Although corporate organisations do not represent the government of a country and cannot act on its behalf, they are powerful, and can make a significant difference in society using CSR as a tool. Whether it is a campaign for fighting hunger or saving the whales – every large movement started with a single step. CSR can also help a company to expand in the long-term with no loss of focus on short-term important matters such as its market valuation. These sorts of programmes allow customers to feel as a partner in the act of purchase and their attachment to a particular cause. Undoubtedly, these days, more attention is paid by the public than before on the morality of firms and their desire to support causes. The organisations who can demonstrate that they care about people and the planet, are likely to have a greater chance of success in their fields of business.
Simply defined, CSR is an organization’s responsibility to society. It is important to explain that philanthropy is very different from CSR in terms of responsibility. Philanthropy is a voluntary act of charity and it is not connected to the needs of society. I would now like to discuss the benefits of CSR’.
Therefore, at first, a social problem needs to be identified by a company willing to help and engage in CSR. But why do businesses need to create these CSR programs? What are the benefits?
In order to be a good corporate citizen and to build or maintain current reputation, an organization should strive to work as transparently as possible to develop successful CSR programmes. This is the main requirement for a sustainability-focused business model.
Some of the other many benefits I can list here are great reputation, increased brand recognition and customer loyalty. A CSR programme is a great way to stand out among your competitors, prove your transparency and build or increase the trust in your brand!