Benefits of Corporate Social Responsibility [CSR]
CSR can be a better way to face challenges of SDG and MDG
Corporate Social Responsibility or CSR is the imminent reality maintaining the existence of a company in a competitive market. Some see it as a weapon of branding their company. It’s actually the activity of the return-giving system of corporations where they do Business.
Besides, they achieve customer’s faith. This article aimed to explain details about the corporate social liability of a company, its national and international situations, its benefits, and other features.
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What Corporate Social Responsibility Is?
Corporate social responsibility is actually an implementation of policy that makes a corporation more duty-bound to its employees and others. Because CSR is also a kind of investment for the long term.
Furthermore, business entrepreneurs can do socioeconomic betterment to a sustainable condition through it.
And a company with corporate community responsibility often appears with a positive image to its customers. Thus, CSR also can be a perfect way of branding.
Usually, you will notice customers try to avoid better products within a congenial price due to its blindfold activities.
For the instance, you can consider the Readymade garments sector of Bangladesh, that facing the disinclination of its buyers for several conflagrations in industries.
So CSR, also a considerably most important way of branding.
Stay reading, you can read the future challenge of Branding Inspiration to know more about branding.
What Is CSR Example?
Actually, for performing CSR, expenditure is mandatory. We can think, for instance, a company announced that it will spend around 2% of its total profit on the welfare of people or environmental development, etc.
But you can’t take it as costs only; in a realistic situation, it’s actually to kill two birds with one stone. Why I’m taking it so?
This expense (read responsibility) will benefit your company eventually. This expense will create a better understanding with people and make a sustainable brand image for your company.
So, it’s not an expense, rather it’s an investment in a real sense. This article will also explain to you about CSR Funds Used in India, Malaysia, and Bangladesh
We can enlist thousands of companies doing their CSR. It can be Giant Corporation to mid-level company. Some do charity events involving their employees, some spend their budget to reduce carbon outflow for eco-friendly industrial development.
Stay reading this article; I’m explaining how companies performing their responsibilities to impact major issues like hunger annihilation, Air Pollution, global climate change, health, and so on.
Google Combined Social Responsibility
Its Organization Google.org declared to allocate more than $1 billion for CSR as renewable energy to reduce its bad impact, education and economic development.
This $1 billion will come to effort in next 5 years, declared in 2017.
Diminishing water expenditure and with other steps, they reduced around 50% energy usages in their data center.
And since 2007, they are still a carbon-neutral corporation. They also were working unremittingly to make easy access to education for students and teachers.
Johnson & Johnson Incorporated Social Responsibility
Working unremittingly for more than 3 decades to lessen their impact on global warming, Stressed much on renewable energy mechanisms like providing water & air purifying with wind power.
J&J, planning to supply its full energy from renewable systems by 2025, also has different CSR committees for different countries where they’ve operation.
Coca-Cola Incorporate Social Responsibility:
Worldwide drinks brand working strongly for a sustainable condition on the planet. They have a clear message like ‘a world without waste’. Under this project, they stressed using fully recyclable packaging materials. They are working together and set up a blueprint to reduce carbon emissions by around 25% by the year 2030.
Benefits of Corporate Social Responsibility
To practice CSR, the company needed to spend somehow, but it can be seen as public relations activities of a company. Besides doing some duty, it often brings business benefits through an alternative way.
Some of these benefits mentioned here,
To become an established brand name and to get a loyal customer base, public perception is often considered a mandatory item. Performance in CSR activity can build up a better image on people’s perception.
#Brand recognition and awareness:
CSR often helps companies establishing brand recognition. Furthermore, it helps to maintain that on regular activities that create a foundation for corporate recognition and awareness.
#Strengthens positive bonds:
All companies can take these advantages of positive bonding with customers going beyond its size sector.
Reports based on the research say customers often show loyalty to their preferred brand. They don’t shift to other companies; even they get more due to loyalty. CSR can be a way of gaining customers, in mind getting a loyal customers base.
Sustainability in trading, profit-making, and personnel engagement results in the long-term growth of the company. To get media coverage, new business investment, attracting finance for company sustainability is something urgent.
CSR activity can lessen dependency on advertisements, doing it in an alternative way. Companies needn’t spend extra on some operational costs. In the process of doing CSR, organizations often get in touch with government regulatory bodies that can make a company regulatory burden-free. The benefits mentioned above boost the profitability of a company.
#Encourage personal and professional development:
Employees often seeking for a corporation to work with that has a crescent reputation of CSR activities. They try to give full of their potentials for a company and stay more in an org. This employee base can encourage the personal and professional development of a company.
In this time of the 21st century, with the touch of globalization, a business can hardly hold its existence in a competitive market without timely decisions.[Written by G K M Meskat Chowdhury, Student of Journalism, at University of Rajshahi]