The benefits of adopting CSR in business

The benefits of adopting CSR in business
TABLE OF CONTENTS
I. Introduction....................................................................................
II. Definitions of CSR...........................................................................
III. The benefits of adopting CSR.............................................................
3.1. The benefits for the company ............................................................
3.2. The benefits for society .....................................................................
IV. The adoption of CSR by Twitter .........................................................
V. Conclusion.....................................................................................
References..........................................................................................
3
3
4
4
4
5
5
6
1

The benefits of adopting CSR in business
2

The benefits of adopting CSR in business
I. Introduction
Companies around the world have quickly adopted corporate social responsibility (CSR)
practices. Occupational health and safety issues related to the workplace are included in CSR
issues, as well as environmental concerns, fair business practices, and organisational governance.
(Carroll, 1979). Many companies engage in CSR with the primary goal of profit or
environmental preservation. However, evidence of the benefits of CSR attracts less attention.
Many researchers believe that a business adopting CSR pays off an advantage for both
company and society. As a firm contributes to society, CSR helps them improve their image, and
in the long run, it will also help them generate profits. (Ng Wae, 2012). The company's primary
objective is to have a good effect on both social and environmental issues (Clark and Babson,
2012). Businesses and the well-being of the ecosystem and workers should exist side by side.
However, it’s better to separate these two aspects and provide more examples of successful
companies adopting CSR.
This paper shall discuss the role of CSR and the capabilities it provides both to corporations
and society as a whole. This report would discuss the main sections that the benefits of adopting
CSR in business include for both company and society. In particular, the report helps readers to
know more about CSR and how CSR brings about success for the company.
II. Definitions of CSR
As stated by the European Commission, CSR is when enterprises voluntarily contribute to the
promotion of culture and a healthier environment (European Commission, 2001). The EU, on the
other hand, updated it in 2011 to read "companies' responsibility for the impact they have on
society" (European Commission, 2011). Among Carroll's (1979) definition of social
responsibility are:
a.The economic responsibility to be financially beneficial
b.The legal responsibility to follow the law
c.The ethical responsibility to do what is good, just, and fair
d.The philanthropic responsibility is to be a responsible corporate citizen and raise the standard
of living.
In comparison, the essential part of the above definition is: CSR is about treating key
stakeholders responsibly. (Hopkins, 2014)
3