Corporate Social Responsibility
Corporate Social Responsibility
Corporate social responsibility is a business approach that adds value to the existing and sustaining the development through delivering social, economic and environmental benefits to all stake holders of a business.Corporate social responsibility has got various benefits and importance. These include the following:
It improves the public image. Companies that demonstrate their commitment to various causes are more likely to earn more customer trust. Corporations can build the public image through supporting nonprofits by monetary donations, volunteerism and building strong partnerships.
It also increases Media coverage. This assists the company to let people be aware of what the company is doing to save i.e. the environment, so the company should form good relationships with the local media outlets so they can be more likely to cover most of their stories the company offers to them. The company should also be very careful as not to bring upon negative impacts on the society as the media will also pick this and ruin the face of the company.
Boosts Employee Engagement (Bassell et al, 2015). Employees ran and are willing to work in companies that have a good public image and make positive headlines in the media constantly. Also companies that show dedication to improving their communities through initiation of programs like volunteer grants are more likely to attract and retain valuable, hardworking and engaged employees.
Attracts and retain investors. Investors who give money to companies come later to ensure that their funds are used properly including having a strong sense of corporate social responsibility. The profits the company earn, they donate to the nonprofit organizations and also encourage their employees to volunteer their time to work. This shows that they have interests in the local community. The investors are attracted to and support such companies who show commitment not only to employees but the impact on the lives of others.
Encourages professional and personal growth. Companies that have a culture of social responsibility promote volunteerism to the employees through contributing their time and money to worthy causes and by this way, they develop professionally and personally growth. This can be done through teams and by forming teamwork; employees learn to work together on important projects.
A company that is recorded and that I truly believe of being socially responsible is Unilever Company being the multinational corporation having the lead in the production of both the food and beverage sectors. Unilever Company has been marked as “Food Industry Leader” over the past couple of years by the Dow Jones sustainability World Indexes. Unilever Company has been on the lead being ranked the 7th in the “Global 100 Most sustainable Corporations in the world”. The unique initiative that puts Unilever to be on the lead is its sustainable tea programme. The partnership-based model with the ‘Rainforest Alliance ‘,an NGO, Unilever managed to source all of its PG Tips and Lipton tea bags from the Rainforest Alliance certified farms, which offers farm means on how to categorize their products as being socially, economically and environmentally sustainable as of 2015
‘Double the matching’ is the daily reading that has enhanced and builds businesses. One of the advises it has is that the company mission should align with the brand identity and also to pick on a few core focus areas where to make significant impact since it can be tempting to support more nonprofits. It also states that the strategy should begin with a long term vision and commitment from the top, executive. The vision is therefore shared through the media to engage the supporters and provide the feedback and become evangelists (Bassell et al, 2015). The article advises the use of the digital tools while engaging with the employees in idea-generation and asking them what to give back to the community.
Bassell, M., Fischer, D., & Friedman, H. H. (2015). The Importance of Business Ethics and
Corporate Social Responsibility: A Course Module.