Corporate social responsibility is a form of self-regulation that is incorporated in a business model. It entails the percentage of responsibility not only for economic consequences but also for environmental and social implications. It is generally known as the process through which an organisation achieves balance of economy, social and environmental imperatives, these three forms of the triple bottom line approach Oliver (2007, pp .247-254). This all is carried out as it addresses stakeholders and shareholders expectations. The triple bottom line proves to be a successful tool used by small businesses in developing countries that helps them in meeting set standards in regards to society and environmental state, it does all this with the aim of not compromising its competitiveness. It acts as a framework for gauging and reporting the organisation's performance Archie and Kareem (2010). By so doing it acts as an attempt to straighten up an enterprise's goals and strategies in order to have more objectives than just profit Innes and Norris (2012).
Yes, I agree that corporate social responsibility is really beneficial to a company’s bottom line, this is so as it targets the society, environment and ethical issues and tries to act well with them. It brings about responsible business reputations as by doing so it leads to competitive advantage as some customers insist on companies with a high responsible rating as compared to others as it implies that the company has its logic and targets set well in place Oliver (2007, pp. 247-254). There is also the virtue of cost saving in which when a company reduces resource use and waste it can help save the environment and also money as it helps the organisation to lower its utility bills to gain low spending Archie and Kareem (2010). Environment CSR aim is to reduce effects that target the environment and that which makes the land get degraded and the activities it focuses on are like energy use, waste management, recycling and emissions. Such ways that help in such situations is like switching off lights and machinery when they are not in use, another aspect is reducing the amount of paper you waste as some papers are not degradable thus reducing the number of paper usage kerbs this issue.
Improves the image of the organization-the organisations that have implemented the CSR and followed it up to the letter end up gaining goodwill value. This is so as people want to get the product that an organisation sells as the company has a good reputation and its image is of authenticity, in regards to other organisations it increases the number of organisations willing to work with the corporation and be associated with it thereby increasing an organisations prestige Archie (2010, pp.85-105). This is highly true as the normal folk’s love association with well-mannered and proper giving organisations and become loyal due to that fact.
Increases the retention of employees and also acts as a way of attraction, this is true as companies that carry out the CSR encourage and empower the clients and customers as they are seen as organisations that care about the well-being of people and also provide comfortable working conditions. In the social responsibilities, some organizations go out of their way to even know its employee’s birthdays and sets up something for them, also there is the financial assistance in times of need all these types of scenarios make employees want to remain with the company as the atmosphere is good and conducive for proper working and interacting Hopkins (2007).
There is also the fact that regulatory authorities become friendly and less hostile when they know an organisation carries out CSR they give the company a fast-paced preference as it sees it follows all the protocols put in place as compared to an organisation with no CSR Contreras (2010).
Due to being diverse and allowing itself to help out where it can, it attracts more capital inflow into the organisation as a company’s image plays a huge role to investors and due to having incorporated the CSR it gets a massive boost thus people invest in it heavily. In disguise, it also acts as a good note as the government may be willing to invest in the company as it sees it gains and customer perception thereby leading to lesser regulations to the organisation.
Production of pure renewable energy from the environment this is so as the company has financed an environmental CSR then it makes sure that its operations do not endanger any aspect of the environment as it also gives way to the company the chance to explore renewable energy sources Oliver and Stephan (2007).
There are also disadvantages brought about by the CSR include a shift from making profits according to the organisations set objectives, it is in regards that an organisation first entity is to make profits and not invest in CSR thus by incorporating CSR it affects the outflow of cash and limits profit Innes and Norris (2012). Also, the company reputation takes a hit this occurs as companies are required to disclose the shortcomings of their goods this creates inconsistency and violates their customer organisation relation.
Properly implemented corporate social responsibility has the ability to bring advantages such as enhanced access capital and markets. It is put as the way a company carries out its business in an ethical way. CSR shows that business can fully grow and be diverse when they allow themselves to divulge in as using initiatives that affect the environment such as waste materials can be used to greatly benefit one’s business Oliver and Stephan (2007).
Human rights are relevant as there is a growing acceptance amongst organisations that shows them that also themselves have a role to play in our society and should play a major role in building it up. Another aspect is that organisations are expected to act in a socially responsible manner to an extent that it follows suite so as to influence investors decisions and also influence consumer want. CSR stands out as it acts in a sustainable, responsible process as it helps the organisation to be able to access finance, reduce the burden with local authorities and also be able to identify new business opportunities that sprout up. In this article, it shows that truly companies should incorporate the corporate responsibility in their agendas as it gives a good feel factor in their follow up. It gives major benefits as compared to the disadvantages as it measures effects necessary to attain the goals set aside by the organisation Oliver and Stephan (2007).
Archie B. Carroll and Kareem M. Shabana.2010. International journal of management: The business case for corporate social responsibilities: A review of concept, research and practice. Pp.85-105.12p.
Oliver Falck and Stephan Heblich.2007.Business Horizons: Corporate social responsibility: Doing well by doing good .vol. 50 .Pp .247-254.
Hopkins, (2007). Corporate social responsibility and international development: is a business the solution? London, Earthscan.
Archie, (2010, pp 85-105). The business case for corporate social responsibility: A review of concepts, research and practice
Mallin, (2009). Corporate social responsibility: a case study approach. Cheltenham, Edward Elgar.
Oliver Falck, (2007, pp 247-254). Business horizons.
Contreras, (2010). Corporate social responsibility in the promotion of social development: experiences from Asia and Latin America. Washington, DC, Inter-American Development Bank.
Crowther & Aras, (2008). Corporate social responsibility. [Frederiksberg, Denmark], BookBoon.
Pedersen, (2015). Corporate social responsibility.
Lee & Kotler, (2013). Corporate social responsibility: doing the most good for your company and your cause. Hoboken, N.J., Wiley
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