What Are The Advantages Of Corporate Social Responsibility

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1.0 Introduction Corporate Social Responsibility (CSR) is an act in which a company gives back to the local community by means of philanthropy or volunteering in order to gain public trust and their company viability. In the modernized world we live in today, CSR has become an essential strategy for businesses in order to increase their product marketability (Hossain 2014). “CSR is the commitment of business to contribute to sustainable economic development-working with employees, their families, the local community and society at large to improve the quality of life in ways that are both good for business and good for development (World Bank 2008).” Malaysia is one of the few countries in Asia that, has been continuously promoting CSR …show more content…

It can be concluded that CSR can create a win-win situations for both the businesses and society around them.(chow n.d.) Thus, the concept of CSR is becoming more popular today; more than 80% of the Fortune 500 companies address CSR issues in their webpage (Bhattacharya and Sen, 2004 quoted by Hossain, 2013). 3.1 Improve Image of the Companies By engaging in CSR activities, corporations will gain better recognition as responsible corporate citizens from the perspective of international and local investors (Rahim 2011). Companies in today’s world are competitive because there are a lot of companies who vie for the same spot in the market. By doing CSR, these companies shows that they care for the local community who are part of the consumers that uses their products. For example, UMW and their education programs aiming to improve the education state of the local community and in turn create model citizen that can stand on their own two feet. This shows that UMW cares not only for their profit but also the development of intellect of the local community. In by doing that, the local community and investors who sees this will be attracted to this humanitarian side of the company. CSR is a good way to improve the Image of a company as it showed …show more content…

There are several ways in which CSR practice can lead to potential recruitments. Firstly, the allure of helping others and the environment will attract potential recruits who are well aware of the importance of CSR activities in the sustainable development of a company. Secondly, through CSR programs, for example UMW’s SL1M-UMW: Graduate Enhancement Programme (GEP) where UMW train and increase the employability rate of unemployed universities graduate, not only will their employability rate increase but also some of them will get absorbed into UMW as permanent workers( UMW Social Responsibility 20??). Thus, it can be seen that in today’s society CSR practice is an effective way of getting potential recruits as the allure of helping others will attract potential recruits and educational programs created by companies for CSR will give these companies a first-hand look into the potential future of their companies as the students who are under their programs for may eventually become their successor in advancing the company further in the

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