Is Corporate Social Responsibility a Way to Cover Exorbitant Charges
Is Corporate Social Responsibility a way to cover exorbitant charges?
Various authors have different definitions of what Corporate Social Responsibility. According to Lorde Holmes and Richard Watts, 1998 in their publication ‘Making Good Business Sense,’ they define CSR as “the continuing commitment by businesses to behave ethically and contribute to …show more content…
He further argues that CSR leads to the development of some cost-saving practices or technology. Should such practices or technology be adopted not only will it reduce the cost of living but also increase company profitability.
3.3 Brand Differentiation
Companies use CSR to air their voice or communicate their values to the society. This will enable the business to differentiate its products or services from competitors making it all the same sustainable.
3.4 Long-Term Thinking
Epstein, 2012 brings out CSR as an effort to look at the business’s long-term interest ensuring it is sustainable in the future.
3.5 Customer Engagement and Employee Engagement
Epstein, 2012 explains that CSR is a method business can use to communicate with customers by informing on something “good” for the society. Through such communication, businesses can inform about their products and how socially viable they are. On employee engagement, he explains that CSR efforts keep employees focused on the company’s CSR policy making them identify much more with the company and thus improving their productivity.
From the explanation of all the six points above, an underlying point arises i.e. all reasons given are not there just for the good of the society but for the short/long-term