What Are The Advantages Of Corporate Social Responsibility

1374 Words3 Pages
bulb-icon

Recommended: Business in social corporate social responsibility ch4

1.0 Introduction Corporate Social Responsibility (CSR) is an act in which a company gives back to the local community by means of philanthropy or volunteering in order to gain public trust and their company viability. In the modernized world we live in today, CSR has become an essential strategy for businesses in order to increase their product marketability (Hossain 2014). “CSR is the commitment of business to contribute to sustainable economic development-working with employees, their families, the local community and society at large to improve the quality of life in ways that are both good for business and good for development (World Bank 2008).” Malaysia is one of the few countries in Asia that, has been continuously promoting CSR …show more content…

It can be concluded that CSR can create a win-win situations for both the businesses and society around them.(chow n.d.) Thus, the concept of CSR is becoming more popular today; more than 80% of the Fortune 500 companies address CSR issues in their webpage (Bhattacharya and Sen, 2004 quoted by Hossain, 2013). 3.1 Improve Image of the Companies By engaging in CSR activities, corporations will gain better recognition as responsible corporate citizens from the perspective of international and local investors (Rahim 2011). Companies in today’s world are competitive because there are a lot of companies who vie for the same spot in the market. By doing CSR, these companies shows that they care for the local community who are part of the consumers that uses their products. For example, UMW and their education programs aiming to improve the education state of the local community and in turn create model citizen that can stand on their own two feet. This shows that UMW cares not only for their profit but also the development of intellect of the local community. In by doing that, the local community and investors who sees this will be attracted to this humanitarian side of the company. CSR is a good way to improve the Image of a company as it showed …show more content…

There are several ways in which CSR practice can lead to potential recruitments. Firstly, the allure of helping others and the environment will attract potential recruits who are well aware of the importance of CSR activities in the sustainable development of a company. Secondly, through CSR programs, for example UMW’s SL1M-UMW: Graduate Enhancement Programme (GEP) where UMW train and increase the employability rate of unemployed universities graduate, not only will their employability rate increase but also some of them will get absorbed into UMW as permanent workers( UMW Social Responsibility 20??). Thus, it can be seen that in today’s society CSR practice is an effective way of getting potential recruits as the allure of helping others will attract potential recruits and educational programs created by companies for CSR will give these companies a first-hand look into the potential future of their companies as the students who are under their programs for may eventually become their successor in advancing the company further in the

Show More
Related

  • Adam Lindgreen And Valerie Swaen's Article: Corporate Social Responsibility

    881 Words  | 2 Pages

    It demonstrates that there can be no universal approach that would suit all relatively similar organizations. First of all, management always has to consider mentality, values, and norms existing in their local community, while also keeping in mind the attitudes existing in other communities and in the global market. At the same time, internal interests are no less significant in this matter, which is why great sensitivity is needed in the process of CSR creation and establishment. Thus, this article addresses both internal and external aspects of CSR as the parts of inseparable whole. It does not have independent and divided sections for each part as they are discussed in connection to one another, which is a realistic representation of an organizational decision-making process. In this way, the authors provide a practically applicable guideline that may be used to determine the most suitable CSR initiative, the methods of communicating this initiative to stakeholders, the resources that can and should be used, and the ways to involve stakeholders in the process of implementation as active participants rather than mere

    Read More

  • Ethical Considerations And Social Responsibilities Of Multi-National Companies

    1446 Words  | 3 Pages

    The role of CSR has become dramatically increased over a number of years due to an influx of social awareness by the general pubic and also by government. The demand for more ethical business processes and actions, known as ethicism, is increasing. Simultaneously, pressure is applied on industry to improve business ethics through new public initiatives and laws. The recent trend has seen an increase in the number of CSR reports being submitted from 2002 – 2005. In 2005 52% of G250 and 22% of N100 companies issued reports.[1]

    Read More

  • CSR

    3141 Words  | 7 Pages

    Companies should embed CSR within the core values of a company. McElhaney (2009) emphasises the importance of committees overseeing the practices, ensuring the implementation and manageme...

