Corporate Social Responsibility
A day given back to society ….
Village Visit in Maharashtra
Our team visited Kanhur Mesai Village to contribute in farming, play some role in their agenda of growing healthy Kitchen garden.
We saw custard apple & onion seeds there , praised them celebrated their achievements.
What Is CSR?
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.
By practicing corporate social responsibility, also called corporate citizenship, companies are aware of how they impact aspects of society, including economic, social, and environmental. Engaging in CSR means a company operates in ways that enhance society and the environment instead of contributing negatively to them.
Key Takeaways
- Corporate social responsibility is a business model by which companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment.
- CSR can help improve society and promote a positive brand image for companies.
- CSR includes four categories: environmental impacts, ethical responsibility, philanthropic endeavors, and financial responsibilities.
Volunteering
Some corporate social responsibility models replace financial responsibility with a sense of volunteerism. Otherwise, most models still include environmental, ethical, and philanthropic as types of CSR.
Benefits of CSR
According to a study published in the Journal of Consumer Psychology, consumers are more likely to act favorably toward a company that has acted to benefit its customers.1 As a company engages in CSR, it is more likely to receive favorable brand recognition. Additionally, workers are more likely to stay with a company they believe in. This reduces employee turnover, disgruntled workers, and the total cost of a new employee.
For companies looking to outperform the market, enacting CSR strategies may improve how investors view the company’s value. The Boston Consulting Group found that companies considered leaders in environmental, social, or governance matters had an 11% valuation premium over their competitors.2
CSR practices help companies mitigate risk by avoiding troubling situations. This includes preventing adverse activities such as discrimination against employee groups, disregard for natural resources, unethical use of company funds, and activity that leads to lawsuits, and litigation.
