Ethics

CSR also known a ‘’Corporate Social Responsibility’’ is a form of business management which ensures corporate entities manage themselves for the benefits of their stakeholders and the public society at large. The economic function refers to engaging in activities that add value to the society and the environment and not the other way round.

How CSR can make companies more lucrative and coveted by employees:

1. Stronger Brand Reputation: CSR activities can specifically enhance the image of a company brand. It can unlock value because it creates a positive social impact towards customers, investors, and talented employees.
2. Customer Loyalty: Today, consumers are selecting products by its brands’ values. Because CSR can lead to customer loyalty, the various strategies to create it can result in increased sales.
3. Attraction and Retention of Talent: CSR commitment is a way through which organizations can attract talents because majority of the employees are inclined towardsjob opportunities in organizations that undertake some contribution to the wellbeing of the society.
4. Better Employee Morale: CSR governance can also point to culture, emotion, mind, and skill, which results in an improved morale, job satisfaction and employee turnover.
5. Risk Mitigation: When more firms begin to deal with social and environmental problems, they are going to reduce their chances of facing legal and or reputational consequences that can cause their downfall.
6. Innovation and Creativity: Innovativeness and creativity – It means that through CSR practices, workers are encouraged to be creative and present new ideas in helping solve some social issues.
7. Long-Term Sustainability: The significance of CSR is that a business entity can foster long term relations with stakeholders while managing risks.

The inclusion of CSR into the development framework of a firm makes the company to take a central role in creating an impact towards society without negating economic advancement and efficiency.