The Benefits of Corporate Social Responsibility for Business & Community
Corporate Social Responsibility is a philanthropic concept where companies and corporations integrate economic progress, social justice, and sustainable development. Modern-day investors are more open and highly interested in funding businesses and start-ups that practice CSR. Some of the common activities of CSR could include volunteering in the community, participating in fair trade, charitable giving, etc. Some companies have designated departments for CSR to carry out their own projects while others work closely with NGOs who work for various causes. Though there are plenty of positives there is a very strong criticism that often questions the intentions and motives behind giant corporations taking part in such activities, it's often to do with tax exemptions, covering up ill-legal activities, and boosting the brand image of the company. While the whole process is up for debate the lives that have been impacted and changed are quite significant and they are listed below.
1. Impact on the Community
Usha Electronics Pvt Ltd has trained hundreds of women from rural parts of north India in sewing as a part of their Usha Silai project, they have also committed to providing sewing machines free of cost to empower them to earn their own livelihood. Starbucks plans to hire 10,000 refugees across 75 countries by 2022, thereby ensuring employment for their families.
Through countless other CSR activities, lives and communities are impacted for good.
2. Socially Responsible Consumers
CSR adds value to firms by establishing and maintaining a good corporate reputation and/or brand equity. One of the upcoming trends that are seen in the millennial and gen-z kids is to purchase and support products that are highly environment friendly and this, in turn, makes them associate with a particular brand for which they stand. Ever since Michelin, one of the world's leading tire manufacturers were to achieve absolute zero in their carbon emission during their manufacturing process their sales saw a sudden peak. The statement they put out through this was to show the consumers how much they value the environment. This in turn also challenges other companies to be more socially responsible in their carbon emission.
Studies also show that the modern youth prefer Levi's over other brands because they're very cautious about wasting water and especially after reducing their water usage by 96% in their manufacturing process. The above two are very good examples to show that CSR need not be necessarily about funding NGOs but also funding their own Research and Development team towards sustainable development to show their corporate responsibility.
3. Corporate Citizenship
It is quite a daunting task for any HR professional to keep their employees constantly motivated and engaged amidst their daily work pressure but CSR has provided the opportunity to help them get involved in a social cause and make them feel more purposeful in their work. Studies also show that companies with good CSR practices show that they have a very high retention rate of employees and those employees also said they developed more altruistic characteristics that reflected in their workplace environment at the back of enrolling for a CSR activity.
The CSR Advisory vertical of Job Booster Social India have been trusted CSR advisors for many small, medium, to large scale CSR programs. Job Booster India along with socially responsible companies looks to add value to the lives of the communities. Job Booster's CSR Advisory team has worked on project levels from local to international and assisted in transforming Corporate CSR projects of many large companies like Adani, Tech Mahindra, HDFC, PSA, Wells Fargo, etc. Our approach to CSR includes careful need-based assessment studies, CSR planning, feasibility and implementation Road-mapping, CSR Audits, Institutional Capacity-Building, Impact Assessment, Evaluation, and Participatory programs. Job Booster Social India helps clients build a brand image that resonates with social responsibility and empathy for the community. We strive to be the bridge organizations look for in building a socially responsible business and tangible value addition to their organization.