    Read More

  • T.J. Maxx CSR

    1886 Words  | 4 Pages

    Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...

    Read More

  • Case Study Of Apple Company

    1528 Words  | 4 Pages

    can adopt a new corporate social responsibility division to enable the company improve its corporate image in the society. In fact, the company can gear the initiative towards improving the girl child education process in by sponsoring high performing students to join a credible institution and later based on performance join the organization. Moreover, the company can also adopt the policy of going green in their products. In light of this, Apple Inc. can come up with projects aimed at enhancing environmental conservation. This is generally termed as corporate social responsibility. Corporate social responsibility is the relationship between international firms, governments of different nations and individual citizens. In other terms, CSR is the relationship between an organization and the local society or rather the connection between a firm and its shareholders (J. J. Asongu, 2007). CSR also involves the combination of social and environmental care and alarms in the business operations and their interaction with their shareholders on a reliable basis. Therefore, Apple Inc. can initiate activities geared towards enhancing CSR. This is in line with the organization’s mission. The latter seeks to serve the public good through complete technologies and partnerships in order to deliver on the firm 's growth and value to the consumers, stakeholders and employees. Moreover, it offers a basis through which the business addresses new markets, technologies and

    Read More

  • General Electric's Corporate Social Responsability

    1774 Words  | 4 Pages

    According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...

    Read More

  • Corporate Social Responsibility Analysis: Wells Fargo

    958 Words  | 2 Pages

    An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.

    Read More

  • Corporate Social Responsibility and the Consumer

    1434 Words  | 3 Pages

    Due to the intensification of Social demands from consumers to companies, many research studies have being developed in order to clarify the effects that CSR has had on members of the organizations as well as on its external participants. In terms of the workforce, the application of a CSR scheme according to Herbst and Lloyd (2009) improves their morale and a sense of satisfaction of working in a responsible company makes them more loyal to the organization, creating a better atmosphere as well as increasing the effectiveness of the employee.

    Read More

  • Pros And Cons Of Corporate Social Responsibility

    1485 Words  | 3 Pages

    ...n Africa. As mentioned in the main body of the essay, the Indian oil company seem to be the leading the way as they look to be resolving all these issues by dedicating some of their time to solving serious issues of the world. Moving on, the advantages seem to outweigh the disadvantages because some companies who are using the CSR approach to show themselves in a positive light in the eyes of the public are, on one hand helping the problems in the world and at the same time, gaining good publicity. It is also worth mentioning that companies who are looking of finding new ways of motivating their staff then from the survey by Net Impact will be a real wind in their sails because by using CSR it will not only motivate the employees but also allow them to make a little pay cut. Surely, if these are the advantages of taking CSR then it will certainly be worth it.

    Read More

  • Corporate Social Responsibility Activities of Unilever

    3393 Words  | 7 Pages

    Corporate Social Responsibility (CSR) is a very familiar term in today’s world. Most of the successful companies try to be ethical and socially responsible toward their stakeholders. Because becoming ethical and socially responsible gains a lot in terms of profit or capturing more market share (Aras and Crowther,2009). This socially responsible approach is paved by the CSR activities of the companies which has a great contribution to their corporate strategy of winning the customers’ mind. In this assignment, the pros and corn of CSR activities of a particular organization a...

