Importance And Importance Of Corporate Social Responsibility

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IMPORTANCE AND BENEFITS OF CORPORTAE SOCIAL RESPONSIBILITY:
Some of the benefits are provided below:
a) Risk management:
Engagement in corporate social responsibility activities helps the companies manage emerging social risks which may emerge as an offshoot of their operational activities. As a result the companies get a social license to operate, which helps maintain a positive image in the market and winning the confidence of people.
b) Strengthened Brand Positioning:
Through corporate social responsibility, companies can positively influence the perception of the people. Thus strengthening the brand image in the eyes of the consumers, community, regulators, employees and the suppliers.
c) Increased sales and Market share:
Consumers like to be associated with a company, which is ethical and has a positive image. Many companies have become innovative and stated contributions a certain portion of their sales to certain cause. This has to fold benefits; it increases the brand image as well as helps in differentiating the product from their direct competitors and hence increases in sales.
d) Increased ability to attract, motivate and retain employees:
Corporate Social Responsibility helps companies to be known as a responsible corporate citizen with sensitivity towards social and environmental issues. Such an image of the corporate helps employees and communities all with the corporate vision and Mission, as they all feel alike and contribute towards a common goal.
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