CSR stands for corporate social responsibility. It is not just important for the environment society and world on the whole but also for the reputation of the company.
There are many CSR strategies that are undertaken by the company to improve the trust of consumers, the sentiments of the brand. These strategies employed by companies can lead to increase revenue for the company.
The CSR benefits are far beyond the sales of the company the companies surpass the expectations when it comes to their strategies related to environment or social group.
The governments regulations have fix the pollution level for the companies and ensure that companies do not cross that standard. So the companies cannot blow their own trumpet and have to follow the law.
The socially responsible companies and business leaders adjust their business strategies to have a positive impact on society and environment.
There are few common examples of CSR activities
1. Reduce the carbon footprints to make the climatic changes less severe.
2. The labor policies are improved and fair trade is impressed by the company.
3. The companies should engage themselves in patients and volunteer efforts within the community and outside the community.
4. The companies are committed to the environment so they should bring a change in policies of corporate to benefit the environment
5. Investment should be made by the companies in order to improve and bring a change in the environmental conditions.
Social impact assessment research includes an assessment of how a company has implemented the principles of CSR into their business with perfection. Assessment program is the beginning of carefully keeping a watch on the process and giving the final report to the company.
The assessment gives you the clear picture of the CSR practices relating to environment social moral principles and supply chain.
The results of assessment enable the members of the company to understand their present position in the business world.
This assessment results could be used to keep the stakeholders informed and updated about CSR activitiesThere are few steps for CSR impact assessment
1. It involves the gathering analyzing and examining all the meaningful and important information about services products and activities of company. It also includes the decision taking processes in relation to activities and the places where CSR should be applied by the company.
2. CSR assessment provides full information about the company assessed under the four themes mainly relating to environment, consumption of energy, local pollution levels, materials and chemicals used in the manufacturing of the product and human rights.
Thus we conclude that creating wealth should not be the main aim of the company.
The company should focus on creation of values which makes them an outstanding company which caters not only to the welfare of the employees but also the people is in and around the company’s location.
If the company has to retain the loyalty of customers staff and the stakeholders then and its CSR activities should be transparent and visible.