For many years, corporations/companies were only interested in making money that was the only goal. But nowadays, companies are also thinking about the environment and society welfare. CSR is a business concern that helps companies gets business while helping the community and environment.
It is a myth that only non-profit companies should be thinking about the society and not the full-fledged businesses. It started back in 1970 in Europe; a few companies started taking initiatives. We all know that world resources are slowly diminishing and the world population is expanding drastically. Government and businesses are finding ways for sustainability.
CSR can help a company’s sustainability in the competitive market while maintaining social connections with people in the area. Word of mouth is still the best source of diverting business to any company.
What is CSR? CSR stands for Corporate Social Responsibility.
Corporate stands for businesses, while social means people/community and the environment where we live. Responsibility is all about the things to have to, the duties you need to perceive as a human.
1.Purpose of CSR
. To identify and improve impact on society and the environment
. Brand Enhancement
. Market Differentiation
. Employee Satisfaction
2. Successful ways of energy in CSR
. Better living conditions
. Health Services
. Saving the environment
3. Advantages of CSR
. Reputation- helps improve the business methods
. Respect Customers- Customer relationship
4. Disadvantages of CSR- Mismanagement of CSR can lead to
. Not helping the environment
. Waste of cost in managing wrong CSR activities
Company shareholders sometimes don’t agree with the concept of CSR and think its waste of money and human hours. But the fact is positive CSR can bring ultimate returns in business.
Walt Disney is a very good example of an effective and positive CSR as they focused on environmental, social and financial factors and the returns are huge.
Hotels around the world have been actively participating in CSR activities, it helps them sustain their employees and engage them in various positive learning for better results. Happy employees make happy customers and maintain sustainability and growth of companies by bringing the financial gain.
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