3 Reasons Why Corporate Social Responsibility (CSR) is Important for Your Business

If you have been running a high-profit business, then the days of operating solely for the profit of the organization are gone. Today, business companies have been realizing their social responsibility and keeping aside a part of their net profit for the development of society. Further, this act of contributing some share of profit for the benefits of society may be seen as a social responsibility, but, at the same time, it could help the companies to grab attention and get noticed globally. Taking this discussion further, here we will discuss the importance of CSR in business and further talk about how one of the best IT companies in India, Clover IT services have been making its contribution to empowering India, with its innovative solutions for businesses and mankind.

How Corporate Social Responsibility (CSR) is Important for today’s Businesses?

Corporate Social Responsibility (CSR) in the most general terms is defined as the set of efforts made by a company to make a positive impact on society in some way. These efforts may range from donating some amount of their profits to the NGOs to implementing environmentally-friendly policies in the workplace. But, there still remains uncertainty about, why social responsibility matters to businesses? So, let’s talk about the three reasons why CSR is important for today’s businesses.

Productive employees

The way an organization treats its community reveals a lot of things about it. If it treats the community well, then the employees feel more respected and comfortable. Thereby, encourages them to make the most authentic efforts at work.

Engages more customers

The popular consumer survey company, Nielsen revealed very interesting results after a consumer survey. The survey revealed that 66 percent of consumers prefer to make a purchase from a socially responsible company. So, if your brand is known for its social value in society, then it will surely help you engage more customers and eventually get more sales. (Source: Nielsen Global Corporate Sustainability Report, 2019 )

Positive public attention

Active CSR not only helps the companies to emerge as a role model for others but also lets them stand out for the good work that they do for the community. Further, the social efforts made by such companies are recognized and appreciated worldwide. Take, for example, the U.S. Chamber of Commerce Foundation’s Corporate Citizenship Awards every year, honoring the most accomplished social and community initiatives taken by a company.

Examples of Corporate Social Responsibility (CSR)

Although there are a number of companies with an active CSR status, however, to get an overview, let’s have a look over the following set of examples:-

Clover IT services

Despite lifting nearly 271 million people out of poverty between 2005-15, India still remains home to nearly 28 % of the world’s poor. As per the Human Development Index (HDI) 2019 report, India ranks 129 across the 195 countries in the world. This means that 364 million people across a population of 1.3 billion are still struggling to meet their basic needs like food, shelter, and sanitation. Now, how if the entire nation goes on complete lockdown and there is means for earning their daily bread? Surely, it would appear like a horror story, but, amidst the Coronavirus spread, this is no more a story! Today, the majority of the countries are on a strict lockdown for a couple of months, to control the spread of deadly COVID 19 disease, where India is on the list. Under this lockdown, all the industries have been temporarily closed and as a result, the daily wage workers are left with no other option to earn their livelihood. However, in order to help these workers with their everyday meals, individuals and organizations have been playing an important role. Likewise, leading IT brand, Clover IT Services, which is known to be one of the best IT companies in India has come up with an innovative app, the Annapurna app to streamline the food supply chain across the nation. Other than this, it has been offering volunteering services to help India fight against the Coronavirus crisis. Such initiatives are very encouraging in context to constituting the Corporate Social Responsibilities.

Coca-Cola Company

Next take the case of popular beverages company, Coca-Cola, which in the year 2010, started its 5by20 program, under the CSR initiative. Under this program, women all over the globe are offered skills training, mentorship, and complete assistance to the women entrepreneurs. (Source: Coca-Cola Private Limited CSR Policy)

Apple Inc.

Another interesting and encouraging story is about the American multinational technology company, Apple Inc; which runs a Global Volunteer Program under its CSR policy. Under this program, it encourages all its employees to lay their helping hand for the development of the local communities. (Source: Apple Inc. Report )

These examples are not confined to here, there are many companies that have been constituting its corporate social responsibility in their own way. Likewise, there are some of the best IT companies in India that have been bringing innovative solutions for mankind and in addition to this, they have been offering the best IT services in India to empower the small and medium enterprises (SME’s) and help them contribute to the nation’s success.

Summary

All in all, for those who have been running a business with an aim to make great profits individually, then, such businesses might not survive longer! Today, running a business for the sole purpose of making individual profits, not only reflects a self-centric approach but also builds a negative image of the organization in society. It is thereby important for every organization to understand their social responsibility and contribute some part of their profit for empowering the nation. Thus, CSR impacts not only the local communities but also empowers nonprofits, employees, and the company itself, which makes it better to not consider CSR as mandated practice; instead, consider it as something extra that companies do to create their social value in society. In this frame, there are some of the best IT companies in India that have been setting examples by bringing great IT solutions for mankind.