QUESTION 3 In contemporary times, almost all organizations are engaged in Corporate Social Responsibility (CSR). Discuss...

QUESTION 3
In contemporary times, almost all organizations are engaged in Corporate Social Responsibility (CSR). Discuss
five (5) factors that propel them to engage in CSR.

Solutions

Expert Solution

Following are the factors that prpel entities to engage in CSR:

Moral obligation – The companies engage in CSR since they believe it is their duty to be a good citizen and “do the right thing”.
Sustainability – The company focuses on environmental and community stewardship with the belief that it is best for the company in the long run. A good explanation for this comes from The World Business Council who explains sustainability as followed: “Meeting the needs of the present without compromising the ability of future generations to meet their own needs.”
License to operate – Many companies only engage in CSR because they are forced to since they need to follow regulations and permissions from governments, communities and other stakeholders to be able to conduct business.
Reputation – Many companies explain that they use CSR to improve the reputation and company image, to strengthen the brand, in order to demonstrate moral and because it even could raise the company’s stock value.
Increased sales and market share – There is strong evidence that when customers make decisions of which product to buy they consider factors such as the company’s participation in CSR- activities.
Improved brand positioning – When a company or a brand is associated with CSR it affects the brand image and customers are likely to have a positive feeling towards it.
Improved image and clout – The company can gain positive publications about their CSR activities in different reports and business magazines.
Increased ability to attract, motivate and retain employees – Employees working for companies that participate in CSR-activities describes that they are proud of their company’s values and that it motivates them.
Decreased operation costs – Many companies describes that their CSR activities result in decreased operating costs and increased revenue. A company can for example reduce costs for marketing campaigns, as it is common that the company gains increased free publicity as a result of their CSR engagement.

ekkarill92 answered 1 year ago

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