Consider the benefits others have found from having a CSR programme
Why Corporate Social Responsibility
Here are just a few reasons for embracing Corporate Social Responsibility, though there are more.
- New young recruits to business are looking for more than financial remuneration. Many want to be associated with organisations that are seen to be socially responsible. When speaking about the company for which they work, they want to feel a sense of pride that they are contributing to more than shareholder value. Consequently, a solid CSR programme can help in attracting, recruiting and retaining the best young talent.
- Corporate reputation provides a powerful competitive edge when tendering for lucrative contracts. In fact, many potential clients who operate their own CSR programmes want to see their suppliers are pursuing similar altruistic aims.
- Brand awareness is particularly important when dealing with consumers. A comprehensive CSR programme attracts the best form of media advertising, much of which comes free of charge. Some well-known brands have risen to prominence almost exclusively on their ethical values.
- Care of the environment is becoming a prominent issue for many decision makers, including consumers and businesses. A CSR programme that aims to conserve earth's natural resources, avoid pollution and minimise global warming effects is a powerful marketing tool. Pursuing such policies often go hand in hand with reducing raw material and operating costs for businesses.
- Legislators are increasingly turning their attention to environmental and ethical matters and are introducing regulations to force businesses to act more responsibly, whether that be in regard to the environment, finance, health and safety, wellbeing or a variety of other areas. A company can gain tremendous leverage when seen as a pioneer in these areas rather than being forced by law to comply.
- Perhaps a somewhat less altruistic justification for CSR is that society often finds it easier to overlook or forgive some less desirable business decisions (mistakes) if the organisation is seen to be investing heavily for the benefit of society.
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