Corporate social responsibility refers to the extent to which organisations accept obligations to society.
Corporate Social Responsibility (CSR) has been a business theme in the corporate world ever since the inception of capitalism. This has led to the adoption of CSR practices in several corporate companies on a large scale. The major problem in the world in our days is the cost of depletion of natural resources,all ersources are limited,so that CSR may help to stop reducing non-renewable resources. At the moment, our environment is polluted, water is contaminated, deforestation has eaten our greenery and we are left with nothing but scary results and critical climatic changes.
However, by introdusing CSR to businesses it may have positive effects in various ways. Stakeholders may have better picture of the business. For instance,greater anticorruption and clarity of the business,standardisation. This is highly benefitial to the company, as its performance getting better. Such way of running business might be used as an advertisement.It may have an impact on brand loyalty and build good name for the business.
Business may better understand various groups affecting business processes. This can lead to a better decisions being made within the company. For instance, by introducing CSR they may closely understands aims and thoughts of stakeholders, how do they believe about ethical issues. This may strengthen company if stakeholders will have the same view,so that coorporate image will be improved.
CSR is a commitment, on the part of the company to the stakeholders and the community that the society is being cared. CSR practices in the business model of a company has positives. It increases competitiveness of the business because CSR initiatives act as a buffer, a self-regulating mechanism for...