CSR

What is CSR?
Corporate social responsibility (CSR) is a self-regulating
business model that helps a company be socially accountable
to itself, its stakeholders, and the public. By practicing
corporate social responsibility, also called corporate
citizenship companies can be conscious of the kind of impact
they are having on all aspects of society, including economic,
social, and environmental

CSR and its intervention in the business world

Now more than ever, there is a growing importance for
companies to ramp up their focus on social responsibility.
"Social responsibility," in simple terms, means a business’s
obligation to pursue achievable and good long-term goals for its
people and the world at large. Its observed that a number of
successful companies today that use social responsibility as a
way to give back to society and thank customers for their
loyalty. This can come in the form of projects, movements or
empowerment of individuals. Whatever form these corporate
ventures take, they are definitely a win for both the company
and the community alike. It’s also been seen that some
companies are taking the lead and venturing into humanitarian
projects ranging from the construction of roads to the
alleviation of poverty. Because corporate social responsibility is
not compulsory, many companies might not feel the need to
engage in it. However, there are several reasons to believe it is
important for companies to prioritize social responsibility.

Importance of CSR, why should a company

implement it in the first place? Let’s see

 CSR can help you attract and retain employees-

CSR strategy shows a company is compassionate and treats all
people, including employees, well. And a business that is
committed to improving the world is likely to attract more talent

 CSR can improve customers' perception of your

brand-To have a successful brand and retain customers,
businesses must create trust with their target audience, it is
believed that having a CSR strategy can be helpful in building a
good reputation and, in turn, earn trust and loyalty — among
clients.

 CSR shows a sign of accountability to investors-

According to a 2016 report by Aflac, investments in CSR are not
typically viewed by investors as a waste of money, but rather an
"indicator of a corporate culture less likely to produce expensive
missteps like financial fraud." The study said 61% of investors
 consider CSR a sign of "ethical corporate behaviour, which reduces
investment risk."

 CSR saves money-many customers are willing to pay more

for products from a socially responsible brand, and CSR can help
attract and retain employees. Given that turnover can cost
companies thousands of dollars

 CSR can enable you to better engage with

customers-Many forms of CSR involve businesses interacting
directly with members of society, who may also be customers or
potential customers. You can get direct feedback on what you are
doing right and what your company needs to improve on.