Corporations have played a crucial role in our world ever since the Industrial Revolution. Companies of all scale whether large or small, have shaped much of what we see today.
But with greater power comes greater responsibility!
Corporate Social Responsibility, in short CSR is the way to fulfil that responsibility. It’s how a company can keep its social, environmental and economical roles in balance. It’s a company’s promise to work in a social & eco-friendly way.
On this post, we are going to mention the main functions of Corporate Social Responsibility and its impact on society.
1. Community Service is the first role of Corporate Social Responsibility. CSR has inspired businesses of all sorts to investing in Social issues like health, education, famine and poverty etc. After-all, growth and progress of society as a whole is the main objective of CSR.
2. Sustainable environment is essential for a clean & healthy system. Attention to climate change, global warming, development of eco-friendly products, and reduction of chemical waste, etc., is an important CSR instruction.
3. Protection of Human rights: Human being is at the heart of everything. CSR ensures that human rights are preserved and respected throughout a company’s endeavour.
4. Anti-corruption measures: Corruption is a crime and a risk for everyone in society. CSR guidelines make sure that a company operates in a smooth and honest manner.
5. Adherence to labor laws: Strict adherence to labor laws is yet another key function of Corporate Social Responsibility. CSR recommends companies to strictly act by the rules and regulations, and practice fairness in all aspects.
6. Building trust with consumers & employees: Promotional campaigns and events are effective ways of engaging with consumers and employees. Raising awareness about health, environment, technology & business ethics are some of its features. It’s also an interactive way of getting acknowledged for your CSR initiatives.
7. Cost-cutting is another significant role of CSR. Usage of renewable energy and recycled materials can save a fair amount of money which can be used to go an extra mile for the community.
The impact of Corporate Social Responsibility on Society is broad. But it depends on a firm’s ownership type. Most businesses today understand that profit cannot be the sole purpose of business. Society admires and respects a corporation which treats financial gain, social service and the environment with equal significance.
Most corporations these days have included Corporate Social Responsibility (CSR) in their business strategies. It’s a win-win for everyone, the business, the community and the environment.