Question

a The conversation about the need for business organizations to undertake corporate social responsibility activities continue to dominate board meetings and classrooms. Outline in a case of any company in Ghana, four (4) benefits of social responsibility activities to the case company.

Answer 1

Hi there,

Here is my answer to the Question asked on Corporate social Responsibility.

Corporate Social Responsibility (CSR):

Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.

  To engage in CSR means that, in the ordinary course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them.

As important as CSR is for the community, it is equally valuable for a company. CSR activities can help forge a stronger bond between employees and corporations; boost morale; and help both employees and employers feel more connected with the world around them.

KEY TAKEAWAYS

• Corporate social responsibility is important to both consumers and companies.
• Starbucks is a leader in creating corporate social responsibility programs in many aspects of its business.
• Corporate responsibility programs are a great way to raise morale in the workplace.

For a company to be socially responsible, it first needs to be accountable to itself and its shareholders. Often, companies that adopt CSR programs have grown their business to the point where they can give back to society. Thus, CSR is primarily a strategy of large corporations. Also, the more visible and successful a corporation is, the more responsibility it has to set standards of ethical behavior for its peers, competition, and industry. Small-and-mid-sized businesses also create social responsibility programs, although their initiatives are not often as well-publicized as larger corporations

Benefits of social responsibility activities to the company:

1. Increased employee satisfaction

The way a company treats its community says a lot about how a company treats its employees. People that feel respected and supported in their jobs are often more productive and satisfied at work. Giving your employees opportunities to volunteer, especially during working hours, creates a sense of community within your organization, as well as a connection to the surrounding community. Employees will gain motivation and pride in their work through these personal-development opportunities.

Employees that are actively involved in the community are also acting as brand ambassadors. The more engaged and invested they are in your organization, and the greater community, the more productive they will be. In fact, companies with highly engaged employees saw 21% better business profitability. What could be better than happy employees promoting your brand while helping their neighbors?

2. Improved public image

In today’s digital era, companies that demonstrate corporate social responsibility are gaining exposure — and praise — for their involvements. Your brand’s reputation can only benefit from good deeds in your community. Think about it: Consumers feel good when they buy products and services from companies that are helping their community.

Don’t miss the opportunity to publicize your CSR initiatives and spread the word about your community involvement. Tweet, post, and share your social programs. Letting the public know about your good deeds will only work to increase your brand’s public image.

3. Increased customer loyalty

In a 2016 Neilson survey, 56% of participants said “a brand being known for its social value” was a top purchasing driver. And 53% of participants said “a brand with community commitment” was a leading purchasing driver.

Customers are more likely to be loyal to your brand if your corporate values align with their personal ones. What’s more, millennials — the largest population, over baby boomers, by 2019 — are driving the market these days. According to Forbes contributor Sarah Landrum, millennials prefer to do business with “corporations and brands with pro-social messages, sustainable manufacturing methods, and ethical business standards.” CSR programs work to showcase your corporate values and demonstrate that team work, community involvement, and engagement are at the top of your core values.

4. Increased creativity

Want your employees to start thinking outside of the box? Want to increase innovation in your company? CSR initiatives encourage your employees to try new things and get re-energized about their jobs.

Through this social involvement, employees will feel empowered to start contributing to the bigger picture. They might come up with new ideas about products or internal processes or innovate new problem-solving solutions. When you demonstrate your company’s values and passions through community giving, employees will feel encouraged (and supported) to develop new and better ways to do their jobs.

CSR is a win/win.

A commitment to corporate social responsibility is no longer optional. Companies need to understand that CSR affects their internal (employee engagement, productivity, turnover rate) and external (increased sales, customer loyalty, brand awareness) growth. By creating and participating in CSR initiatives, companies have the opportunity showcase their core values and create trust among your employees and your buyers.

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