CORPORATE SOCIAL RESPONSIBILITY TOWARDS COMPANY’S GROWTH:
Customers may rely on corporations for their goods and services. But.. depending upon the level of competition, Corporations cannot survive only by providing quality goods at reasonable prices. Customers , now a days also take into account the activities of corporation outside the work place and how they are positively impacting the community.
Being socially responsible means that the organisation including its people should behave ethically towards various aspects of society. It includes sensitivity towards cultural, economic, environmental & social aspects. Striving for social responsibility will help the individuals or organisation to have a positive impact on the growth & development of business along with the welfare of society.
1. HIGHER EMPLOYEE ENGAGEMENT:
Employees being an integral part, the corporation must offer them with fair wages and service benefits, good working condition and most importantly an opportunity to grow. By engaging in CSR activities, the corporation can attract and retain the valuable and top talent. The program will give them sense of pride and satisfaction. Hence the employees will work more creatively and productively.
2. BETTER PUBLIC IMAGE:
The CSR program is a great way to improve image of the business among the eyes of customers. Being socially responsible will improves the goodwill and brand image, which is a great asset for any organisation. But it is crucial to adopt right CSR programs and use them properly to become favourable in the eyes of customer.
3. ATTRACT AND RETAIN INVESTORS:
Investors pour money into the corporations and want their funds to be used effectively. Business corporations who are engaged in social activities along with profit making reflect good management. It creates a positive image about the company and sometimes the deciding factor to invest in a certain company.
4. COST SAVING:
Indulging themselves in CSR programs will help the corporations to identify and improve on their spending. Whether it’s using less packaging, recycling of products or using less energy, these savings add up quickly and helps in cost saving.
Involving in CSR programs can also sometimes help the corporations to take new and risky initiatives which will leads to new innovations. For example a hair conditioner discovered under the privilege of social responsibility by Unilever ltd. that uses less water.
6. LONG TERM DEVELOPMENT:
In order to be successful in long term, corporation should try to focus themselves on things that are going to happen in future. This long term thinking should not be about technological changes or financial results but also take into account the social and environmental issues.