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CSR

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34 views7 pages

CSR

Uploaded by

relaxationsoul92
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© © All Rights Reserved
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PAPER NAME –

PAPER CODE –
SUBMITTED BY – SOUMYADIP MONDAL.
SUBMITTED TO –
REPORT ON -
UNIVERSITY ROLL – 12000321081.

Department of Electronics & Communication Engineering


(Affiliated to Maulana Abul Kalam Azad University of
Technology)
Dr. B. C. Roy Engineering College, Durgapur
Durgapur-713206, India
2024
INTRODUCTION
What Is CSR?
Corporate social responsibility (CSR) is a self-regulating
business model that helps a company be socially accountable
to itself, its stakeholders, and the public.
By practicing corporate social responsibility, also
called corporate citizenship, companies are aware of how
they impact aspects of society, including economic, social,
and environmental. Engaging in CSR means a company
operates in ways that enhance society and the
environment instead of contributing negatively to them.
Understanding Corporate Social Responsibility (CSR)
Through corporate social responsibility programs,
philanthropy, and volunteer efforts, businesses can benefit
society while boosting their brands. A socially
responsible company is accountable to itself and its
shareholders. CSR is commonly a strategy employed by large
corporations. The more visible and successful a corporation
is, the more responsibility it has to set standards of ethical
behavior for its peers, competition, and industry.

Types of CSR
Environmental responsibility: Corporate social responsibility
is rooted in preserving the environment. A company can
pursue environmental stewardship by reducing pollution and
emissions in manufacturing, recycling materials, replenishing
natural resources like trees, or creating product lines
consistent with CSR.
Ethical responsibility: Corporate social responsibility includes
acting fairly and ethically. Instances of ethical responsibility
include fair treatment of all customers regardless of age, race,
culture, or sexual orientation, favorable pay and benefits for
employees, vendor use across demographics, full disclosures,
and transparency for investors.
Philanthropic responsibility: CSR requires a company to
contribute to society, whether a company donates profit to
charities, enters into transactions only with suppliers or
vendors that align with the company philanthropically,
supports employee philanthropic endeavors, or sponsors
fundraising events.
Financial responsibility: A company might make plans to be
more environmentally, ethically, and philanthropically
focused, however, it must back these plans through financial
investments in programs, donations, or product research
including research and development for products that
encourage sustainability, creating a diverse workforce, or
implementing DEI, social awareness, or environmental
initiatives.
Benefits of CSR
According to a study published in the Journal of Consumer
Psychology, consumers are more likely to act favorably
toward a company that has acted to benefit its
customers.1 As a company engages in CSR, it is more likely to
receive favorable brand recognition. Additionally, workers are
more likely to stay with a company they believe in. This
reduces employee turnover, disgruntled workers, and
the total cost of a new employee.
For companies looking to outperform the market, enacting
CSR strategies may improve how investors view the
company's value. The Boston Consulting Group found that
companies considered leaders in environmental, social, or
governance matters had an 11% valuation premium over
their competitors.2
CSR practices help companies mitigate risk by avoiding
troubling situations. This includes preventing adverse
activities such as discrimination against employee groups,
disregard for natural resources, unethical use of company
funds, and activity that leads to lawsuits, and litigation.
Company Examples
In its 2022 Environmental and Social Impact
Report, Starbucks (SBUX) highlights taking care of its
workforce and the planet among its CSR priorities through
stock grants and additional medical, family, and educational
benefits. The company's goals include achieving 50%
reductions in greenhouse gas emissions, water consumption,
and waste by 2030.4
Home Depot (HD) has invested more than 1 million hours per
year in training to help front-line employees advance in their
careers, aims to produce or procure 100% renewable energy
to operate its facilities by 2030, and has plans to spend $5
billion per year with diverse suppliers by 2025.5
General Motors won the Sustainability Leadership Award
from the Business Intelligence Group in 2022. The automaker
provided $60 million in grants to more than 400 U.S.
nonprofits focusing on social issues, and it has agreements in
place to use 100% renewable electricity at its U.S. sites by
2025.6
Why Should a Company Implement CSR Strategies?
Many companies view CSR as an integral part of their brand
image, believing customers will be more likely to do business
with brands they perceive to be more ethical. In this sense,
CSR activities can be an important component of corporate
public relations. At the same time, some company founders
are also motivated to engage in CSR due to their convictions.
What Are the Benefits of CSR?
CSR initiatives strive to have a positive impact on the world
through direct benefits to society, nature and the community
in which a business operations. In addition, a company may
experience internal benefits through the initiatives. Knowing
their company is promoting good causes, employee
satisfaction may increase and retention of staff may be
strengthened. In addition, members of society may be more
likely to choose to transact with companies that are
attempting to make a more conscious positive impact beyond
the scope of its business.
What Companies Have the Best CSR?
Since 1999, Corporate Responsibility Magazine has ranked
the top 100 Best Corporate Citizens each year among the
1,000 largest U.S. public companies. Rankings are based on
employee relations, environmental impact, human rights,
governance, and financial decisions. In 2023, the top-ranked
companies include Hewlett-Packard Enterprise Company,
Accenture, and Hasbro.

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