Online Tips and News for your Money



Post Top Ad

Your Ad Spot

Saturday, January 25, 2020

Impact of CSR culture of the businesses

Creating wealth has been the main culture of the businesses. The creation of values should be the main focus of the corporations. There has been a shift from corporate financial responsibility e to a new concept that is corporate social responsibility. The concept of corporate social responsibility was described in 1953 by William J Bowen in a publication under the name social responsibility of the businessman.

What is social responsibility?

The businesses should act in a manner that benefit society social responsibility is an important factor for seeking investments through investors that are profitable and also contributing to the welfare of society and environment. 

There is no fixed definition to CSR but it is clearly defined as transparent business practices based on moral values meeting the legal requirements respecting the sentiments of people communities and also respecting the environment. 

Thus, the businesses are responsible for the impact on people and planet besides making money. While doing a social impact analysis the project head of the owner should take into consideration the engagement of community and stakeholders.

1. They should carefully analyses as to who is being affected and how much is the impact of CSR.
2. The project owner should carefully study the affected communities.
3. Then comes identification an assessment of potential social impact
4. The assessment it helps to develop management measures to lessen negative impacts and increase the benefits of the CSR activities.
5. Finally comes the monitoring and the reporting of assessment activities.

In order to promote marketing win new contracts and secured the existing investors and customers. This is achieved by measuring the social impact of the companies on the environment well being of the employees and products used for manufacturing.

In several countries corporate social responsibility is mandatory exercise so that their presence is known to business houses but in most parts of the world it is a voluntary practice undertaken by the companies and organizations. Corporate social impact could be assessed by the activities undertaken by the company to help the environment.

1. A tree planting event should be held annually
2. The recycling bins should be set up in and around the business location.
3. The paper waste should be minimized.
4. Working in remote areas to be permitted so as to reduce the negative impact of commuter traffic.
5. Installation of energy saving LED bulbs and reduce the use of incandescent light bulbs.
There are four types of social responsibility undertaken by the companies
1 .Initiatives taken to save the environment.
2. The pollution level to be limited
3. Reducing the greenhouse effect.

Corporate social impact is created by consistent efforts made by the businesses in their environment both internally and externally.

No comments:

Post a Comment

Post Top Ad

Your Ad Spot