THE IMPORTANCE OF CSR’S SOCIAL IMPACT
Corporate Social Responsibility, or CSR for short, refers to the ethical side of business. It is a self-regulating model of business that allows a firm to be aware of current social problems; creating a greater image for itself towards the public, stakeholders, and employees. It is a strategy that integrates and combines environmental and social concerns into the workings of the firm itself. Examples include, but are not limited to, efforts to reduce poverty rates, cutting back upon carbon footprints, partaking in charity work, and so on. CSR possesses the potential to have great social impacts on the local and global community.
CSR displays that as business, the firm in question understands and is engrossed in important social issues. CSR holds importance as firms have access to a wide array of resources, enabling for swift action, whilst also building it’s brand towards the public. Social impact, as a result of CSR, can help motivate people to volunteer, or help engage other firms to follow suit, and by doing so can raise awareness and levels of impacts across the targeted demographic. Larger firms, of which have an even greater voice and reach, may encourage global change throughout its branches and firms. The social impact created by CSR can also lead to countless of opportunities for the less privileged, thus increasing the quality of life for these same group of people.
CSR is not limited to benefits for society, as it can also benefit a firm.
Corporate social responsibility strikes the balance between social responsibility and economic growth; meaning that as the business grows, so does their capability for both a better, healthier community, and a more respected brand and overall image for the business itself.
The basis of CSR, one of a responsible firm during the age of globalisation, spurs on a healthy habit for future generations. By creating a platform, for people to volunteer, speak out, and dedicate themselves to; whilst also creating opportunities for the underprivileged, the idea of a better place through corporate social responsibility is near tangible and a very real prospect in this day and age of globalisation and greed.