Corporate Social Responsivity (CSR) Management Essay

Corporate Social Responsibility
Name
Institutional Affiliation
 Corporate Social Responsibility
Introduction 
Corporate social responsibility (CSR) strategy has become an important business tool in the modern-day business arena. Various scholars have come up with different definitions of CSR, but the term basically means using the company’s resources for the well-being of the society (Wijerathna & Gajanayake, 2013). An organization can commit its profits to various initiatives that benefit both society and the business. The CSR concept has been around for the large part of human history. One of the oldest recorded accounts of the CSR concept is in the book of Genesis in the Bible, where God gave the man the responsibility to procreate and take care of the environment. Also, 4000 years ago, the CSR strategy was practiced in Islamic regions where governments charged wealth tax called Zakat (Wijerathna & Gajanayake, 2013). Also, Hinduism and Buddhism largely practiced the concept of CSR. The ancient texts found in the regions where these two religions were practiced suggest that ethical warnings on environment existed and the people who failed to abide by these admonitions were charged excessive interests. Although most of the businesses in recent times did not take the idea of CSR seriously, they have been left with no choice since most consumers have become more aware and educated on various global issues such as unethical labor practices and global warming. Consequently, they are demanding companies to implement policies that will benefit both the company and society as a whole (Wijerathna & Gajanayake, 2013). Besides, various research studies have proven that CSR technique is economically beneficial if applied effectively. This paper will evaluate the economic benefits that corporate social responsibility has on businesses. 
Customers and Recruitment
Customers constitute an important part of any business, and their perception towards a particular company may have an economic impact. (Tingchi et al., 2014). Consumers’ preference of brand is enhanced by their perceptions of CSR practices of a particular company (Bediako, 2017). A large portion of buyers is willing to pay more for products and services offered by the businesses that are environmentally and socially responsible and ignore those that do not support CSR despite offering their items at lower prices. In one of the studies, it was found that nearly 90% of consumers believe that firms should address environmental and social issues and about 84% indicated that they are ready to buy environmentally friendly products (Bolton& Mattila, 2015). According, to this research, customers are more likely to seek services from companies that implement sustainability strategies. Hence, companies that have well established social and environmental initiatives are bound to make huge profits compared to those that do not (Bediako, 2017). Also, consumers seek ways of engaging in CSR efforts of a company and about 76% of clients are willing to donate towards charity events supported by a firm they trust and 72% say they would volunteer and participate in such activities (Bolton& Mattila, 2015).StanBed Tours ky is an example of companies that has effectively utilized CSR.  More customers are willing to purchase trips despite the company charging more than other companies within the same industry. Customers of StanBed Tours ky are aware of various sustainable initiatives carried out in the company. Some of CSR programs that have been implemented in the company include reduction of paper use and increased use of technology, decreased release of pollution and waste products into the environment and support for needy projects (Bediako, 2017). Therefore, most of their customers are purchasing their services because they are aware that part of the profit goes into programs that support environmental sustainability. Hence, the customer loyalty towards the StanBed has improved in recent times, and more clients are willing to buy its products and services.
Besides CSR playing a key role in attracting more consumers, it also affects the ability of a business to attract top talent as well as workers’ job satisfaction and turnover rates (Zweers, 2015). Job requirements, salary, and benefits, as well as location, are some of the items a candidate considers before accepting a job offer. However, in the contemporary business world, employees are seeking the employment in organizations that support social and environmental programs. Today, businesses that fail to prioritize CSR initiatives risk losing or failing to attract top talent, an act that could adversely impact their economy (Zweers, 2015). Employees are willing to work in the companies where they have more freedom to interact with customers in social and environmental matters. PriceWaterCoopers carried a survey on millennial and found that approximately 60% of individuals in this group are seeking employment in companies whose sense of CSR matches their own (PwC, 2013). Employees view companies practicing CSR as the right places for their career development because they will be allowed to participate in CSR related activities. Corporates may use various strategies to promote its CSR activities among the potential candidate (PwC, 2013). For instance, a company can often update its website on different CSR activities it is undertaking. Uploading videos about different environmental campaigns and charity events may play a key role in attracting top talents. For instance, Microsoft has attracted best talents in the recent years due to its effective CSR strategy. A large percentage of employees working at Microsoft believe that the company is a corporate citizen and plays a crucial role in promoting the welfare of the society (Zweers, 2015). Resultantly, top talents around the world are willing to work at Microsoft due to its efforts in paying back to the community.        
Internal Initiatives and Awareness
There is fierce competition for creative, talented and competent employees in the current employment market. Success of a company is dependent on their ability to attract, motivate and retain a talented group of employees (Bhattacharya et al., 2007). Staffs are the brand advocates and may also play a role in formulating and promoting the sustainability strategies. Therefore, organizations should apply a collaborative approach right from the beginning in which all workers participate in designing and execution of various initiatives. Workers who are familiar with a particular program, will have an easy task while promoting it among the consumers (PwC, 2013). The midsize and small organizations are considered to have an added advantage as far as deciding on suitable CRS initiatives is concerned because relationships between employees and management as well as that between employees and consumers are simpler compared to large organizations. Engaging employees in CSR also boost their morale because when management give staff a chance to air their opinions about various issues they feel appreciated (Bhattacharya et al., 2007). Happy employees will, in turn, promote the brand of the company, which will add more value to the business than the traditional marketing methods. 
One of the companies that have engaged their employees in CSR activities with a greater success is Xerox. Xerox is one of the largest printing firms with a considerable number of CSR programs such as community involvement program, which directly encourages employees to participate. The community involvement program was launched in 1974, and since...