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    Business Benefits of Corporate Social Responsibility

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    Prasanth Kumar
    Corporate social responsibility (CSR) provides benefits to businesses beyond economic gains. Traditional corporate philanthropy was partly strategic to establish relationships with governments and communities. However, with economic liberalization, businesses no longer see incentives to use philanthropic agencies. A 2005 KPMG survey identified the top drivers of CSR as economic considerations, ethical considerations, innovation/learning, and employee motivation. CSR can improve reputation, market position, and relationships with suppliers, governments, and shareholders.

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    Business Benefits of Corporate Social Responsibility

    Uploaded by

    Prasanth Kumar
    9 views3 pages
    Corporate social responsibility (CSR) provides benefits to businesses beyond economic gains. Traditional corporate philanthropy was partly strategic to establish relationships with governments and communities. However, with economic liberalization, businesses no longer see incentives to use philanthropic agencies. A 2005 KPMG survey identified the top drivers of CSR as economic considerations, ethical considerations, innovation/learning, and employee motivation. CSR can improve reputation, market position, and relationships with suppliers, governments, and shareholders.

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    Corporate social responsibility (CSR) provides benefits to businesses beyond economic gains. Traditional corporate philanthropy was partly strategic to establish relationships with governments and communities. However, with economic liberalization, businesses no longer see incentives to use philanthropic agencies. A 2005 KPMG survey identified the top drivers of CSR as economic considerations, ethical considerations, innovation/learning, and employee motivation. CSR can improve reputation, market position, and relationships with suppliers, governments, and shareholders.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    9 views3 pages

    Business Benefits of Corporate Social Responsibility

    Uploaded by

    Prasanth Kumar
    Corporate social responsibility (CSR) provides benefits to businesses beyond economic gains. Traditional corporate philanthropy was partly strategic to establish relationships with governments and communities. However, with economic liberalization, businesses no longer see incentives to use philanthropic agencies. A 2005 KPMG survey identified the top drivers of CSR as economic considerations, ethical considerations, innovation/learning, and employee motivation. CSR can improve reputation, market position, and relationships with suppliers, governments, and shareholders.

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    Business Benefits of Corporate Social Responsibility:

    Although economic considerations constitute the main driving factor in any


    business activity, there is growing resistance against the conventional view
    that business is chiefly a means for only improving the economic condition of
    an individual or a group of individuals. The concept of CSR is qualitatively
    different from the traditional concept of philanthropy. Traditional corporate
    philanthropy dates back to the nineteenth century and emerged from factors
    such as concern for the welfare of the immediate members of the corporate
    body including employees and their families, a desire among entrepreneurs
    to be a part of society and to establish a strategic relationship with the
    government and, more importantly, local administration, and above all, the
    aspiration to create several Trusts and similar bodies to hold and cross-hold
    the owners holding in the enterprise, which incidentally would do some
    charitable works as a face for the public.

    The concept has changed a lot since then and with various developments
    such as liberalisation of the economy during the last decade, lowering of tax
    rates and the intention of the government to make the thing straight by
    undoing cross subsidies, introducing systems of automatic approvals and
    reducing regulatory intervention, corporate houses do not see any incentive
    in working with self-created multiple agencies. The question which thus
    arises is as to how CSR expenses can benefit corporate houses in ways other
    than by increasing visibility.
    The KPMG International Survey of Corporate Social Responsibility Reporting,
    20005 (www.KPMG.com), has identified the following drivers of corporate
    responsibility in the order of their importance:

    (a) Economic considerations


    (b) Ethical considerations
    (c) Innovation and learning
    (d) Employee motivation
    (e) Risk management or risk consideration
    (f) Access of capital or increased shareholder value
    (g) Reputation or brand
    (h) Improvement in market position (market share)
    (i) Strengthened supplier relationship
    (j) Cost saving
    (k) Improved relationships with governmental authorities
    (l) Other factors

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