What Is Corporate Social Responsibility (csr)?

Corporate Social Responsibility (CSR) has become an important aspect of businesses all across the globe

. As globalization spreads its reach and businesses serve as global provider, these businesses have recognized the significance and benefits of CSR and have started incorporating it in their practices.

What is Corporate Social Responsibility ?

Corporate Social Responsibility is a form of corporate self regulation amalgamated in a business infrastructure model. The CSR policy of any business works as a self regulating system which helps the business to ensure that it complies the global norms and ethical standards. The aim of CSR is to be accountable for the companys activities and promote an optimistic and constructive ideology through its actions on environment, communities, consumers and stakeholders.

Why is it important?

CSR helps a business to run in such a way that it leaves a positive impact on the environment and society. In other words, CSR implies a commitment by a business to integrate such responsible policies in its practices that benefit the society also and reporting the progress made towards executing these practices. Countries like India also are becoming aware of this phenomenon and Corporate social responsibility in India is also witnessing a boom. Some of the main advantages of CSR can be explained as follows:

Stakeholders interest

Outside stakeholders have been taking a keen interest in the the social aspect of the company and its accomplishments on the social level. The way your business treats the workforce and the impact of the products and services on the society is a matter of interest for the stakeholders.

Sustainability

CSR puts emphasis on economic, social and environmental sustainability so that your business continues to meet the needs of the present without affecting the resources for future generations. Sustaining economic prosperity with taking care of the employees and environments is one of the driving forces while making the blueprint of any policy.

Social accountability

Accountability makes a business reliable. Communication of environmental and social impacts of your business activities on the society at large can be referred as social accountability. Usually the public relations department of a business look after it. Sometimes businesses take the help of PR agencies to manage their public relations as its a very important element of CSR.

Risk management

The reputation which you had built over an entire decade can be brought to ruins within seconds by any malpractices like environmental accidents, corruption scandals etc. within your business. They will tarnish your image in split seconds. The philosophy of doing the right thing within the work culture can be successfully incorporated by implementing CSR.

Customer loyalty

The jam packed market today demands individuality if you want your business to stand out amongst your competitors. Building customer loyalty based on unique ethical principles can definitely be achieved using CSR implemented policies. In countries like India where there is a neck to neck battle in the market, businesses are using Corporate social responsibility in India to its best to become the leader in their domain.

Human resources

Last but not the least, CSR policies can help your business when you recruit human resources. You can ask the candidate about the companys CSR policy. The perception of your business is bound to improve when the staffs are involved with payroll giving, fund-raising activities etc. this will only happen when your business implements CSR policies.

by: Lara Carter

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