It is true that the corporate sector has a responsibility towards its own business unit, shareholders as well as the entire society. The point is every corporate unit should have a responsibility for the upliftment of society and that is broadly considered as Corporate Social Responsibility (CSR).
If you do not know much about the concept of corporate social responsibility then this post would give you fair knowledge. Stay glued if you want to get the entire information. Well, the social responsibility of business hints norms and obligations of decision-making authority to take proper actions that can protect and enhance the welfare of society as a whole coupled with protecting the interest of business concern. In present times, the concept is gradually more and more satisfactory with changing situations. Thus, social responsibility broadly mentions to the obligations and duties of business or company to the society as a whole. It might be also taken as the welfare of the society by the companies. Some also define CSR or Corporate Social Responsibility as a management concept wherein companies integrate social and environmental concerns in their workings, business operations, and interactions with the stakeholders.
Thus, CSR is a manner through which a company generally attains a balance between economic, social, and even environmental activities. Thus, spending on CSR by a company is a general process of giving back to the society wherein it is doing its business activity and making incomes for its shareholders sincerely. Also remember that though most of the companies in the world today agree that corporate social responsibility is part of day-to-day business practice, this idea is not shared by everybody. This is the supposed business to business approach.
Are there any benefits of CSR?
In the present day digital, fast speed world, each business, tiny or big, needs to have a CSR program in place. In case CSR is not yet part of your daily business practice, make sure that you must act fast. Or otherwise, you might lose the trust of the people who are significant to your business. Whether you believe it or not but the expectations of your staff, customers, and even that of the wider community have changed. You are no longer in control and unfortunately, they are!
Employees or staff members want to feel proud of the organization they work for. An employee who has a positive attitude towards the company is less probable to look for a job elsewhere. It is also probable that you will receive more job applications because people wish to work for you. More choice would simply mean a better workforce. As a result of the high positive impact of CSR on employee wellbeing and that of motivation, the role of human resources in managing CSR projects is absolutely immense.
Research displays that a strong record of CSR enhances customers’ attitude towards the company. In case a customer likes the company, he or she is going to buy more products or services and is going to be less eager to change to another brand.
Thus, since you have a fair knowledge of the concept of social responsibility, make sure that you introduce CSR in your business for the good of society at large and your business!