Corporate Social Responsibility(CSR) Essay Example | Topics and Well Written Essays - 500 words

Corporate Social Responsibility(CSR) - Essay Example As a result of this, many corporations resolved to embark on the programs of CSR in an attempt to offset their effects on the society along with improving their corporate practices in general. Companies that decide to implement a CSR program start out by discussing the program in their codes of ethics and mission statements so that the interested parties and stockholders become aware of the program. Many companies presently have a separate CSR department that not only ensures that the company’s CSR program is noticed by the public but also manages the social programs of the company. Companies generally vary in the scope of their CSR program. A vast majority of the companies start implementing the CSR program at home by offering more health benefits and higher wages to their employees. Addressing the corporate suppliers is usually the step that follows that tends to create a constant supply chain with practices that are ethically justifiable. The advantages of having a CSR program mainly include good reputation in the market and in the eyes of the consumers, increased brand loyalty on the part of the consumers, and a competitive advantage for the companies particularly when they bid for contracts. The disadvantages of having a CSR program include incurring extra cost to do the operations that can otherwise be done in a cost-effective manner, though the latter would be more unfriendly toward the environment or the society at large. Many companies these days have a trend of adding a charitable aspect to their CSR programs. An example of this can be sponsor initiatives directed at the development of the community in the regions where coffee is produced by a company that produces and sells coffee. Likewise, a company that produces oil might take measures for the restoration of habitat in a region that has historically been used for the extraction of oil. In addition to that, many companies add this charitable aspect by donating funds to the charities of their own