CSR Will Be a Game Changer In Future Business
“Corporate Social Responsibility (CSR) is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” (Holme and Watts (2000) p.8). For many years business have cared solely on money however in recent years businesses have started to take interest in CSR and helping society welfare. This paper will discuss if Corporate Social Responsibility is likely to become a game changer in the near future.
Corporate Social Responsibility is likely to be a game charger because one benefit companies have using CSR is to enhance brand awareness because CSR gives companies the chance gain positive attention from the media through the work they do to the environment. For example in an article from ‘Trendafilova, Babiak and Heinze 2013’ where they explored the effect environmental CSR had on professional sports in America. It started with “5 NBA, 6 NHL, 7 NFL, and 11 MLB teams” (Trendafilova, Babiak and Heinze 2013’). As the teams were getting media coverage from a variety of media outlets, they also saw an increase in their fan base. Therefore this led to more Sport teams to adopt CSR as the number of teams from all four major sport leagues who adopted CSR grew from 29 teams overall to 49 teams in total .
Another benefit organisations gain from CSR is the ability to retain and attract employees because A CSR program can be a factor of motivation aimed at some employees, this would help the employees reach their maximum potential. Some employees tend to do fundraising activities or community volunteering when they are on break, however knowing the organisation they are working at already has this in their CSR program they are likely to stay. (van Knippenberg & Sleebos, 2006 pg. 585) stated that Collective interest is considered self-interest, and individuals are motivated to adopt organizational goals and to act with an 28 organization‘s best interests in mind. When organisational identification is high, employees experience an organisation‘s successes and failures as their own. This could allow organisation to improve productivity by adopting a CSR program
Another benefit organisations have when adopting corporate social responsibility is reducing cost. As stated above CSR can help attract employees this can result in lower labour costs, As good employees are attracted to reputable firms, they may be willing to accept less compensation for the employment opportunity with reputable firms. Economically speaking, high-reputation firms attract employees resulting in a larger labour supply competing for jobs with high-reputation firms. The...