Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 70 views

    Operating Costs

    Uploaded by

    mehedihsn
    Corporate social responsibility (CSR) is important for companies to gain customer satisfaction and sustain long-term success. By investing in social and environmental causes, companies can strategically manage risks, increase visibility of social actions, and reduce costs. CSR enables trust and confidence from stakeholders like customers, investors, employees and communities. British American Tobacco and Nestlé Bangladesh are examples of companies with good CSR practices like afforestation programs and investments in clean water and waste management.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd

    Operating Costs

    Uploaded by

    mehedihsn
    70 views2 pages
    Corporate social responsibility (CSR) is important for companies to gain customer satisfaction and sustain long-term success. By investing in social and environmental causes, companies can strategically manage risks, increase visibility of social actions, and reduce costs. CSR enables trust and confidence from stakeholders like customers, investors, employees and communities. British American Tobacco and Nestlé Bangladesh are examples of companies with good CSR practices like afforestation programs and investments in clean water and waste management.

    Original Title

    Why

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Corporate social responsibility (CSR) is important for companies to gain customer satisfaction and sustain long-term success. By investing in social and environmental causes, companies can strategically manage risks, increase visibility of social actions, and reduce costs. CSR enables trust and confidence from stakeholders like customers, investors, employees and communities. British American Tobacco and Nestlé Bangladesh are examples of companies with good CSR practices like afforestation programs and investments in clean water and waste management.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    70 views2 pages

    Operating Costs

    Uploaded by

    mehedihsn
    Corporate social responsibility (CSR) is important for companies to gain customer satisfaction and sustain long-term success. By investing in social and environmental causes, companies can strategically manage risks, increase visibility of social actions, and reduce costs. CSR enables trust and confidence from stakeholders like customers, investors, employees and communities. British American Tobacco and Nestlé Bangladesh are examples of companies with good CSR practices like afforestation programs and investments in clean water and waste management.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Q: Why is CSR important for a corporate company?

    Name one company which you think has good CSR practices.

    Ans: Businesses cannot exist unless customers exist. Businesses run as long as the customers are satisfied. Gaining satisfaction of the customers in the long run does not end in ensuring quality products and services itself. Todays society expects more from a business. Since businesses can earn profit only if society consumes its products, society expects that a part of the profit should be spent for the betterment of the society at large. A business of today must run its activities in a socially acceptable way if it desires to sustain in the long run. Businesses should operate without jeopardize the fate of the future generation. And for that, business needs to think for the society, environment, and stakeholders of it. Long run relationship with the stakeholders can ensure long run sustainability of a business. This is the reason why corporate social responsibility currently has gained so much importance."CSR is the integration by companies of social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." The concept of social responsibility means going beyond the fulfillment of legal requirements by investing more in human capital, the environment, and relations with stakeholders. It is a voluntary instrument, but must be implemented reliably so that it fosters trust and confidence among stakeholders. Corporate Social Responsibility (CSR) has become an increasingly important issue for a corporate life. By CSR Customers and clients are influenced by a company's reputation in social and environmental areas, Social performance increasingly influences investors' decisions, as the ethical investment market grows ever more quickly, CSR enables the strategic management of internal and external risks in social as well as environmental areas, Existing socially responsible actions become more visible and are better communicated, Social and environmental responsibility has been demonstrated to reduce operating costs. Companies have their own ideas about corporate social responsibility (CSR) and how much of a commitment they make to it. Social responsibility is the newest of the three dimensions of corporate social responsibility and it is getting more attention than it has previously had. Many organizations are becoming increasingly active in addressing social concerns social responsibility means being accountable for the social effects the company has on people -even indirectly. This includes the people within the company, in the supply chain of the company, in the community the company is in and as customers of the company which means the whole lot of stakeholder. It refers to the managements obligation to make choices and take actions that will contribute to the well fare and interests of society as well as those of the organization. CSR initiative in Bangladesh is a welcome introduction, especially where issues of rights and ethical behavior becoming integral to the lifeblood of an organization. With global complexity, equity, accountability and transparency are shaping the organizational dimensions, business paradigms and competitiveness. It has now become a rational position to introduce CSR frameworks within management practices and business decisions. Bangladesh, being a country of scarce resources, has not been active in promoting CSR initiatives are loose and disconnected to CSR as they are mainly driven by citizen action committees and the corporate sectors is not active in these formations and awareness generation programs. CSR is a novel and effective idea globally and is forming some interest in Bangladesh. The scope of CSR at industry or academic level is extensive and worth exploring for the welfare of Bangladesh. The corporations in Bangladesh are

    focused on marketing their own brands and images by creating competitive positioning; driving towards increasing revenue. British American Tobacco in Bangladesh began its a forestation programme in 1980 to compensate for wood burning in tobacco curing. The companys solution was to plant fast-growing trees on canal banks, road sides and railway embankments. Since its early days, Nestl, worlds largest food company has been committed to environmentally sound business practices and continues to make substantial environmental investments. The Nestl Policy on the Environment underlines this commitment. Nestl Bangladesh Ltd. started Pure Drinking Water Supply Project in some areas namely Mirzapur, Sherpur and Gazipur and they also invested huge amount in an Incinerator (Garbage treatment plant) in their Gazipur plant to minimize the effect of waste in the surroundings. Grameen Phone Sponsors different sports events and also participate in social activities. They extended their help for cyclone affected victims, arranged free eye camps in different parts of the country and they also provided employment opportunities for acid victims. Unilever Bangladesh's social initiative to encourage women's economic empowerment through information and resources in the areas of Career, Education and Enterprise, has created waves across the country. Under another scholarship scheme, 200 women who have passed their HSC each received a Taka 25,000 scholarship to support her tertiary level education. They also organized a talent hunt program namely Closeup 1 to net the hidden talent. Dutch Bangla Bank Ltd. has donated more than nine corer taka for research work of Dhaka University. Besides, it provides significant amount as scholarship for deserving students. CSR is an important business strategy because, wherever possible, consumers want to buy products from companies they trust; suppliers want to form business partnerships with companies they can rely on; employees want to work for companies they respect; and NGOs, increasingly want to work together with companies seeking feasible solutions and innovations in areas of common concern. Satisfying each of these stakeholders groups allows companies to maximize their commitment to another important stakeholders group their investors, who benefits most when the needs of these other stakeholder groups are being met. The winning companies of this century will be those who prove with their actions that they can be profitable and increase social value. Companies that done well on those issues, increasingly shareowners, customers, partners and employees are going to vote with their feet to that company. Corporations should consider three dimensions of CSR for running successfully in this competitive world. CSR as a strategy is becoming increasingly important for businesses today because of three identifiable trends: Changing social expectations, Increasing affluence, Globalization.

    You might also like