Corporate Social Responsibilities-
Did you ever strike with the thought that the corporates only care about their profits? Earlier, due to low business competition in the corporates, a monopoly system was used to run the business, where one corporate from the specific industry ruled the respective market. However, in the developing phase of the business paradigm, the scenario has changed, and now, the consumers are considered as the market king.
In progressive market development, corporates primarily focus on providing customer-oriented products and services. And the consumers are also educated and can quickly identify which company is offering good products and services to them.
Apart from products and services, consumers are also concerned about the environment and prefer those products that are environment-friendly. Similarly, to create a brand in the market, every organization implies Corporate Social Responsibility in their operations.
The corporates are taking charge to eliminate and reduce the negative impact of the products on the environment. Besides negative impact, the companies are emphasizing on contributing a positive impact on society along with economic stability.
For instance, Proctor and Gamble (P&G) products donate one rupee from their product MRP for their flagship CSR program, i.e., ‘P&G Shiksha’, which provides access to a holistic education for underprivileged children.
Many companies are contributing to society and the environment. These are the fundamental CSR activities applied in every organization; besides, there are other ways the corporates can embrace CSR in their firms. The following are the ways to adopt Corporate Social Responsibilities in any organization:
- Embracing the Corporate Code
A corporate code of ethics will outline the employee’s conduct on primary issues such as ethics, values, environment, employee respect, customer service, and diversity. And most organizations always take one step further to change their code of ethics for their commitment towards social and environmental goals.
It helps the corporates to enhance their productivity and brand value of their company. Companies that are highly involved in CSR activities can easily gain the consumers’ trust.
- Pledge to Protect the Environment
All the manufacturing industries somehow affect the environment; compensating for the spreading pollution, the industries must pledge to protect the environment through various CSR activities.
For instance, the chemical industry releases harmful gases those gases mix in the air and pollutes the air. While breathing, humans consume those toxic gases, which cause various deadly diseases, so the industries are planting trees to reduce the pollution.
- Chase and Obey the Workplace Health and Safety Campaigns
Organizations and industries must provide health and safety measures to their employees. And in the changing scenario, many organizations offer Mediclaim facilities to the employees. The industries also provide safety equipment to their employees while working for their safety purpose.
Some companies also pay a considerable amount to the employees if something happens to them on the office premises.
- Know about the Suppliers
Every organization has tie-up with several suppliers and distributors; before dealing with any suppliers and distributors, the industries have to inform about responsible behaviour and ensure that they can meet all the CSR requirements of their industry.
- Makes the Cultural Shift
CSR activities bring cultural changes to any organization. As communication has been bringing solutions to global challenges, businesses and individuals are becoming accountable for the difficulties held.
Traditionally, companies advertise their CSR plan to their potential consumers, whereas, in the changing landscape, now companies sending a message which creates trust and compassion among their potential consumers.
- Influences the Consumers
These generation industries have been influencing their consumers for social activity and engaging more audiences on social media platforms through their different marketing campaigns.
For instance, on Tik Tok, many people used to put some content, and the companies hire the tik toker who has the most followers to influence their followers to buy their products and services.
- Makes Competitive Shift
Every organization is striving to stand out in the rising competition. And nowadays, consumers are very responsive to reward companies and brands by showing loyalty to any organization.
Loyalty can help organizations add value to their brand and the world’s lifestyle. According to the Harris poll 2017, 80 per cent of consumers are loyal to some brands, which helps the organizations to add new values and the values are accepted and appreciated by their loyal consumers.
Corporate Social Responsibility helps the organization enhance its brand value and increase the shareholder’s value, contributing to risk reduction and increasing market value. Protecting environments and humanity is not only the organization or government authorities’ responsibility; saving the environment is the responsibility of an individual in the world.
Bringing development to live a luxurious life is an essential aspect of the world, whereas protecting nature is as necessary as making developmental changes. Organizations are accountable for protecting mother nature by contributing their stake by indulging in various CSR activities.