CSR (corporate social responsibility) impact: from cost to growth

CSR can be viewed as compliance of laws and regulations set by the public sector. Over the last two decades, however, it has become of growing concern to the industry world. This has resulted in growing interaction between governments, businesses and society as a whole. In recent years companies have gone global either by entering into new markets or by working with new overseas suppliers the cost of compliance have risen rapidly failure to abide by social and global regulations can destroy business reputation and brands but compliance alone won't build brands. Moreover, nor will compliance propose the growth opportunities. Many companies have clung to this narrow compliance –based view of CSR for decades. However companies have started shifting their thinking about what it means to be socially and environmentally responsible. Today, a surprising number of companies already regard CSR as a platform for growth and differentiation. Moreover, they have realized that it is advantageous for attraction and retention and also for the protection of reputation of their brand.

The main objective is “do a bit and get more positive results”. Therefore, CSR can be treated as a business carve and not just a social agenda. It shows that CSR creates path for growth.

Secondary data.

Over two third of business leaders surveyed are focusing on CSR activities to create new revenue streams. And, over half believe that CSR activities giving them an advantage over others. CSR programmes should focus on the needs of companies. One way of providing pertinent practical information to different companies is to modify it to company size and sectors.