Corporate Social Responsibility or CSR is one of the known terms used in business. It is an ambidextrous concept that on one hand boosts your social strata and on other hand polishes the goodwill of the company practicing it. But what we must understand is that it has lot broader meaning than just saving trees by printing on both sides of the paper and donating money for social causes.
Corporate Social Responsibility is more about how the organization takes responsibility about the impacts of the decisions it takes on various aspects of society, community as well as environment. It is also about contributing to the health as well as the welfare of society and ensuring that it works transparently and ethically.
Benefits of Corporate Social Responsibility
1. For the company: If the company market its product and makes their customer known about their corporate social responsibility, then the sales of their products could significantly improve in the market. These companies are more likely to get a good number of loyal customers. CSR also help companies get an edge over their potential competitors and help them earn better revenues. It also contributes to the company’s growth on a large scale. Moreover, following a CSR program also keeps the employees of the company happy due to the facilities they get. This, in turn, contributes to boosting the overall productivity of the companies.
2. For the society: The society can get quite appealing benefits if more and more companies start following CSR. When consumers buy products from responsible companies that follow CSR, this force other companies to adopt corporate social responsibility to be in the competition. This will also enforce companies following CSR programs to keep the surroundings clean. It is also a wonderful way to curb pollution and keeping the environment cleaner. Keeping the surrounding clean and maintaining a healthy environment would also mean that the rate of employees falling sick will also decrease.
Corporate Social Responsibility is advantageous from all aspects. Only organizations need to realize that CSR is as beneficial to them as it is to the society.