Corporate Social Responsibility

                    December-17, 2021

                        Asiri Liyanage





What is Corporate Social Responsibility?

“Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives” (UNIDO, 2021). According to the United Nations Industrial Development Organization, Corporate Social Responsibility is referred to as managing the company’s business processes to make a positive impact on the society.    

Sustainability entails addressing our own demands without jeopardizing future generations' ability to meet their own it is important to keep in mind that apart from natural resources we require social and economic resources and sustainability is not merely environmentalism. Therefore the contribution of CSR towards achieving sustainable development goals can be quite significant.

“People admire the corporation not only for its high-quality products, but also for the actions it undertakes for the common good of the people and it helps to improve the brand value. Customers respond positively to companies that lead with a purpose and according to a study, vast majority of people would purchase products from a socially responsible corporation. Almost all the respondents stated they would support the company in their neighborhood. This increases the sales” (Thaker, 2019).

“Employees enjoy working for companies that have a positive public image which results in better team-work and it is a well-known fact that happy employees lead to high employee retention and engagement. Responsible companies have found new technologies that have reduced the operating costs and thereby reducing the overall costs” (Thaker, 2019).

“When it comes to the execution of projects, which is the core competency of the corporate section, they have the talent and know-how to ensure maximum impact at minimum cost. CSR programs use operational efficiency to bring about change at the grassroots level to bridge the gap between haves and have not’s and to alleviate the poverty. It is no longer debatable that social and environmental risks have a significant impact on businesses and it is really important to identify and manage risks associated with the business and thereby preventing the incurring of losses” (Thaker, 2019).

 

 

Types of Corporate Social Responsibility.

There are 4 types of Corporate Social Responsibility such as Environmental Responsibility, Ethical Responsibility, Philanthropic Responsibility and Economic Responsibility. (Pacific Oaks College, 2021).   

Environmental Responsibility refers to engage in environmentally friendly practices whereas Ethical Responsibility means to ensure that the business engages in fair business practices across the board—including treating all employees, stakeholders, and customers ethically and with respect (Pacific Oaks College, 2021).

Philanthropic Responsibility refers to giving back to the communities they exist in and donate to causes that align with their company mission. Economic Responsibility means that it is making financial decisions that prioritize doing good to the community, not just making more money (Pacific Oaks College, 2021).

 

 

References

Pacific Oaks College, 2021. Breaking Down the 4 Types of Corporate Social Responsibility. [Online]
Available at: https://www.pacificoaks.edu/voices/business/breaking-down-the-4-types-of-corporate-social-responsibility/
[Accessed 16 12 2021].

Thaker, H., 2019. What is the importance of CSR?. [Online]
Available at: https://thecsrjournal.in/what-is-the-importance-of-csr/
[Accessed 16 12 2021].

UNIDO, 2021. What is CSR?. [Online]
Available at: https://www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-responsibility/corporate-social-responsibility-market-integration/what-csr
[Accessed 16 12 2021].

 

Comments

  1. ARSHAD MBADecember 17, 2021 at 5:31 AM

    In current context moving in to social responsibility is an added advantages to improve the Brand Image as well to uplift the national economy. a very good explanation.

    ReplyDelete
  2. UnknownDecember 17, 2021 at 7:28 AM

    CSR projects are important to develop relationships with employees and make a happy and good work environment culture. This will help to improve efficiency and productivity of the organisation. Appreciate your effort.
    Priyankara.

    ReplyDelete
  3. Chularathna2021MBADecember 17, 2021 at 8:51 PM

    CSR refers to a company's decision to operate in ways that benefit society and the environment rather than harming them in the usual course of business. This article presents some important points related to the topic thank you.

    ReplyDelete
  4. amila MBA HR blogsDecember 18, 2021 at 1:32 AM

    company well being always depend on the reputation of the company this is Nice effort for showing connectivity with topic

    ReplyDelete
  5. UnknownDecember 18, 2021 at 2:23 AM

    CSR projects are important to develop the link between management and employees to work under a happy working environment and culture.
    Priyankara.

    ReplyDelete

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