stages What is the importance of the employee lifecycle? Figure 3 -Client Lifecycle            If management had a clear view of the entire employee journey, turnover would be reduced and employee engagement would rise. How? By establishing appropriate policies and procedures that make it easier for employees to migrate from one touch point to the next. Simply said, an engaged employee is one who is loyal, creative, and willing to put in extra work and ideas. The angry and disappointed employee, on the other hand, sees employee...
Read more