American author Henry David Thoreau wrote, “Goodness is the only investment that never fails.”
Organizations want to invest in ventures that are profitable and lucrative. They want to build a brand image that’s positive, compassionate and openhearted. Their missions range from helping the world be a better place to changing the game. But, why do large organizations like Google recognize the need for corporate social responsibility or CSR?
Read on to discover the role of CSR and the need for social responsibility in today’s world.
What Is The Need For Corporate Social Responsibility?
Apart from solidifying an organization’s brand image, the need for CSR can be understood in terms of long-term impact, fulfilling your obligation to the environment and being accountable and responsible toward your surroundings.
Building a sound CSR strategy helps organizations bond with their customers. They’re more likely to be trusted when customers believe they want to do good. Ethics and business should go hand in hand. Turning a profit or securing an investment isn’t the end-all of a business operation. How you integrate yourself into society holds equal weight, if not more.
If organizations work in silos without feeling the need for CSR, they won’t be received as a well-meaning organization by the public. For people to believe in your idea, you have to come up with ways to positively influence the world.
What Is The Role Of Corporate Social Responsibility?
To build a business that can sustain market changes, competition and other challenges, an organization needs to strengthen its CSR initiatives. CSR is as much a part of management as is hiring, employee development or goal-setting. The role of CSR is to strengthen an organization’s public image. Both the organization and its CSR efforts work in tandem to lead the business to success.
Here are some factors that determine the role of social responsibility:
Employee Performance And Productivity
If you find an organizational culture that’s invested in social responsibility, volunteering and philanthropy, you’ll likely stay on board. Employee attrition is said to be lower, with higher job satisfaction, in organizations that fulfill their CSR. It’s important to create a culture that’s rich, meaningful and vibrant. Working for a cause you believe in will give you the satisfaction you need apart from the work you’re doing.
Building social awareness means to shed light on human-centric issues. Organizations must participate in initiatives that aim to spread awareness around social causes like threatening diseases, environmental challenges and declining rates of employment. Working together as a community is what helps us build a better world.
Fulfilling Responsibility Toward Stakeholders
There are several stakeholders involved in the process of building and sustaining a business. CSR helps an organization fulfill its responsibility toward each of these parties—employees, clients or customers. Participating in social initiatives that help organizations build a more sustainable world can benefit everyone involved.
Some of the CSR initiatives launched by organizations benefit people while others benefit places. Organizations take the responsibility to restore and maintain national landmarks, generate employment for often-overlooked members of society and actively participate in building communities.
Examples Of CSR Initiatives
Sustainable tourism is a branch of tourism that highlights the importance of localization. Organizations promote traveling in a way that benefits local communities instead of disrupting their lives. Homestays, working on farms and creating spaces that employ the local residents are some ways these organizations operate.
CSR initiatives don’t just have to be about planting trees, they can be wider in scale and impact. Switching to eco-conscious packaging from plastic, launching internships or apprenticeships to employ the youth and running an incubator to support entrepreneurs are examples of CSR initiatives.
Think about how you or your organization can make this leap, recognizing the need for CSR, and leave your mark in a way that benefits those around you.
Trust-Based Social Responsibility
Harappa’s Establishing Trust course teaches you the importance of building trust when you’re doing business. CSR encourages trust-based relationships—employees and organizations, organizations and communities. This is a way for everyone to believe in something like a social cause. Our course is designed to teach you how to focus on credibility and openness, prioritizing the needs of others. Learn from our expert faculty who have rich experiences to share, helping you understand the importance, needs and role of trust in your business ventures.
Explore topics such as Meaning Of Corporate Social Responsibility, Types Of Social Responsibility, Importance Of CSR, Benefits Of CSR & Disadvantages Of Social Responsibility from Harappa Diaries to establish trust through your work or your business.
Discover more from Harappa with a selection of trending blogs on the latest topics in online learning and career transformation