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Essay is presented in concentration with corporate social responsibility. Information related with importance of corporate social responsibility as well as its advantages and disadvantages to the company will be shared. With the help of this essay organizations will be able to take important and effective decisions related with various aspects of corporate social responsibility. Thus will help in maintaining the decorum of market as well as society in which organization is doing business.
Corporate Social Responsibility
The responsibility of businesses towards the stakeholders and society in which it is dealing is known as corporate social responsibility. It is a contribution of the business which is done by delivering certain benefits like social benefits and environmental benefits to the stakeholders of the company. It is necessary that such type of benefits should be provided to the stakeholders of the company (Patricia, et. al., 2012). It is a responsibility of the corporate to make sure that they should proper infrastructure to the target population, firms should ensure to provide quality products with fair price. Corporate should help the society to move on the path of sustainability and ensure that society should not get affected with the work process of the organization.
Importance of Corporate Social Responsibility
There are various reasons due to which corporate social responsibility is important for the organizations. These reasons are:
Improves Public Image
Corporate social responsibility improves the image of the company in the eye of the public available in the market. It helps in maintaining a good image of the company in the mind of the consumers which helps in enhancing the goodwill of the company and building trust among the people available in the market.
Boosts Employee Engagement
Corporate social responsibility also includes welfare of the employees working in the company which boosts the employee engagement in the work and objectives of the company (Dario, et. al., 2012). Company providing benefits to its employees build an emotional relationship and attachments with the employee with the effect of which employees of the company works more effectively for the company.
Attracts and Retain Investors
Investors present in the market like to invest in the company which has a positive image in the market. Companies indulge in the corporate social responsibility attracts the investors towards it. Investors take interest to invest in the companies having goodwill in the market and ensure that their money should get invested at a right place (Patricia, et. al., 2012).
Positive Workplace Environment
Corporate social responsibilities helps in creating positive working environment as employees working in the company indulging in the corporate social responsibility practices remains happy and work effectively at the workplace. Work of the company could be managed effectively as people working in such company gives their 100% so as to complete the work and ensures that company’s targets could be obtained.
Corporate social responsibility increase creativity at workplace as people working in the clean. To refine their skills and ensure that work could be completed with quality and within in the prescribed time (Alix, et. al., 2014).
Advantages of Corporate Social Responsibility
Improvement in the image of corporation
Corporate social responsibility helps in the improvement in the image of the organization as its contribution on the welfare of the people present in the market. Such type of activity helps in building effective relationship with the people present in the market with the effect of which they develop trust on the company and ensures to stay connected with the organization.
Increased Attraction and Retention of Employees
A healthy and happy environment is created in the organizations which are indulged in the corporate social responsibilities (Aguinis, et. al., 2012). This helps in keeping the employees happy with the effect of which employees of the company prefer to stay with the company and work on the path to attain organizational objectives.
Helps in Environmental Sustainability
Corporate social responsibility includes environment sustainability activities. It includes that organizations should work to help the environment and ensure that environment could remain green as well as clean. Such type of activities of corporate helps in environment sustainability which helps in attracting people towards the company.
Disadvantages of Corporate Social Responsibilities
Shift from Profit Making Objectives
Organization indulging in the corporate social responsibilities shifts from profit making objectives and works towards to help the society and people available in the society. Corporate social responsibilities affect the profit margins of the company which could affect productivity also (Carden, et. al., 2012).
Increase in the cost of Production
For environmental sustainability organizations tries to produce eco-friendly products. Producing such type of products includes huge cost which leads to increase in manufacturing cost of the product.
Customer build trust with the companies indulges in the corporate social responsibilities and gets attached with the company. These people prefer to see the results whether the promises made by the company are true or they are jut PR stunts. Corporate social responsibility is a time consuming process. Hence, it become hard to convince the customers related to the corporate social responsibilities of the company.
These are certain advantages as well as disadvantages attached with corporate social responsibilities which are necessary to be undertaken by the organization while indulging in such type of activity. Companies available in the market should make appropriate decisions of whether to indulge in the corporate social responsibilities or not (Du, et. al., 2012).
Hence, it could be said that corporate social responsibilities are the important aspects attached with every organization. Organizations should try to indulge in the corporate social responsibility aspects because these are the duties and responsibilities of the organizations itself to help the society as well as environment in which it is doing the business management. Organizations should work on the path to keep its employees and stakeholders happy as these are the key to success for the company which will help it to sustain in the market and to attain competitive success in the market. Corporate social responsibilities helps in protecting the interest of the people present in the market and ensures fair deals in the competitive market.
Aguinis, H., & Glavas, A. 2012. “What we know and don’t know about corporate social responsibility: A review and research agenda”. Journal of Management, Vol. 38(4), pp.932-968.
Alix V., Lila L. Carden, Raphael O. B. 2014. “Corporate Social Responsibility and Businesses: Examining the Criteria for Effective Corporate Implementation Utilizing Case Studies”. International Journal of Business and Social Science, Vol. 5 No. 3, pp. 1-12.
Carden, L., & Boyd, R. 2012. “Integrating corporate social responsibility with risk management methodology: A strategic approach”. Southern Journal of Business and Ethics, Vol. 3, pp. 161-170.
Dario A. S., & Germano T. 2012. “CORPORATE SOCIAL RESPONSIBILITY AND PROFESSIONAL TRAINING FOR IMMIGRANT: THE BUSINESS CASE”. International Journal of Managing Information Technology (IJMIT), Vol.4, pp. 13-20
Du, S., & Viera, E. T., Jr. 2012. “Striving for legitimacy through corporate social responsibility: Insights front oil companies”. Journal of Business Ethics, Vol. 110, pp. 413-27.
Patricia, C., & Vanina, F. 2012. “The Economics of Corporate Social Responsibility: A Survey”. Journal of Corporate Social Responsibility, pp. 2-18.