Why CSR is important?
Corporate social responsibility (CSR, also called corporate sustainability, sustainable business, corporate conscience, corporate citizenship, conscious capitalism, or responsible business) is a type of international private business self-regulation. It is also a is a broad term used to describe a company’s efforts to improve society in some way. This can easily be donating money to nonprofits or installing environmentally friendly policies. CSR is a moral factor for companies, nonprofits, and employees alike. Corporate social responsibility is not a mandated practice in some parts of the world, these places it is something extra that companies do to improve their local and global communities. According to various reports the amount that corporations gave to charities last year was around $ 17.8 billion as per different reports.
“93% of the world’s largest 250 companies now publish annual CSR reports. In short “Businesses cannot be successful when the society around them fails.”
Companies that demonstrate their commitment to various causes are perceived as more philanthropic than companies whose corporate social responsibility endeavors are nonexistent. Consumers feel good shopping at institutions that help the community, so cleaning up the public image by supporting nonprofits through monetary donations, volunteerism, in-kind donations of products and services, and strong partnerships and publicizing their efforts and letting the general public know about their philanthropy, companies increase their chances of becoming favorable in the eyes of consumers. Statistics reveal that 55% of consumers are willing to pay more for products from socially responsible companies. Employees like working for a company that has a good public image and is constantly in the media for positive reasons.
Happy employees give better output, nearly 60% of employees who are proud of their company’s social responsibility are engaged at their jobs more sincerely. When companies show they are dedicated to improving their communities, they are more likely to attract and retain valuable, hardworking, and engaged employees. If a corporation is philanthropically minded, job-hunting individuals are more likely to apply and interview for available positions. Once hired, employees who are engaged will stay with a company longer, be more productive and disengaged workers. 93% of the world’s largest 250 companies now publish annual CSR reports. In short “Businesses cannot be successful when the society around them fails.”