Corporate social responsibility is a business philosophy gaining popularity in the 21st century. By taking social and environmental responsibility for their actions, some business are attempting to reduce environmental damage, human rights violations, and bad publicity created by their practices. In addition to contributing to social welfare, the advantages of corporate social responsibility may extend into the business realm as well. Since most companies are primarily concerned with turning a profit, it is important to understand the potential for business advantages of social responsibility.
One of the most important advantages of corporate social responsibility is the protection it provides against lawsuits and sanctions. Companies found in violation of environmental standards, for instance, may be subject to enormous fines that cut deeply into profit margins. Reducing wasted energy and pollution through retrofitting and use of alternative energy can not only help cut down on lawsuits and fines, but may help cut operating costs by reducing the amount spent on traditional utilities. Personal Satisfaction
One of the biggest advantages of having social responsibility is that it gives a person a feeling of satisfaction in knowing that he is helping society. The realization that someone, as just one individual, can make a difference is also something that will encourage him to continue helping society. It will also give an individual confidence in striving to achieve more and put forward his own ideas -- rather than only answering to the requests of others.
Gaining a Good Reputation
Helping others will give a person a good reputation in a community. This good reputation will also make it easier for an individual to use her good name to push forward additional good work. This individual's opinion will be sought within a community. Once a person has proved herself to be a socially responsible person, she will be given opportunities to become more involved in...
Please join StudyMode to read the full document