discover what it is and its importance

What is Corporate Social Responsibility and why is it important for companies?

In addition to providing goods or services, it is well known that businesses have a significant impact on society and the local communities where they operate. From creating jobs to using the natural resources of a specific area, every business has a responsibility to ensure social and economic well-being.

In this sense, Corporate Social Responsibility could be defined as the commitment of companies to work ethically and seeking social good. In this way, all their operations are planned taking into account the economic and environmental impact they may generate.

The company seeks to generate a benefit for its employees and for people taiwan email list  close to the community where it operates. All this without seeking economic benefits, which is a fundamental characteristic of CSR.

Importance of Corporate Social Responsibility

Today’s business world is extremely complex and many of the actions taken can affect society what it is and how you can get it  in the short and long term. For this very reason, all businesses and industries must take responsibility for taking sustainable actions that favor social and economic improvement and the protection of their human resources.

Although there are many laws that regulate this type of behavior, it is important that companies adopt this commitment voluntarily, since this is how better results are achieved. On the other hand, maintaining a Corporate Social Responsibility (CSR) policy helps you whatsapp aumber   improve the perception of your clients and even new investors.

Types of Corporate Social Responsibility

Now that you know what Corporate Social Responsibility is, it is time for you to learn about its types, which are:

• Social and environmental responsibilities: this includes all actions that seek to improve the environmental condition of an area, or also when it is a matter of reducing the damage that was caused previously. Whatever the case, it is one of the most important modalities today.
• Philanthropic responsibility: this considers all the actions that the company carries out to benefit society. We are then talking about social initiatives such as donations to charitable causes or volunteering days for non-profit organizations.
• Ethical responsibility: in this case, the institution’s commitment to play a social role where its activities are correct and fair for society and in the commercial sphere itself is considered.
• Economic responsibility: Finally, actions that seek to generate a positive impact on the economy, promoting the creation of new jobs and providing quality goods and services, are considered here.

Maintaining initiatives that seek to help society can be complicated and requires a lot of time and investment of resources. However, the results can be very satisfactory and bring benefits to the company in the long term.

Pillars of Corporate Social Responsibility

According to the Corporate Social Responsibility Observatory, there are five fundamental principles that guide CSR policies in companies:

• Universality: The global scope of CSR policies must influence all business areas and anywhere in the world where the company has operations.
• Responsibility towards employees: There must also be a commitment to the institution’s employees, so that adequate quality of work and a pleasant work environment are always guaranteed.
• Compliance with legislation: as we mentioned, there are laws and regulations that regulate CSR actions, and among these the  Organization for Economic Cooperation and Development (OECD) stands out .
• Social impacts on the community and local development: no action can be taken without considering what the direct consequences will be on the social aspect. The well-being of people must be considered and they must actively participate in any activity that helps their correct professional and social development.
• Orientation: CSR will focus on addressing the needs of one or more interest groups.

More concisely, these pillars seek to satisfy a need and ensure that CSR actions have a positive impact in the social, environmental or economic sphere.

Benefits of CSR Implementation

Now that you know what CSR is, it is time to evaluate what advantages can be achieved by applying these policies in the long term:

Benefits for companies:

1. Improving corporate reputation: following the principles of Corporate Social Responsibility (CSR) can help your business gain greater recognition at a national and even international level.
2. Increased competitiveness: As a result of the previous point, your company can receive more job offers and improve its status, resulting in greater competitiveness in the market.
3. Attracting new investors: One of the best benefits is attracting new people interested in investing in your business. This will help you increase your production and make more money.
4. Employee and customer loyalty: Supporting social causes effectively is of great value to your company’s employees and customers, making it easier to retain talent and even attract more people interested in your product.
5. Contribution to sustainable development: actions focused on CSR are capable of helping you grow as an organization, thus achieving growth that is sustained over time.
6. Receiving tax benefits due to your support for social projects: another benefit that cannot be overlooked are the tax deductions that you can get if your company collaborates with charities or carries out volunteer work.
7. Promoting technological progress and environmental protection: maintaining initiatives that promote environmental improvement will always be beneficial for companies and society, also highlighting that new technologies are emerging every day that facilitate the care of the planet.