Benefits of Corporate Social Responsibility
Corporate social responsibility (CSR) is an obligation for businesses to take actions that improve and protect the interests of a business and the welfare of society. CSR is a philosophy where the management commits to behave ethically and improve the quality of life through economic development strategies. CSR integrates economic, environmental, and social factors into business processes and structure of decision-making. Asemah, Okpanachi, and Edegoh (2013) explain that through CSR, a business can form a positive impact on the community and society. Generally, it is essential for every business in the 21st century to have a corporate social responsibility, as CSR has become a standard business practice.
Introducing CSR in this company will help it to attain a positive impact in society while trying to maximize the creation of shared value to its stakeholders, shareholders, employees, and management. Geethamani (2017) argues that CSR is a sustainability strategy that is vital in the organization’s competitiveness. This is why the company should introduce procedures and processes that integrate consumer, human rights, ethical, environmental, and social concerns. Introducing a genuine CSR in the company has the potential to outperform other businesses without CSR, where Geethamani (2017) states that introducing CSR introduces a business to 19 times higher average returns.
To carry out a CSR program in the company, the first step is formulating a plan that will integrate all stakeholders including suppliers, managers, employees, NGOs, and others. The plan should incorporate the six elements stipulated in the CSR Implementation Guide: CSR Commitments; CSR Strategy; CSR Assessment; Verification and Evaluation of Results; Implementation Plan and Actions; and Refinement. It is essential that the company follow a strategic approach in the formulation of CSR policies, as it ensures sustainability – a vital element for both the stakeholders and the business.
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