Corporate Social Responsibility
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What is Corporate Social Responsibility (CSR)
Corporate social responsibility (CSR) is a self-policing corporate strategy that enables an organisation to be socially accountable to its customers, employees, and stakeholders. Companies can be aware of their impact on the economic, social, and environmental aspects of society by engaging in corporate social responsibility, often known as corporate citizenship.
When a firm practices corporate social responsibility (CSR), it means that it operates in a way that benefits society and the environment rather than detracting from it.
KEY TAKEAWAYS
Corporate social responsibility is a business strategy that encourages businesses
- CSR aids in enhancing a number of societal facets as well as enhancing the reputation of businesses.
- Corporate social responsibility is a business model by which companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment.
- Corporate responsibility initiatives are an excellent approach to boost worker morale.
Benefits of Corporate
Social Responsibility
CSR benefits a firm just as much as it benefits the community. CSR initiatives can strengthen the relationship between workers and businesses, increase morale, and help both parties feel more a part of the world. Here are several more reasons firms embrace corporate social responsibility, in addition to the benefits to the environment.
Brand Recognition
A corporation is more likely to experience positive brand perception as it increases its CSR involvement.
Investor Relations
Putting CSR plans into practise generally has a beneficial effect on how investors feel about a company and how they perceive its value.
Employee Engagement
People who work for a firm they believe in are more likely to stay with it. As a result, there will be less churn, unsatisfied personnel, and overall hiring costs.
