Social responsibility in today’s corporate landscape is much more than just a modern business trend or a fad. With the changing times, the need for companies to change the way they do business and take part in addressing social, cultural, and environmental issues is on the rise. It has, perhaps, become a requirement for businesses to incorporate social responsibilityinto their business routines. As a result, companies, both big and small,are increasingly ramping up their focus on social responsibility to gain a competitive edge in the marketplace.
Social Responsibility is when a business operates in an ethical and sustainable way and responsibly deals with the environmental and social impacts that the businessproducts/services would bring in. This means that organizations should take careful consideration of the social and human rights, community growth, environment, and the entire society in which it operates.
It is indeed very important for a business organization to operate in a socially responsible way by getting involved in the social activities of many kinds. Whether it is campaigning for social rights or protecting the environment or creating awareness on local, national, or global level issues, most of the leading industry players preferably take a moral stance on improving the community and the world they live in. However, businesses that ignore social responsibility run the risk of business reputation and brand image, which in turn affects the overall profitability and success of the company.
Spreading goodwill through social responsibility and ethical practices remains an important aspect of business management as it is vital to business success whilst leaving a lasting mark on the society.
Increased brand awareness and recognition
Being a socially responsible organization bolsters the business image and helps build its brand. In today’s competitive business world, this is crucialfor success as the modern-day consumers rely more on the public image of the company and its ethical practices while making their purchase decisions. Anything from volunteering at a charity or donating edibles to slums or cleaning the environment can show off your brand’s commitment to social welfare. As a result, more people will know your brand and recognize your business as a positively influencing one.
Powerful customer appeal
Embracing socially responsible policies and indulging in social activitiesgoes a long way in attracting and retaining customers. Customers today increasingly engage with brands and businesses that operate with social responsibility and seek for products that are produced ethically and sustainably. More and more consumers show a higher interest inbrands that support social causes they value. They even readily pay a premium for their buys upon knowing that a part of the profit will be channeled towards some social cause.
Greater employee engagement
Leading business organizations today never fail to ensure that their employees form a major part of their social responsibility. In fact, surveys have revealed that the social responsibilitystrategies of an organization play a vitalrole in boosting the employee satisfaction level and retention rates. It’s proven that employees prefer working for businesses that volunteer and donate to charities and havea good public imageas it gives them a greater sense of work gratification.
These reasons, and countless others, show the importance of social responsibility in the business management landscape. Embracing corporate social responsibilityhelp businesses establish themselves as socially-committed organizations, which thereby serve to increase their own brand value, revenue, and efficiency. It is here that the skills and know-how of the management professionals come to the fore in ensuring that the business operates in line with the best work practices and social responsibility strategies.
At Indore Institute of Management & Research (IIMR), one among the top 10 mba colleges in indore, we understand how important it is for aspiring business managers to remain updated with the nitty-gritty of their job. And knowing the social responsibility that they owe being a part of the management domain forms a critical aspect in their growth.This is why, we at Indore Institute, ensure that each of our management students are trained holistically and are prepared for the industry in the most assiduous way. At mba in indore, we treasure an excellence-driven culture that translates into high placements. We have successfully carved a niche for ourselves in the field of management education, and strive to develop industry ready, practically oriented, and conceptually sound management professionals, capable of managing and excelling business operations.