This dissertation analyses corporate social responsibility and organizational benefits of CSR; CSR is a strategy of considering the environmental and social concerns of stakeholders. The stakeholders are parties that have great concern with the organization at hand. Examples of stakeholders are the community, customers, and employees. Moreover, CSR balances the economic, social, and environmental factors of a firm. There are several strategies of CSR that companies implement. These include charities, environmental conservation, and developing infrastructure. The impacts of covid-19 on CSR are several and need addressing with immediate effect. CSR also extends to the other stakeholders that are employees in the following ways. The employees enjoy CSR’s benefits in terms of gender balance, conducive working environment, and good governance.
corporate social responsibility and organizational benefits of CSR
UNDERSTANDING THE ORGANIZATIONAL BENEFITS OF CSR
The outcomes of corporate social responsibility are several regardless of the size and type of company. Also, it requires keen planning and an excellent implementation process for its success. Each firm needs to partake in CSR activities for adherence to the law and experiencing other benefits. The organizational benefits of CSR include the following. One, the improvement of brand recognition through the execution of effective strategies. Secondly, it increases the level of sales and the level of customer loyalty hence facilitating customer retention. Thirdly, it improves the financial performance of an organization by increasing output productivity. Additionally, a socially responsible company attracts lots of investors; therefore, alleviating their financial position.
understanding the organizational benefits of CSR
COVID-19 IMPACT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
Following the coronavirus pandemic, many sectors feel the effect, including corporate social responsibility. For this matter, many companies are under test on their level of maintaining ethical standards during the pandemic. Such companies include firms responsible for producing essential products such as sanitizers and personal protective equipment (ppes). In the UK, the Competition Market Authority (CMA) oversees that no business exploits the public during the pandemic. The impact of covid-19 on CSR is seen in the financial pressures companies face due to the lockdowns. Many companies, during this pandemic time, incur lots of losses. Exploitation is highly tempting during these times. Despite the challenges, some firms uphold helpful CSR strategies. For example, first responders who offer immediate help in fighting the virus.
covid-19 impacts on CSR activities
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