Corporate Social Responsibility or CSR is a frequently used term in organizations. As business students, we are taught that businesses too have social responsibilities and by fulfilling, they both the business and the customers benefit. It improves the society and helps in the protection of the environment. Let’s learn of the basic 5 benefits that an organization gets while serving the community it functions in and the world to which its products and services are aimed at.
- Promotes New Blood in the Organisation
By fulfilling social responsibilities, an organization is able to keep up the morale of the employees and increases the count of employees by choice. People will want to work with you and you can increase the flow of new blood and work towards development.
- Creates Public Image and Reputation
Apple Inc., the makers of the iOS development, is known for its social work. Though it is not so often we note it in the public media, it is possible for an organization to do its moral duties undercover. Apple educates and empowers its workers and so does many such big shot organizations. It is not just philanthropy in general; it is a step beyond the general charity that makes an entity dear to the public.
- Increased Sales
This is a very common point. Fulfilling social responsibilities increases sales. How does that happen? It happens due to customer loyalty- the best award an entity can receive. The more you cater to the needs of the society and the environment you work in, the more loyal and regular your customers become.
- Impacts the Community
Not only does the success of an entrepreneur encourages and motivates people to become more involved in entering into new ventures but, great love and what you have to offer to the world goes a long way. Reliance in India is into a lot of philanthropy-related initiatives. If not all but a few who have benefitted from this will have the drive to do the same thing- but better. So, the cycle goes on and on.
- Retaining Resources
Social Responsibility, as discussed before, does not only involve people. It also involves environment and other resources that affect business. By fulfilling social responsibilities, an organization can retain Human Resource, Financial Resources and Sales. Furthermore, not affecting the environment you work in negatively can increase the chances of you working there for a longer period of time. It can also transform your entity into a Full-Service Digital marketing Agency over a period of time with the retention of resources and expand business prospects.
The CSR is a very important aspect of a company and it is essential for every organization to keep up with the promises and fulfill their responsibilities for their own good if not for the sake of philanthropy.