Question

In no less than 200 words, discuss:

Is it likely expensive to convert a firm to practices that are in full Corporate Social Responsibility (CSR) compliance?

Answer 1

Corporate social responsibility (CSR) is a responsibility of company that is working in the world. It means that a corporation or organization should be accountable towards community, as well as towards shareholders, for all its working.

Below are some advantages for the same:-

· Goodwill

Goodwill is one of the most important thing that an organization need to see for future growth in market. If organization follow CSR than they can improve there working in future.

· Better Customer relationship

If company is following CSR than that way they are able to create good impression on customers which ultimately give benefit to the company.

· Helps in increasing profit

Activities like recycling waste product will help the company to cut the operating cost for the organization. Which will increase their profit.

There are few disadvantages as well:-

· It need money to implement

When company try to work on CSR than the company need to spend some money into in program which will increase the cost for them.

· May harm the profit motive of the company

This is important that company focus on profit for them. If they spend more on CSR than that may harm the profit making of the company.

It has both advantage and disadvantages, but company or its managers need to see what is more beneficial for them in real working environment.