Advantages And Disadvantages Of Csr
CHALLENGES AND OPPORTUNITIES IN CSR IN INDIAN TEXTILE SMEs
Introduction
Corporate social responsibility or CSR is described as a concept on corporate performances that help create a better society and a cleaner environment, and these require the managing process of a willing interaction between corporate stakeholders (European Commission, 2001).It is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. In doing so, various benefits can be created abstractly an concretely, for example goodwill of the company is built, positive image of the company is created in the society, good images and brand valuation also is created. There are five dimensions of CSR that include environmental, social, economical, stakeholder, voluntariness.
The environmental dimension refers to the business impact on environment for example-you use recycled material in your packaging. Social dimension refers to the relation of company with the society as whole. Economic dimension relates to the effect corporate social responsibility has on the finances of the company. Stakeholders are the people affected by the company’s action i.e. employees, suppliers and members of the public. Voluntariness is based on what your company thinks is right to do for example you may feel to use organic material is more beneficial to the customers
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