Question & Answer: Explain in detail the impact of corporate social responsibility on society…..

Corporate social responsibility, often abbreviated “CSR,” is a corporation’s initiatives to assess and take responsibility for the company’s effects on environmental andsocial wellbeing. The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups. Corporate social responsibility (CSR) is a broad term used to describe a company’s efforts to improve society in some way. These efforts can range from donating money to nonprofits to implementing environmentally-friendly policies in the workplace. CSR is important for companies, nonprofits, and employees alike.

Social responsibility is important to a business because it demonstrates to both consumers and the media that the company takes an interest in wider social issues that have no direct impact on profit margins. … This, in turn, can lead to greater profits for a business. A small business owner initially may not view organizational stability as an important goal. He strives for growth, to create a dynamic, rapidly evolving organization that becomes a recognized force in its industry. Stability may sound like a company that is standing still. Nevertheless, his long-term goals of revenue growth and increased profits can be served by maintaining stability with certain aspects of his company.