Is Corporate Social Responsibility good for business or simply goodwill ???

Question

Please try to give a critical answer

Answer 1

These days, CSR has become more than just a buzzword for marketing the goodwill of your firm. More and more, CSR has financial benefits and is grounded in good business sense.

For one, governments around the globe are offering incentives, such as tax breaks, to firms that meet CSR goals. This means that firms that pay attention to CSR can have competitive profit margins to those firms that merely chase the dollar through low costs and higher margins, no matter the cost.

Another incentive for CSR that is on the increase is the likelihood that customers and other firms want to trade with companies that care about the world we live in. CSR-minded clients will often only do business with firms that have the necessary accreditation and certification. Taking a socially responsible approach can give firms the edge over less like-minded companies.

Also, companies without a socially responsible approach seem to be the same companies that veer toward corruption and unfair trading practices, which might be a path to quick profits short-term, but makes terrible business sense in the long run.

These days, goodwill and good business are becoming more and more intertwined.

Answer 2

Yes. Corporations many times have both reasons on their radar. People at all levels truly like helping out their fellow man, but at a business level all these companies will get positive advertising out of the good deeds. Everytime a company's name is mentioned to another, it is publicity. For a business or person to do things like this purely out of goodwill it'd have to be a completely anonomys donation.

Answer 3

It can be good if one follows it but mostly it is only words meant to encourage goodwill.If it has an adverse affect on the bottom line, then it goes out the door and becomes only talk or supposed goodwill.

Answer 4

Business is business. Don't mix it up with morals. Corporate Social Responsibility is only "good" for business if it ensures continued demand for your product or services. You need to know your market enough to know what is important to them and how if at all any "Corporate Social IRRESPONSIBILTY" could threaten your continued success.