Corporate Social Responsibility (CSR) has gained much acceptance in today’s business world. Although, critics invariably argue that investing in CSR activities may not be in accord with the company’s profits, a lot of resources and funds have been allocated by many industries to carry out research exclusively on CSR activities in order to improve the social welfare of an organization and its employees.

However, CSR goes much beyond than just contributing to an organization’s culture. Here are some viewpoints as to what insiders feel CSR is all about and how it affects a business overall.

  • CSR provides a dynamic foundation for a company’s competitive advantage to sustain the markets. Several entrepreneurs and managers have even considered that CSR is an excellent marketing tool that has the potential to build and sustain a competitive advantage for the company.

  • CSR activities are being viewed as a practical business strategy to improve the company’s position in the market. Through this, CSR activities have the capability to change the way in which ordinary businesses are being carried out from good to better to the best.

  • Moreover, CSR initiatives add immense value to the society as a whole. It contributes to the improvement of the social welfare, not just of the present condition but also for the future by creating sustainable and value-added benefits for all the stakeholders of the company, including its customers, suppliers, shareholders, investors, government, society, and others.

  • In addition, corporate social responsibility has the power to drive the social welfare of certain business organizations based on the strong obligation towards corporate & social governance, open communication & feedback from both the internal & external stakeholders of the organization, and a plan to attain environmental sustainability.

  • CSR business strategies may be applied to create a strong link between stakeholder expectations and company’s profits, as corporate social responsibility offers several benefits in terms of its measurement, evaluation, and estimation of a company’s profits.

  • CSR provides ground for not only a positive societal impact but also offers a very flexible strategy for increasing the financial status of the company by means of social investment.

Thus, the number of organizations getting involved in CSR initiatives has increased since the past. Further, companies these days are preparing CSR drives that are in line with the organizational objectives in order to prevent it from becoming a liability, in which customers have lost faith.