Corporate Social Responsibility

Liliana Chemello^*
*Correspondence: Liliana Chemello, Department of Management Studies, JK Institute of Business, UK, Email:

Introduction

In today's capitalist economy, the relevance and importance of Corporate Social Responsibility (CSR) is critical to ensuring the long-term viability of life and business. "Corporate Social Responsibility is a management concept wherein firms integrate social and environmental concerns in their business operations and interactions with its stakeholders," according to the United Nations. Many Indian companies participated in CSR even before the Companies Act of 2013 made it necessary. Despite this, PSUs have not spent 43 percent of the monies set aside for CSR. Companies view CSR as a cost center, however there are other intangible benefits to CSR. A well-managed CSR program can help build brand equity, raise awareness, and connect with people who share similar values. Customers respond favorably to companies that lead with a purpose.

Description

According to a study, 88 percent of those polled would buy products from a socially responsible corporation. 85 percent of respondents stated they would support the company in their neighborhood. In today's digitally connected society, this engagement translates into increased revenue. This emphasizes the significance of corporate social responsibility initiatives. Previously, functioning sustainably came at a significant financial cost to the organization. It would have been shocking a few years ago if cost savings were one of the elements in the importance of CSR [1-3].

Companies that have been responsible have discovered breakthrough technologies that have lowered operational expenses. India has a population of about 1.4 billion people, with the top 1% owning 73 percent of the country's wealth. Despite a profusion of aid programs, the divide between haves and have-nots is one of the world's widest. The implementation of projects is the main ability of the business sector. They have the talent and knowledge to achieve maximum impact for the least amount of money. CSR programs use operational efficiency to bring about change at the grassroots level. It is no longer debatable that social and environmental risks have a significant impact on enterprises. These elements have a long-term impact on growth strategies and are wholly outside its control. Now, more than ever, it is critical for businesses to increase their attention on social responsibility. In simple terms, "social responsibility" refers to a company's commitment to pursue attainable and beneficial long-term goals for its employees and the public. Because corporate social responsibility is voluntary, many businesses may not see the need to take part. People apply to numerous companies for a variety of reasons, one of which is their CSR approach.

A company's CSR approach proves compassion and good treatment of all people, including employees. And a company that is dedicated to making the world a better place is more likely to recruit top personnel. This proves how seriously employees regard social duty. Employees receive help from CSR efforts because they help to create a more productive and positive work environment. It encourages employees to volunteer and make great contributions. The advantages of CSR speak for themselves as to why it is so important and why you should try to include it into your organization [4,5].

Conclusion

Employees with a sense of social responsibility can use the corporate resources at their disposal to do good. Being a socially responsible business can help to improve a company's image and brand. Employee morale can be improved by social responsibility programs, which leads to increased productivity, which affects the company's profitability. Customer retention and loyalty can be improved by businesses who embrace social responsibility activities. Because they build superior and favorable brand recognition, socially responsible businesses can distinguish out from the competition. Employee engagement can be boosted by emphasizing social responsibility. Employees at these organizations are more likely to want to be effective in the world than just receive a paycheck. There is strength in numbers in huge firms, and concerted employee efforts can conduct significant outcomes, which promotes workplace morale and productivity.

References

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