August 2021

Mohammad Anas Wahaj | 28 aug 2021

Corporate Social Responsibility (CSR) is becoming an essential tool for businesses to not only participate in a greater good but also differentiate themselves in a highly competitive business environment. Businesses can utilize CSR as a source of competitive advantage by strategically applying CSR in the communities they work. Companies with serious CSR planning and implementation signify that they operate in ethical and sustainable way and care for the environment and are sincere about their social impacts. Particularly for companies that work in developing world with poverty related challenges, CSR is a great tool to demonstrate that they care and contribute for a better world. Here are few points that represent the value of CSR for businesses in today's world - (1) Creates Greater Job Satisfaction: As per the study published in HBR in 2018, 9 out of 10 workers are willing to earn less income to do more meaningful work. Companies with strong CSR culture can increase employee satisfaction and can attract better employees. (2) Encourages Customer Loyalty: Customers are now more interested in how the companies operate with respect to society and environment. When customers find out about CSR aspects of a company they trust it more and would buy products from them. Millenials as customers are more inclined towards such aspects of companies before they buy products from them. (3) Makes Businesses More Sustainable: When companies apply more sustainable practices then their models become more sustainable too and they will reap the benefits in the long run. Read on...

South Coast Herald: Why Corporate Social Responsibility is Essential for Businesses
Author: NA

---

the3h | glomc00 | ilmeps | mawdesigns | anasmark | ilmeds | read | contact