Benefits of Corporate Social Responsibility

Published: 2019-10-28 11:00:00
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CSR (Corporate Social Responsibility) is comprehended as the way companies integrate social, economic, and ecological concerns into their qualities, culture, primary leadership, and operations in a straightforward and responsible way (Tang, Hull, & Rothenberg, 2012). Hence, they set up better practices inside the firm and improve the society. It will be of benefit if the company pursues the CSR strategies. The benefits of CSR go beyond financial return and image rating. It gives strategies that protect the companys sustainability. This concept can be used as a tool for managing risks and human resource management. CSR plays a role in compliance with local, governmental and intergovernmental bodies which sets laws. Many international companies are known to avoid government interference via taxations. CSR reflects laws regarding anticorruption and human rights. For example, if the company gets involved in educational programs, it could gain attention from the schools committee from which it will also gain advantage from. Many prominent breaks of corporate morals bringing about harm to shareholders, employees, and the community have added to increased mistrust of companies. A CSR strategy can enhance corporate administration, transparency, responsibility and moral principles (Carroll & Shabana, 2010).

Employees are a valuable asset, and the ability to retain them will mark a sustainable performance of the company concerning finance and productivity. CSR strategies can aid lower employee turnover. A fair work environment affects organizational outcomes positively by lowering employee absenteeism and increasing commitment levels. These strategies convey necessary information from which the employees can judge how fair the firm is. Employees will be able to gauge how they are being treated, and this will give them the sense of control. CSR involves building associations with different stakeholders and requires joint effort amongst workers and management. It is expected that employees will determine a feeling of worth and belongingness to the company through exhibited CSR exercises.

In conclusion, although CSR implementation will result in increased expenditure, it significantly benefits the company, stakeholders, the environment and the society. The company can allocate money for investments as a social responsibility. CSR aids the legitimate duty by persuading the general public to acquire government trust. Also, through the satisfaction of customers demands, the company will create loyalty with its buyers thus increasing profits.

References

Carroll, A. & Shabana, K. (2010). The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice. International Journal Of Management Reviews, 12(1), 85-105. http://dx.doi.org/10.1111/j.1468-2370.2009.00275.xTang, Z., Hull, C., & Rothenberg, S. (2012). How Corporate Social Responsibility Engagement Strategy Moderates the CSR-Financial Performance Relationship. Journal Of Management Studies, 49(7), 1274-1303. http://dx.doi.org/10.1111/j.1467-6486.2012.01068.x

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