Essay on Benefits of Implementing CSR in a Company

CSR is a practice that company's do with the aim of improving both the local and global community. It refers to an activity undertaken by a corporation for the well-being of the society in accordance within the law. There are different types of Corporate Social Responsibility that a company can adopt and practice. Environmental Corporate Social Responsibility focuses on the ecosystem, for example, the climatic conditions. For example, a company can take the initiative to create awareness on global warming and rally the community to practice safe environmental practices that reduce global warming. Community-based Corporate Social Responsibility focuses on improving the lives of the local people through and by actions that promote development, peaceful coexistence, and healthy living. For example, a company can implement CSR policies that aim at creating job opportunities for the locals or funding students in their respective schools. Human Resource based Corporate Social Responsibility involves systems of practices that improve the welfare of workers within the workplace. Finally, philanthropy includes donating money to a common good through charity partnerships. For example, a company can draft a policy aimed at helping drought-stricken communities through a local charity organization. CSR plays a vital role in an organization's public image in addition to the many benefits that positions it as a local and homegrown enterprise.

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Benefits of Implementing CSR Policies

CSR ought not to be seen as a drain on a company's resources or revenue since with careful implementation of CSR policies; a company can benefit in many ways.

Improved Public Image

Company's that show commitment to local and community-based causes have a positive self-image as compared to companies that do not engage in any mutual interest. A company's public image is often at the discretion of its consumers and how the consumers are aware and perceives the CSR policies and practices (Turker 2009, p. 412). Consumers tend to have a good feeling, dealing with a company that helps the community through charity actions and programs that promote human right or development. By enacting and practicing policies aimed at improving the livelihood of the locals, a company increases opportunities for becoming confident amongst consumers (Vogel 2005, p. 20).

CSR Policies Increases Media Exposure

Implementing environment and philanthropic practices enable the public to get information about the company. An active relationship with the local media allows the media outlets to cover stories of the enterprise (Falck 2007, p. 247). Good CSR policies are a benefit to the public and news to the media. The media in many cases like to report on community-based practices that promote human right. A company that implements these practices such as charitable activities stands to gain through media coverage, which in turn gives the company publicity amongst potential customers. According to Du (2010, p. 12), a robust implementation of Corporate Social Responsibility practices increases a company's chances to get favorable news coverage.

Heighten Workers Engagement

Workers in a company promoting human good such as harnessing environmental practices help the company get better media coverage that in turn enables employees to develop a positive attitude towards their work and the company at large. On the other hand, happy employees have better productivity levels and pride in associating with the enterprise. When an organization implements and shows dedication in corporate activities and practices, it has a high chance of attracting, retaining, and engaging with hardworking workers (Du 2010, p. 15). Philanthropically minded companies tend to attract valuable employees who in turn stay longer with the enterprise. Implementing CSR policies help engage and attract valuable employees who have high productivity levels in the end.

Attract and retain Investors

Investors investing in companies often require and want to know how their money is utilized. It thus means that businesses must implement sound business decisions, budgets, and plans. Additionally, it means that it should implement active Corporate Social Responsibility policies. Any donation to a charity event or practice, employee volunteering, and engage with the locals on a given CSR practice, they show investors that the company does not care only about profits (Hansen et al., 2011, p. 30). They, in fact, demonstrate that they care and have the locals at heart regarding social issues such as creating awareness on environmental conservation and the benefits of public health.

Investors who engage with such companies develop the confidence to continue committing to the enterprise to broaden their participation in community-based practices through implementation CSR policies (Du 2010, p. 16). Investors show concern about CSR; therefore, a company also needs to take CSR policies seriously.

Encourage Personal and Proficient Development

According to Sprinkle and Maines (2010, p. 244), employees and the top leadership of companies implementing CSR policies find many opportunities for growth as a professional and personal level. When the workers and leaders dedicate their time and resources towards a CSR policy and activity, they develop personally and professionally. They experience a sagacity of pride, knowing that they work for an organization or company that encourages growth and change. They are therefore able to take responsibility for their professional and personal lives, growing and developing while implementing the CSR policies (Falck 2007, p. 248).

Enables a Company to forge relationships with other Corporate Organizations

Implementing Corporate Social Responsibility policies allow a company form a partnership with like-minded organizations that bring additional benefits such as awareness and increase in company recognition amongst potential customers. By building and forging a relationship with several companies, the company implementing the CSR policies stands a higher chance of collaborating and engaging with a different company doing the same (Sprinkle & Maines 2010, p. 245). The relationship may, in turn, benefit the organization/company regarding employee exchange program and activity engaging such as carrying out the CSR programs together. The main advantage is the awareness brought forth by the new engagement with other organizations or companies.

Conclusion

Implementing Corporate Social Responsibility put a business in a strategic position within the business environment. It is an important aspect and tradition that companies need to take seriously to promote its public image, engage with productive employees, tap into the employees, meet prospective corporations, attract investors, and retain its market share while at the same time improving its position within its sector or engagement. Although the benefits of implementing Corporate Social Responsibility policies may not be evident immediately, it serves as an important factor in a company's future endeavors, success, and well-being within the community and with its customers, shareholders, investors, and employees.

References

Du, S., Bhattacharya, C.B. and Sen, S., 2010. Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International Journal of Management Reviews, 12(1), pp.8-19.

Falck, O. and Heblich, S., 2007. Corporate social responsibility: Doing well by doing good. Business Horizons, 50(3), pp.247-254.

Hansen, S.D., Dunford, B.B., Boss, A.D., Boss, R.W. and Angermeier, I., 2011. Corporate social responsibility and the benefits of employee trust: A cross-disciplinary perspective. Journal of Business Ethics, 102(1), pp.29-45.

Sprinkle, G.B. and Maines, L.A., 2010. The benefits and costs of corporate social responsibility. Business Horizons, 53(5), pp.445-453.

Turker, D., 2009. Measuring corporate social responsibility: A scale development study. Journal of business ethics, 85(4), pp.411-427.

Vogel, D.J., 2005. Is there a market for virtue? The business case for corporate social responsibility. California management review, 47(4), pp.19-45.