Question

Should businesses engage in socially responsible deeds? Why / why not?

Please discuss your general views of CSR by describing examples of companies that engage or don't engage in CSR

Answer 1

Corporate Social Responsibility

This is the organizational or in other words corporate responsibility in which they volunteer and provide charity for the society in order to help the people live a better life. This responsibility has a major impact on a social platform and also it creates a powerful image of the organization in the eyes of society in which they are working and using the resources to manufacture goods and services.

Now let us understand the importance of corporate social responsibility.

• The first and most biggest benefit of corporate social responsibility is the improved organizational goodwill. As we already discussed social responsibility brings up the good image of the organization in the market and makes beliefs in the eyes of the customers that the organization always engage in social work which benefits their lives.
• It also helps the organization to do advertising about their brand in the market. When any social events happen the organization can easily get a huge amount of customers and media attraction which truly boost up the brand value of the organization.
• Customers with the same mind set of helping people will try to connect with the organization which will create bond between the organization and its customers and this act will also motivate the organizational employees to volunteer their services for the organization in order to make sure that organization keeps doing social acts.

Let's take an example for better understanding about this topic. Tata group has a huge participation in such social acts and one of the major social acts is to provide good quality health facilities to the people which cannot afford expensive treatments. For this purpose Tata group has established many specialized charitable hospitals which provide expensive treatment like heart surgery, trauma surgery to the people who cannot afford these treatments and they get here at free of cost. These kind of act to provide social charity is known as corporate social responsibility and organizations should engage in these kind of deeds.