Corporate Social Responsibility – CSR
CSR is a management concept where corporates engage with
social & environmental concerns in their operations & interactions with
their stakeholders. By conducting CSR projects companies enhance their
reputation & strengthen its brand while contributing to social &
environmental activities. CSR is a way how companies keep their economic,
social & environmental imperatives which is known as the Triple Bottom Line.
Triple Bottom Line approach is a comprehensive method for
SMEs in developing countries to manage & engage their environmental &
social standards apart from the competition. It measures corporate performance
against economy, social & environmental involvement.
This proves the sustainability of an organization which is financially
secured & long lasting.
Objectives of CSR
CSR Benefits in a Brief
- Positive Reputation
- Brand Recognition
- Increased sales & customer loyalty
- Organizational Growth
- Better financial performance
- Attract talent & retain employees
- Operational cost savings
Reference:
What is CSR?
(2019) United Nations Industrial Development Organization. Available at:
https://www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-responsibility/corporate-social-responsibility-market-integration/what-csr.
CSR
(2019) Ascot Corp. Available at: https://www.ascotcorp.co.jp/english/corp/csr.html.
Corporate social responsibility
(CSR) (no date) nibusinessinfo.co.uk. Available at: https://www.nibusinessinfo.co.uk/content/business-benefits-corporate-social-responsibility.
CSR is a great tool of attracting customers , investors and talented employees for an organization with a reputed image.Nice theoretical explanation on CSR.
ReplyDeleteCSR is simply protection of companies future since if theirs nothing left around us, to whom organizations would sell the goods or services. All other benefits you have mentioned will rank secondly.
ReplyDeleteyou stated that the "Triple Bottom Line approach is a comprehensive method for SMEs in developing countries to manage & engage their environmental & social standards apart from the competition" . yes jehan they are not focusing only on profitability now.thanks for shearing.
ReplyDeleteHaving CSR projects, organizations enhance their brand awareness while helping for sustainable social and environmental growth. Good one.
ReplyDeleteCSR help both the company as well as the society.It helps the company to build its brand image and reputation while providing social, environmental and economical benefits.Good job.
ReplyDeleteCorporate social responsibility is the practice of integrating social and environmental goals into business operations. Common roles of CSR include helping control costs, improve a company's brand, attract top-quality talent and facilitate long-term financial success. Company's brand can not established without CSR. Thanks for sharing.
ReplyDeleteIn present context, rather than making profit organizations are realized their responsibilities towards the society. CSR project will increase your company image and market reputation. Thanks for sharing.
ReplyDeleteCSR is a great tool to enhance stakeholders awareness as well as to improve the goodwill of an organization. Good blog Jehan.
ReplyDeleteCorporate social responsibility is very important for current competitive business environment.CSR is note the cost of the company its a future investment also stakeholder responsibility too. Thanks for sharing.
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