Role of Corporate Social Responsibility in Modern Businesses
Dr.Ajay Kumar Varshney, Gundu.Devi Sree, S.I.Moudh Galya, K. Pushya Rag Teja, M. Lilian Leonard
Koneru Lakshmaiah Education Foundation,
Green Fields,Vaddeswaram Campus, Guntur District, A.P., INDIA, 522302.
Abstract:
This paper examines the important role of CSR to be the driving force behind the growth of modern business. From a niche focus area it now features as an integral part of business strategy leading to financial success and impact on society. Relying on various studies, this paper is going to throw light on how CSR positively impacts the corporate image, builds consumer trust, and acts as a source of competitive advantage. Companies engage in socially responsible activities, for instance, ethical labour practices, environmental sustainability, and community development. Such efforts increase market share, brand differentiation, and long-run profitability. Second, CSR practices impact employee engagement and retention positively because businesses aligned with social values attract and retain best talent. The research again drives home the risk-reducing payoff of CSR, since companies adopting the responsible orientation also steer clear of lawsuits and reputation damage. Interestingly, CSR is more a marketing and innovation instrument, which mainly builds stronger relationships with CSR-conscious customers and fosters sustainable innovations in business. Empirical evidences show that companies adopting CSR have improved financial performance and stronger stakeholder relationships. Therefore, CSR is now an integral component of business if thriving in the competitive global environment is pursued. More broadly, this paper reflects on why it is important for businesses to integrate CSR into mainstream strategies of core business operations that will yield long-term growth, corporate image, and fulfilled expectations of the modern customer.
KEY WORDS:
Sustainability, Ethics, Environmental Responsibility, Social Impact, Corporate Governance Stakeholder Engagement, , Corporate Accountability, Environmental, Social, and Governance (ESG),CSR and Financial Performance, Sustainable Development Goals (SDGs),
