CSR full form is Corporate Social Responsibility. The main responsibility of CSR is to provide financial support to Non-profit groups such as NGOs ( NGO Full Form ) . Howard Bowen is known as the father of CSR. In this blog, we have discussed the full form, why do businesses practise CSR and the types of CSR. So, let’s go through it.
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What is the Full Form of CSR?
The Full Form of CSR is Corporate Social Responsibility. It is described as a framework for conducting business that enables a corporation to be accountable to its stakeholders and the general public and makes the organization aware of its impact on a variety of societal aspects, including the social, economic, and environmental sides.
The goal of CSR is to incorporate services and endeavours that are profitable into an organization’s business plan and culture. It clearly implies that locally based companies must support social, economic, and environmental advancement that benefits society. Since the private sector must be involved to help the most vulnerable members of society and protect the environment, the government keeps a tight eye on corporations’ CSR initiatives.
Why Do Businesses Practise CSR?
1. Good Reputation
People pay attention when businesses do good deeds for the neighbourhood or the environment. Businesses that are concerned with more than just profit are more likely to attract customers. They feel good about it, which increases the likelihood that they will remain devoted consumers.
2. Employers will be Happier
Employees are happier because they enjoy working for organisations that care about improving the world. It raises morale and makes people proud of their workplace.
3. Getting Investors’ Attention
Investors frequently consider a company’s CSR initiatives, despite popular belief. They choose to put their money into ethical and responsible companies.
Types of CSR
CSR is mainly divided into 4 types:- 1. Economic Responsibility 2. Ethical/ Human Rights Social Responsibility 3. Environmental Responsibility 4. Philanthrophic Corporate Responsibility. Now lets discuss them.
1. Economic Responsibility
Economic responsibility is basically for making use of finances with the commitment to doing good things in the environment. Some of examples of economic responsibility are funding in local charities, and using the money for education programs.
2. Ethical/ Human Rights Social Responsibility
Company’s commit to operating of their businesses in a moral way that it will support human rights. For example:- Equal pay, fair trade practises and all the stakeholders will get fair treatment.
3. Environmental Responsibility
Reducing the carbon footprints of the company, avoid using the plastics that may pollute the environment these are the steps that are taken under environmental responsibility. Green Environment, Clean Environment. Try to plant trees as many as you can.
4. Philanthriphic Corporate Responsibility
Philanthropic corporate responsibility is about encouraging students to study, giving career counselling and using that money to build the foundations for children for their studies. This responsibility is for the betterment of the society to work properly.
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