Corporate Social Responsibility

In a world where businesses’ ethics and morality are tested, Corporate Social Responsibility, also known as CSR, emerges as an essential component of society. It represents a conscious and compassionate commitment of businesses to improving the community.

A company’s CSR goes beyond just profit-seeking but also acts for the betterment of the environment and stakeholders of the business. CSR goes beyond being another business concept—it acts more like a framework where a company should base its four main business functions - Marketing, Finance, Human Resources, and Operations.

Marketing - Companies can align their marketing campaigns with social or environmental causes, raising awareness and funds for these issues while promoting their products or services.

Finance - Allocate resources for assessing the impact of CSR initiatives on the business and society and delegate funds to be used for such initiatives.

Human Resources - Raising awareness and training employees to play a part in a company’s CSR. In addition, ensuring that employees are treated well with good working conditions is a part of the CSR.

Operations - Businesses should select suppliers who adhere to social and sustainable frameworks. Use energy-saving and low-carbon emission technologies to create the product/service.

Misconceptions about CSR often portray it as purely altruistic, but in reality, there are significant advantages for companies that embrace it. It cultivates a positive image, fostering trust and loyalty among customers and investors. Furthermore, it may even boost employees’ motivation to create a positive impact. It may even mitigate some legal risks. While it’s essential not to view CSR solely for its benefits, these advantages are valuable incentives. Hopefully, all businesses will eventually adopt CSR practices in the future.