Importance of Corporate Social Responsibility for Businesses

This presentation discusses the importance of Corporate Social Responsibility (CSR) for businesses and the challenges they face in complying with CSR practices. It explores how CSR helps businesses achieve a balance between social, economic, and environmental concerns and become more competitive in the business environment. The presentation also highlights the benefits of CSR, such as brand recognition, positive public image, advantage over competitors, greater employee engagement, and increased customer engagement.

Corporate social
responsibility

Table of content
 Introduction
 Main Body
 Conclusion
 References

INTRODUCTION
 Corporate Social Responsibility (CSR) is defined as a management concept where the
corporations integrate the environment and social concerns with the business and its
interactions with stakeholders.
 This is used by enterprises for achieving balance between social, economic and
environmental imperatives.
 The present report is about the importance of CSR for corporations and the challenges
faced by the business in complying with CSR practices.
 It will enhance the understanding about the CSR and how it helps organization in the
business environment in becoming competitive.

Corporate Social Responsibility
 It refers to self regulatory business model which helps company in becoming in
becoming socially accountable towards the stakeholders and public. It is a very broad
concept used by corporations and is having different forms based on company or
industry.
 CSR programs, volunteer efforts and philanthropy helps businesses in benefiting the
society and boosting the brands.
 Using CSR practices companies can become conscious about the impact of business on
society, economy and environment

Importance of CSR for businesses
 Brand Recognition
 The CSR practices are important for brand
recognition. Corporation adopting CSR practices
helps in making the business more known to the
society.
 Corporations that are practicing CSR are well
known by the society like Coca Cola, Starbucks,
Visa Inc and many more.

Positive Public Image
 This refers to the image of company in society. Image of
company is very important for the business for increasing
its sales and generating profits. This has a direct impact
over the consumer's buying decisions.
 Companies having policies such as providing free
education to the poor people or making contributions for
development of the society helps business creating positive
image of company in minds of people that is essential for
growth and success of business enterprise.

Advantage over Competitors
 Companies embracing CSR practices tends to stand
separate from that of its competitors in the industry.
 In the society businesses that have serious concerns
about the social and environment welfare get
preference in the market by the business enterprise.
There are very few enterprises that are responsible
towards society even though it is u
 sing resources from the society and achieving
growth due to acceptance by society.

Greater engagement of employees
 The CSR practices should be shared with the employees working in the
organization.
 Employees prefer to work in corporates having strong and positive public image.
This helps businesses in attracting highly efficient employees who will be adding
value to the enterprise and will be providing their skills and knowledge.
 The CSR practices like human rights, concern for society and environment
protections attract candidates from different regions. They feel highly motivated
enterprise with positive brand recognition as they get preference on becoming part
of such enterprises.

Increased customer engagement.
 Companies using sustainable business
practices tend to receive higher business
opportunities.
 Society is becoming aware and vigilant
about the corporations practicing who are
taking actions for the social welfare.
 Every organization run with the motive of
earning profits but there are also
organizations that along with profits indulge
in activities that helps the society in their
growth.

Challenges faced by organizations in
complying with CSR practices
 The principle purpose of practicing CSR activities is of making the business activities
and corporate culture sustainable for the business enterprise. This refers to making
them sustainable covering all the three aspects social, economic and environmental.
 Business are required to pay equal attention over all the three aspects. The biggest
challenges faced is that it is considered as extremal from the business operation.
 Due to this reason business firms do not give much attention to these activities and
practices. Organizations consider it as an irrelevant issue to be considered that do not
add values to their business.

CONTINUE
 This is essential for the business enterprise to
establish healthy relationship with the customers
and suppliers.
 Business feel that society is only concerned with
quality and prices of the business operations.
 Business face it difficult to engage in other social
activities parallel to its business operations. It is
considered by the corporates focusing on these
practices affects their core stream.

CONCLUSION
 The concept of CSR is used by business for keeping a balance between its business
operations and financial concerns. These practices are very important for the business
organization for their growth and sustainability. CSR have influence over the business
operations of the enterprise.
 It provides company in getting market acceptance, brand awareness and brand
recognition. Using the CSR practices businesses are creating value for their business as
society is becoming more vigilant about the environmental concerns.
 They give preference to the entities practicing CSR with their business operations. It
requires the business enterprise to ensure that adopting CSR practices will help in
attaining sustainable growth.

REFERENCES
 Crane, A., Matten, D. and Spence, L. eds., 2019. Corporate social responsibility:
Readings and cases in a global context. Routledge.
 Yakovleva, N., 2017. Corporate social responsibility in the mining industries.
Routledge.
 Wang, H. and et.al., 2016. Corporate social responsibility: An overview and new
research directions: Thematic issue on corporate social responsibility.
 Hopkins, M., 2016. The planetary bargain: corporate social responsibility comes of age.
Springer.

CONTINUE
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