Importance of CSR for Businesses

PERSONAL AND
PROFESSIONAL
DEVELOPMENT

Table of Content
INTRODUCTION...........................................................................................................................1
Importance of CSR for Businesses-.............................................................................................1
Challenges of Corporate Social Responsibility...........................................................................2
CONCLUSION................................................................................................................................4
TASK 2............................................................................................................................................4
REFLECTIVE JOURNAL..............................................................................................................4
Description...................................................................................................................................4
Feelings........................................................................................................................................4
Evaluation....................................................................................................................................5
Analysis........................................................................................................................................5
Conclusion...................................................................................................................................6
Action Plan...................................................................................................................................6
PERSONAL DEVELOPMENT PLAN...........................................................................................6
REFERENCES................................................................................................................................9

INTRODUCTION
Corporate social responsibility is a concept of management to communicate with society
and support environmental worry. This report discusses different impacts of corporate social
responsibilities to which helps to achieve organizational objectives effectively. Report also
explains the importance of Corporate social responsibility on business to increase their potential
in performing activities and achieving objectives effectively.
Importance of CSR for Businesses-
Improved brand recognition-
CSR policies positively impacts company performance in business world and enhances
brand recognition globally by strong performance levels in delivering their duties towards
environmental factors. Customers have preference for products and services where company lays
importance towards building eco friendly devices (Colucci, Tuan and Visentin,2020). Companies
by building strategies to incorporate CSR policies enhance its strong position and deliver high
growth customer segments in market share. Strong brand image enables companies to posses
high market share value among consumers worldwide and increase its reach globally to bring
change in society and environment as whole.
Advantage over competitors-
CSR policies enable companies to gain competitive advantage among other competitors
in business world where climate issues are high concern areas. Organizations by contributing
towards betterment of society in its functioning enhance the operational structure to large extent
which will enable to gain competitive edge. Customers have high preference for companies
services where their purchase can significantly contribute to betterment of society on global
level. Companies by partnerships with charitable communities build strong relations to enhance
its positive impact on society betterment (Kumar, 2020).
Large customer segments in market share-
CSR policies have high impact on increasing customers segments market share as by
promoting their policies and advertisement campaigns companies can influence customers to
great extent. People have lately become aware about how environmental issue has become an
integrally important concern for world as whole, which makes them conscious regarding their
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purchasing behaviours Customers are highly influenced by companies who work with CSR
policies and strongly emphasis in bringing change in environment.
Greater market share value-
CSR policies enable companies to construct strong brand image for itself due to which
financial reports of company enable shareholders and investors to invest in company. Companies
by indulging in environmental friendly strategies such as reducing carbon footprints and
encouraging afforestation near factories and production areas enhance its market value
(Preuss,2020).It has become imperatively important for companies to perform their social duties
and built working stricture where it is responsible towards environmental factors.
Increased employee engagement- CSR policies implementation encourages employees to
contribute their ideas and skills in bringing change towards working structure. Companies can
enhance employees skills in developing environmental friendlily products and services by
conducting seminars and campaigns. This will boost their morale levels to work extensively hard
in contributing highly towards environmental factors and enrich society with their actions. CSR
policies increase employee engagement largely as companies give platforms to showcase their
ideas and how they can involve themselves to enhance their position in society by contributing.
Global recognition through environmental friendly practises-
Corporate Social Responsibility has emerged as one of the most important business
practise for companies to develop in highly competitive business world where it is highly
important to attain success with long term growth (Zeisel, S., 2020).CSR policies are crucial
element for organizations where environmental betterment and strategies to cope up with
changing climate criss is given high relevance. Establishment of strategies to enhance company
working performance towards society will enrich how company performs its duties on global
level.
Challenges of Corporate Social Responsibility
Corporate social responsibility is very important to improve efficiency of society by
contributing in different ways. However, businesses also faces many issues and challenges in
implementing successful corporate social responsibility activity and it can also impact the
reputation or goodwill of company. Business has to identify all the issues and obstacles to ensure
effective future of the company in market and also increase market share. With effective
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