Corporate Social Responsibility Practices and Challenges Report

This report delves into the realm of Corporate Social Responsibility (CSR), defining it as a set of business values that extend beyond legal requirements, emphasizing voluntary activities. The report justifies the importance of CSR practices for businesses, presenting real-world examples and highlighting the advantages such as improved market image, enhanced access to markets and capitals, and benefits for workers including a positive work environment. Furthermore, it critically evaluates the challenges businesses face when implementing CSR within the competitive landscape, such as a lack of stakeholder engagement and insufficient staff awareness. The conclusion emphasizes the positive impacts of CSR on organizational profitability, productivity, and competitive advantage. The report also includes a comprehensive list of references to support its findings.

PERSONAL AND PROFESSIONAL
DEVELOPMENT

Table of Contents
 INTRODUCTION
 Reason behind why businesses practices CSR
 Challenges while practice corporate social responsibility within current competitive business
environment
 CONCLUSION
 REFERENCES

INTRODUCTION
 Corporate social responsibility is known as CSR, it is a set of business values that can be defined
as voluntary activities that go beyond those prescribed by law.
 The current Presentation is based on CSR practices, it justified why businesses should practice
corporate social responsibility, with some business examples.
 Furthermore, this assignment evaluate challenges while doing above thing within current
competitive business environment.

Reason behind why businesses practices CSR
What is CSR-
 Corporate social responsibility is the management concept whereby
firms incorporate environmental and social concerns in their business
operations and connections with stakeholders (Banerjee, 2014).
 It is generally understood as being way through which organizations
achieve a balance of social imperatives and other as well.
 Corporate social responsibility bring different of competitive benefits
such as enhanced access to markets and capitals.

Benefits of CSR-
 By embracing social accountability policies firm goes long way towards retaining and attracting consumers,
which is important to business long term success.
 There are range of benefits for workers when businesses practices CSR.
 By promoting thins like volunteering, and encouraging staff for professional as well as personal growth,
organizations can create productive and positive work environment around workplace to work (Grayson and
Hodges, 2017).

CONTI..
 Organizations should practice corporate social responsibility because it helps to
improve market image positively.
 This is very important as customers assess companies public image when deciding
whether to purchase from it.
 Workers volunteering an hour as week at a charity, it shows that they are brand
committed to helping other people, it considered as CSR practice.

History of CSR
• Corporate social responsibility began to take hold in U.S.
• It was officially coined by American in 1953.
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Why business should practice CSR
 In order to enhance efficient human resource base organizations must practice corporate social responsibility.
 Furthermore, by practising CSR, businesses will gain competitive advantages and bolster their brand image in market.
 Firms should practice CSR because it is important for them as it help to sustain for longer in marketplace.

CONTI..
 Cost saving is one of the benefits companies gain while practice CSR, many simple modification
in favour of sustainability.
 Example, using less paper packaging instead of plastic will help to decrease production costs.
 Organizations should practice CSR because it helps to gain competitive benefits and an advantage
over competitors.

CONT..
 In order to improve the economic status and living standards of poor people, companies should
practice CSR as they can donate cloths.
 By giving clothes to charity, businesses shows their concern towards people and build their
positive image in market.
 Charity and donation is included in CSR practice that is beneficial in term of sustainable business.

Challenges while practice corporate social responsibility within
current competitive business environment
Lack of stakeholders engagement-
 Adopting and following corporate social responsibility is one of the most essential key aspects of
success.
 But due to lack of stakeholders engagement, it is impossible do so, that affect brand image in
market and decrease consumer base.
 Without engagement of stakeholders such as workers, suppliers and other, businesses cannot be
able to practice and plan CSR programs.

CONT..
Lack of awareness among staff-
 There are different types of challenges occur when business try to practice corporate social
responsibility.
 When employees does not have any information about CSR and its importance for companies, they
consider it less essential.
 Lack of awareness among existing workers put negative impact on CSR practice and plan of
business.