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Importance of Integrating Corporate Social Responsibility

   

Added on  2021-02-21

6 Pages452 Words36 Views
Importance of integrating CorporateSocial Responsibility (CSR) withCorporate strategy
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Table of ContentsImportance of corporate social responsibility (CSR)...................................................................3REFERENCES ...............................................................................................................................4
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Importance of corporate social responsibility (CSR)Corporate social responsibility refers to a sense of responsibility of a businessorganization towards society and the environment. It depicts the manner regarding howenterprises manage & arrange its processes to create a positive impact on community.CSR is increasingly important for companies as it provides immediate benefits to thebusiness in the form of enhanced public image, wider acceptance from community, highercustomer and employee engagement (Lim and Greenwood, 2017). Further, proper integration ofCSR with corporate strategy aids companies in developing competitive edge over its rivals.Rolls Royce employs major of its resources in the efficient implementation of its CSRstrategy. Company's corporate policies includes various CSR activities such as global charitablecontributions, social sponsorships. Being one of the market leader in auto-mobile industry, thecompany has significant effect on community and environment. The organization puts lots of itsefforts in conducting its business in the most ethical way. For example, Rolls Royce provided inits official report that 98% of its employees completed ethics training, company has about 683line contacts (Putting Policy into practice, 2019). Also, company has about 84 local ethicsadvisors for ensuring that company behaves in the most responsible and ethical manner possible. The auto mobile giant is investing huge funds in its R&D for the purpose of cratingprocess and products that delivers safe, clean and highly competitive solutions for an objective ofmeeting world's power requirements. The company has an external Environment Advisory Boardwhich is hired for reviewing the products and processes of company. Science, technology,Engineering and Math (STEM) is a leaning initiative of company which provides education tochildren in India. The purpose of company is to offer maximum benefits to the future generationsby making them educated. Thus, it can be said that CSR strategies of Rolls Royce has made it a better and widelyrecognised brand in the motor industry around the world.
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