In recent years companies worldwide have been interested in designing and implementing Corporate Social Responsibilities (CSR) programs and initiatives as means to demonstrate their duty to give back to those communities who have helped them become what they are today in their respective lines of business. Corporate social responsibility or corporate conscience/ citizenship are a form of self-regulation integrated into the corporation’s a business model. CSR demonstrates a company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Through CSR a business monitors and ensures its active compliance with the spirit of the law, ethical standards and national or international norms. An implementation of CSR may go beyond compliance into actions that appear to further some social good and benefits hence going beyond the interests of the corporation and basic compliance as required by law.
Companies express their CSR through their waste and pollution reduction processes, by contributing towards educational and social programs and by training and employing local human resources. The aim is to increase long-term profits through positive public relations, high ethical standards to reduce business and legal risks, and gain shareholder trust by taking responsibility for corporate actions.
CSR strategies encourage the company to make a positive impact on the environment and stakeholders including consumers, employees, investors, communities, and others. It is therefore important for companies to understand and assess the value created through Corporate Social Responsibilities. It is equally important to understand the Environmental, Social and Political impacts such CSR initiatives and programs can have on the local communities.
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