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Practicing Corporate Social Responsibility is good for Business - Essay Example

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It has several benefits to particular companies that can incorporate the social initiatives. The paper will highlight several examples of how the business firms are able to reap the financial benefits as well…
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Practicing Corporate Social Responsibility is good for Business
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Corporate Social Responsibility in Practice Number May 8, Faculty Corporate Social Responsibility Corporate social responsibility is such a good practice in a business. It has several benefits to particular companies that can incorporate the social initiatives. The paper will highlight several examples of how the business firms are able to reap the financial benefits as well as corporate goodwill in supporting the initiatives that generate significant profits with purpose. Most commercial enterprises can support the social concerns in strategic philanthropy (Rajak, 2011). They additionally benefit the community in the economic development at the same time minimizing their environmental footprints.
Those socially minded non-commercial and the commercial businesses have a responsibility in the provision of equal employment opportunities, accessibility, safe work environments, fair wages and job training. The above-mentioned factors are important in building the human capital. Several companies have gone an extra mile in offering non-mandated benefits like the financial assistance, subsidized housing, food, and health, as well as the educational programs. Generally, they contribute to most of the community programs encouraging volunteerism amongst individuals. Furthermore, the socially responsible firms in businesses adopt sustainable practices in business and support a wide range of many other environmental and the social concerns (Kotler, 2011).
The awareness of social responsibility is a significant part of doing business. The corporate social responsibility movement usually encourages the companies to take much responsibility for the effects they have on the market places, workplace, society and the environment (Idowu, 2011). Firms need to be very vocal mostly on their social commitments in publicly reporting social impacts that result from their initiatives.
References
Idowu, S., & Louche, C. (2011). Theory and practice of corporate social responsibility. Heidelberg: Springer.
Kotler, P., & Lee, N. (2011). Corporate Social Responsibility. New York, NY: John Wiley & Sons.
Rajak, D. (2011). In Good Company. Palo Alto: Stanford University Press. Read More
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