Why Corporates opt for Corporate Social Responsibility

Manik Sinha

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Why Corporates opt for Corporate Social Responsibility

Why Corporates opt for Corporate Social Responsibility.CSR.

Companies invest in CSR to manage their risk, recruit employees, bolster their brand in the eyes of investors and consumers, ease their supply chains, save money, increase access to capital, differentiate themselves from competitors and sometimes because it's just the right thing to do.

Being a socially responsible company can bolster a company's image and build its brand. Social responsibility empowers employees to leverage the corporate resources at their disposal to do good. Formal corporate social responsibility programs can boost employee morale and lead to greater productivity in the workforce

The efforts of corporate social responsibility can help companies control costs, improve their corporate brand, attract competent job seekers, and facilitate long-term financial success.

What is the Purpose of Corporate Social Responsibility?

The purpose of corporate social responsibility is to give back to the community, take part in philanthropic causes, and provide positive social value. Businesses are increasingly turning to CSR to make a difference and build a positive brand around their company.

Corporate social responsibility (CSR) is a company's commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations. ... Supporting charitable organizations in the communities where a company operates.

There is specifically designed purpose for opting for CSR.

Innovation – Innovation is a huge benefit to a company and society. Communications and Sustainability, Unilever was able to innovate new products such as a hair conditioner that uses less water. Without sustainability, the company’s research and development efforts possibly wouldn’t have led to such a product.

Cost savings – One of the easiest places for a company to start engaging in sustainability is to use it as a way to cut costs.Optmising the existing resources and manpower reduces cost and inturn enhances revenue generation.

Brand differentiation – Brand differentiation is one of the primary reasons why companies embraced CSR. Companies such as Timberland were able to find their voice and incorporate the company’s values into their business model. However, as CSR has become more commonplace, using it to differentiate your brand is getting harder to do.

Long-term thinking , CSR is an effort to look at the company’s long-term interest and ensuring that the company’s future is well sustainable.

Customer engagement – In 2008, Walmart ran an ad campaign designed to raise awareness about the environment and the product choices consumers would make. Using CSR can help you engage with your customers in new ways. companies often become involved in CSR for different reasons.

This isn’t to say that CSR is the panacea to the world’s problems. But it certainly does start to move the direction toward an economy that is much closer to one where we would like to conduct business.

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