Personal and Professional Development: Why Businesses Should Practice CSR and Challenges in Competitive Environment

This presentation explores the importance of corporate social responsibility (CSR) for businesses and the challenges they face in a competitive environment. It discusses the meaning of CSR, its impact on society, and the benefits it brings to organizations. The presentation also highlights the challenges of implementing CSR, such as lack of resources and strategic vision. Overall, it emphasizes the positive impact of CSR on business growth, sales, consumer loyalty, talent attraction, and staff retention.

PERSONAL AND PROFESSIONAL
DEVELOPMENT
TASK 1

Table of Content
 INTRODUCTION
 Why businesses should practice CSR including challenges of doing so within competitive business
environment
 CONCLUSION
 REFERENCES

INTRODUCTION
 Personal & professional development is the procedure through which individual and
organization engage in process of learning to meet barriers as well as desire goal.
 The current presentation is based on CSR, it justified why businesses should practice
corporate social responsibility.
 It includes challenges of doing so in current competitive environment.

Why businesses should practice CSR including
challenges of doing so within competitive business
environment
 Meaning of CSR
 It is all about how firms manager their business and its operations to produce overall positive
influence on society.
 CSR covers sustainability, ethics, social impact and done appropriately will be about core
business.

Cont..
 By practicing CSR firms will be conscious of sort of impact they had on all aspects of community, including
social, economic and environmental.
 Engage in this business model means that, in common course of business, a firm is operating in ways that boost
society and environment
 It avoids supporting negatively to them.

Cont..
 Importance of CSR and its practices.
 As essential as corporate social responsibility is for community, it is equally precious for
organizations as well, CSR activities will helps hinder powerful bond between workers and
corporations.

Cont.….
 Firms that adopt this concept have grown its business to point where they can cater back to economy.
 In simple words, to protect environment, build inclusive work culture and sustain in market, businesses must practice
CSR, because it directly impacts firms, employees and stakeholders.
 Corporate social responsibility initiatives will help non-profit make up that increase 25% after they have looked to
individual donors.

Cont.…
 Firms are increasingly ramping up their center on social accountability whether its protecting
environment
 championing women's rights and attempting to obliterate poverty, on national, global and local
level.
 This contributes effectively and tremendously.

Cont.…
 In order to gain attention of consumers towards purchasing is the another reason for which
businesses should practice CSR as it is important in competitive business environment.
 For example, TESCO implement numerous systems to achieve social responsibility, these
accountabilities include charity for foundations, fund-raising and to promote education.

Challenges of CSR practices-
Lack of resource-
 While implementing and practicing corporate social responsibility, businesses face main
challenges, in which one of that is lack of resources.
 It includes finances, knowledge, expertise and human capital, all these considered as
common barriers to do CSR practice.
 For effective implementation of CSR in delivering goods or services, large amount of
resources is needed.

Cont.…
Lack of strategic vision-
 This challenge is often attributed to lack of high management
commitment, CSR will be led for introduced and formalized from top
administration chart.
 Lack of strategic vision is the most common challenge faced while
practicing CSR.
 On way to present commitment towards this practice is by
incorporating it into firms, mission, objectives, vision and goals.

Cont.…
High regulatory standards-
 Retail industry is one of the highly regulated industry which complies that most stakeholders and
shareholders concerns on safety, environment and workers well-being.
 Moreover, safety and environmental performance are constantly increased by additions and
amendments to regulations.
 There by forcing sector to cope with these new standards which affect current practices of
business.

CONCLUSION
 From above, analysis it has been concluded that businesses practice CSR because it is beneficial
for overall organization growth and success in market for longer.
 As it helps to increase sales, consumer loyalty, provide greater ability to gain attention of talent and
also support to retain staff.

REFERENCES
 Bagozzi, R.P., Sekerka, L.E. and Sguera, F., 2018. Understanding the consequences of pride and
shame: How self-evaluations guide moral decision making in business. Journal of Business
Research. 84. pp.271-284.
 Crane, A., Matten, D. and Spence, L. eds., 2019. Corporate social responsibility: Readings and cases
in a global context. Routledge.
 Deus, R.M and et.al., 2019. Organisational Challenges to Corporate Social Responsibility. In ISO
26000-A Standardized View on Corporate Social Responsibility (pp. 207-219). Springer, Cham.

Cont..
 Tong, C., Wong, A.T.T. and Cheng, T., 2019. Do Corporate Social Responsibility and Safety of
Food Affect Reputation? A Study of Fast-food Restaurants Industry in Hong Kong. Journal of
Economics, Management and Trade. pp.1-18.
 Ogbo, A and et.al., 2019. The Management Challenge of Sustaining Competitive Advantage
through Innovation in Nigerian Business Environment. Journal of Economics, Management and
Trade. pp.1-13.