CORPORATE SOCIAL RESPONSIBILITY (CSR)
Corporate Social Responsibility is the continuing commitment by a business organization to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families, local communities and the society at large.
DIMENSIONS OF CSR
There are four important dimensions of Corporate Social Responsibility, they are as follows.
01. Economic Responsibility
The main responsibility of the every business organization is economic responsibility. The company should produce goods and services to do the business to earn profits.
02. Legal Responsibility
The Legal responsibility of every business is that it should attain profits from its activities within the confines of the law and do not indulge in illegal activities to achieve profits.
03. Ethical Responsibility
The ethical responsibility is that every business organization should have ethical values and should not take the un-ethical route for its profit or growth motives.
04. Discretionary Responsibility
The Discretionary Responsibility is the responsibility which is not necessary. The activities of philanthropy, etc come under this type of responsibility.
GOALS OF CORPORATE SOCIAL RESPONSIBILITY (CSR)
- Promote gender equity and empower women
- Achieve universal primary education
- Reduce child mortality
- Eradicate extreme poverty and hunger
- Ensure environmental sustainability
- Improve maternal health
- Combat infectious and fatal diseases.
BENEFITS OF CORPORATE SOCIAL RESPONSIBILITY (CSR)
- Increased employee loyalty and retention
- Increased quality of products and services
- Increased customer loyalty
- Increased reputation and Brand image
- Greater productivity and quality
- Access to capital market
- Less volatile Stock value
- Reduced regulatory oversight.