The Advantages Of Corporate Social Responsibility

Decent Essays

Advantages of Corporate Social Responsibility There is a change in the expectation of employees, customers and shareholders which makes CSR more favorable in doing business today. It is a more sustainable way of doing business and those organization which are more involved in corporate social responsibility will most likely reap the rewards in the longrun.In today’s fast speed and digital world, each business despite its size need to have CSR program in place. Those without CSR programs must implement it as fast as possible otherwise they will lose valuable stakeholders in the long run. Innovation Companies lthat incorporate CSR in their strategic objectives are more innovative,for example Unilever was able to create new products such as …show more content…

Companies will be able to reduce unnecessary waste of money on expensive advertising campaigns rather they generate free publicity and benefit from worth of mouth marketing. Kenneth Cole in the United States of America is well known for sponsoring HIV and AIDs prevention and awareness programs. The company is making huge amounts of revenue and the brand name is well known for its charitable activities. Costs reductions A CSR program if conducted properly can reduce costs through more efficient staff hire and retention. The company will reduce the costs of continuous recruitment and selection because of lower turnover rate. It also reduce costs by implementing energy savings programs, managing potential risks and liabilities more effectively as well as less investment in traditional advertising. Companies like Unilever, Google, BMW, Microsoft, Benny and Jerry are known for their charitable deeds and they are thriving because they able to attract the best employees in the world because of their reputation. Recycling of products increases the life span of the products and promotes greater use of renewable resources which is cost effective to the

Get Access