It takes 20 years to build a reputation but only five minutes to ruin it. - Warren Buffett
Corporate Social Responsibility (CSR) is an independent business model that helps a firm have social accountability to itself, its stakeholders, and the public. Business firms have a lot of impact on society's economic, environmental, ethical, and social aspects. CSR means to enhance rather than ruin the impact of a firm on society. Besides, CSR also helps create a positive image in society.
Also called corporate citizenship, CSR programs boost their brands while offering something to society. You don't have to be a large corporation to give back to society - small and midsize firms also create CSR programs.
Types of Corporate Social Responsibility:
Environmental impact:
Rooted in the preservation of Mother nature, this is about ensuring the natural resources are left in a better state than before they were utilized. Recycling and the reduction of pollution and emissions are some examples.
Ethical responsibility:
This means acting in an unbiased and ethical manner, which includes positive and fair treatment of customers and employees.
Philanthropic endeavors:
Philanthropic responsibility is about how a company utilizes its resources to make the world a better place. Charities and fundraising events contribute a positive impact on the world.
Financial responsibilities:
Financial responsibility is to be environmentally, ethically, and philanthropically focused, but at the same time, back these plans up with proper financial planning, research, development, and programs.
Merits of Corporate Social Responsibility:
CSR activities help create a stronger bond between employees and employers, make them feel more connected to the world, and boost their morale.
Research shows that customers are more drawn towards businesses with more CSR activities than the ones without.
Companies with more CSR activities are bound to attract more investors.
Being environmentally friendly and eco-conscious would make our planet sustainable for future generations.
Promoting equality, diversity, respect, and inclusion in the workplace is an ethical choice and responsibility. Discrimination does no good whatsoever and no one should ever feel left out.
My views on Corporate Citizenship:
According to me, an individual or a corporation should focus on what they give back rather than simply focus on what they are getting. Just like individuals focus on how they can give back to society via donations, volunteer work, or simply charity, corporations can focus on CSR, which not only means giving back to society but also means better brand value. However, CSR should not be used as a major marketing scheme. It could seriously backfire on you. Take it slowly and promote CSR activities over time.
We are human beings and I believe the reason we can talk, unlike many animals and plants, is that we have the responsibility and power to make the world better, preserve nature, and promote the well-being of all living beings. We have the power to help, and we ought to use it. It doesn’t have to be all flashy. You can help other people and animals in the smallest of ways.
A business firm is a huge organization. What cannot be done at an individual level can be done at the corporate level. So, Corporate Social Responsibility is optimal! This doesn’t mean that individuals can’t make a difference. If anything, differences are made in the smallest but most powerful ways by individuals! Keep doing good to all beings around you.
Thank you for reading!