What is Corporate Social Responsibility (CSR)?
CSR is the belief that businesses should be taking responsibility for their overall impact on society, instead of considering just economic profits, stakeholders become their focus. The main goal is to address issues that are present in society such as health, education, and human rights. This is not just limited to social responsibility, but it extends to environmental concerns too, this is due to the increased pressure of climate change and the issue of irreversible damage if action is not taken. Companies who focus on the ‘green’ issues are more likely to see the benefits through consumer and employee retention.
Why CSR extends beyond profits
If a business adopts a CSR strategy, employee engagement is likely to increase as it helps to provide a strong sense of employee purpose. When an employee is treated in a positive way, productivity and efficiency increases as a result. Therefore, it is advised for a business to be socially responsible, as it benefits everyone in the business. Another reason to adopt a CSR strategy is because it can boost your image and in effect result in a positive reputation. Once a company commits to CSR, consumers are more likely to trust that company as it shows that their values and beliefs align with that company, whether this relates to their social or environmental impact.
The long-term value of CSR
In summary, adopting Corporate Social Responsibility (CSR) can be highly positive for your business. Making small but impactful changes can result in a wide range of advantages, with the most significant being an enhanced brand image and increased employee engagement. These positive outcomes can have a lasting impact, not only on the long-term success of the business but on society and the environment too.
