CSR or Corporate social responsibility refers to business practices involving initiatives that benefit society.
A business’s CSR can encompass a wide variety of tactics, from giving away a portion of a company’s proceeds to charity, to implementing “greener” business operations.
CSR is a broad term used to describe a company’s efforts to improve society in some way. These efforts can range from donating money to nonprofits to implementing environmentally-friendly policies in the workplace.
CSR is important for companies, nonprofits, and employees alike. Corporate social responsibility is not a mandated practice in companies; instead, it is something extra that companies do to improve their local and global communities.
CSR; why every company should embrace it. By Nabitali Victoria Bbosa.
CSR improves customers’ attitude towards the company. If a customer likes the company, he or she or she will buy more products or services and will be less willing to change to another brand.
Companies employ the cause related public relations strategy to establish a connection between the purchases made by consumers and channelizing some part of the revenue towards their CSR activities
More business opportunities.
CSR program requires an open outside oriented approach. The business must be in constant dialogue with customers, suppliers and other parties that affect the organization. Because of continuous interaction with other parties, your business will be the first to know about other business opportunities.
One of the CSR campaigns in Uganda is the MTN Foundation’s corporate social responsibility areas for 2014 which include Education, Health and National priority areas.
MTN Uganda Foundation Launched Mukono ICT Resource Centre in August,2016
CSR provides the opportunity to share positive stories online and through traditional media. Companies no longer have to waste money on expensive advertising campaigns. Instead they generate free publicity and benefit from word of mouth advertising.
Employees want to be proud of the organization they work for. An employee with positive attitude towards the company, is less likely to look for a job elsewhere. Thus more people desire to be associated with it. Existing employees take pride in their employer’s brand and feel more committed towards their work and thus tend to have elongated service tenure
Companies reduce costs through CSR by investing less in traditional advertising, implementing energy saving programs, managing potential risks and liabilities more effectively as well as reducing costs on efficient staff hire and retention. CSR is also a way to attract and retain talent. In a global workforce study by Towers Perrin, the professional services firm, CSR is the third most important driver of employee engagement overall.
Long term future for your business.
Partly as a result of the crisis, some companies have refined their approach to CSR by more closely relating social causes to their core businesses. This approach, according to Jerry (Yoram) Wind, a Wharton marketing professor, interprets CSR as “socially responsible capitalism.
At the company level, the business objectives need to be to both maximize shareholder value in the long term and to address society’s biggest problems,” says Wind, also the director of the school’s SEI Center for Advanced Studies in Management. ” This requires having any CSR initiative be an integral part of the business strategy and not a separate department.”