    Read More

  • Article Review: The Importance Of Corporate Social Responsibility

    1093 Words  | 3 Pages

    A corporations CSR should be shaped in order to fit the goals of the corporation, although every corporation’s CSR should differ, since most have different goals and different communities behind them. The CSR should be molded into fitting the corporation’s goals in order to make it easier on the corporation in giving back to the community while achieving its goals. For example, a corporation located in a desert wishes to be more efficient, by reducing water usage it is not only creating lower costs, which result in higher revenue, but also helps the community by not taking up so much water. Taking this into consideration, it is critical that the corporation goals and values are established and clear throughout the corporation, they should be developed by the board or directors and CEO, and the highest managerial level should stress their importance to the rest of the corporation. By making the goals and values at the top branch of the corporate hierarchy, it will be simpler for the corporates community to develop in order to nurture those goals and values. Therefore, a corporation can reach the “shared-value,” a value for both its shareholders and community in a simpler manner that can result benefiting the corporation in the end as well. Throughout the article many examples are given of actual corporations that have benefited and changed their CSR in order to fit their goals, therefore, providing solid proof that these methods work. Nevertheless, as acknowledged by the author’s themselves, most of the corporations taken into consideration where one’s that Harvard CSR students were employed

    Read More

  • Csr Planning Essay

    654 Words  | 2 Pages

    The dependent variable of this study is awareness of CSR Planning. CSR awareness is about corporate responsibility in how the corporate inculcates knowledge and interest to ensure employees (Abdullah & Khairuddin, 2013) concern in the importance of CSR. Social awareness is seen as one of the key mechanisms of consciousness-raising, the other being social action (Greene & Kamimura, 2003). The meaning of planning is the process of making plans for something (Oxford Dictionary). According to the Bowen (1953) cited in Abdullah & Rashid (2012), social responsibility speak of to the responsibilities of businessman to pursue those rules, to make those conclusions or to follow those lines of action, which are necessary in terms of the objectives and values of our society. By having a CSR planning, a corporation can define what activities they have the resources to offer to be socially responsible and can choose that which will toughen their competitive advantage (Ballowe, 2009). Furthermore, a company can ensure that profits and growing shareholder value don’t dominate the need to behave ethically to their stakeholders as mentioned by Ballowe, 2009. CSR planning process is essential to have a clear agenda for long and short run CSR activities (Paul & Murthy). Furthermore it can clear out any form of confusion of the whole CSR approach in terms of its financial execution, assessment, and allocation (Paul & Murthy). CSR is not an “unreturned investment”, but rather a TBL investment, bringing positive outcomes or benefits to the profit, people and planet if it is managed strategically and systematically. People stand for determining organizational achievement on social issue (Goel, 2010). Social performance addresses connections between a bu...

    Read More

  • What is the Stakeholder Theory?

    1076 Words  | 3 Pages

    ...t in becoming more socially responsible corporations. For example, Pos Malaysia through their CSR practices, this corporation had focuses on a dual-pronged approach that is aimed at bringing value to the community and nation at large by the means of enhancing education particularly towards the enhancement of human capital development mainly in underprivileged areas and also Enriching Communities in which Pos Malaysia seeks to promote commerce and entrepreneurship within the communities they serve particularly in rural areas. The above CSR themes are aligned with Pos Malaysia mission to constantly strive to be a caring corporate citizen by supporting nation building and community services. This CSR will focused on the meeting the need and interest stakeholder of an organization by becoming more socially responsible and as well as to improve their image and reputation

    Read More

  • Is The Corporate Social Responsibility And Sustainabl Corporate Social Responsibility?

    752 Words  | 2 Pages

    In the changing environment, businesses need to show the responsibilities among community. There are many social problems around the world which needs attention and the society also have expectations from the companies to solve it together by using the resources in an effective way (Gigauri, 2012, pp. 207-211). Since long, most of the companies are practicing CSR to contribute to the environment and society as their broad goal. The success of the companies also depend on the community and environment as the company’s operations also have impacts on society and environment. The companies are refocusing on their CSR activities and it is the demand by the society to show the sustainability and responsibility in company’s operations and activities (Rangan , Chase, & Karim, 2015).

    Read More

  • Importance Of Corporate Social Responsibility

    1000 Words  | 2 Pages

    In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its

    Read More

More about What Are The Advantages Of Corporate Social Responsibility

Open Document