The implementation of a Corporate Social Responsibility activity entails several advantages. Several researchers have proven a socially responsible establishment or company gains to the business and society. Arnold (2010) claims with certainty that the first benefits which come from CSR are a better relationship between society and company. Companies and businesses which appear to be ethical enterprises capture the communities trust, loyalty and makes their relation easier to capture market value.
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Corporate Social responsibility of businesses is main aim is created for the good of the society. It brings alongside diverse opportunities and grants needed by the community.
Several authors give a detailed description of how companies benefit from CSR activities (Balcerowicz, 2015; Perry and Towers, 2013; Gupta, 2012). These authors do recommend implementation of socially responsible businesses and are convinced that these companies solve problems which the community on its own cannot be able to handle without any external support.
On frequent times authors mention numerous improvements, starting with increased revenues to boost both large and small enterprises to broaden the idea of CSR and put it to practice in their yearly operations. The benefits of corporate social responsibility to companies like Dangote Group are outlined below.
The benefits of CSR speak volumes of its degree of importance and why companies like Dangote Group make an effort to adopt it in their business. These benefits enable Dangote Group to capture a greater market share and can expand their scope of commercial activities. The Dangote Foundation is the Corporate Social Responsibility arm of Dangote Group. The Foundation is responsible for the contributions to the realization of lots of charity funds to several causes in Nigeria and Africa over the past years (David C. & Guller A, 2008).
The following benefits of Corporate Social Responsibility are brought out by (Ellie, 2018):
-Improving public image. This is of crucial importance, as consumers assess your public image when making decisions on whether to buy your product or service.
-Increase brand awareness and recognition. If you’re a committed to ethical practices, this news will spread. More people will, therefore, hear about your brand, which creates increased brand awareness.
-A competitive advantage over competitors. By adopting CSR, you singularize your business from competitors in your industry. You establish yourself as a company committed to going one step further by considering social and environmental factors.
-Increase customer engagement. Using sustainable systems, you should shout it from the rooftops. Post it on your social media channels and create a story out of your efforts. Also, you should show your efforts to local media outlets in the hope they’ll give it some coverage. Customers will follow this and engage with your brand and operations.
-Greater employee engagement. Similar to customer engagement, you also need to ensure that your employees know your CSR strategies. It’s proven that employees enjoy working more for a company that has a good public image than one that doesn’t. Furthermore, by showing that you’re committed to things like human rights, you’re much more likely to attract and retain the top candidates.
-More benefits for employees. There is also a range of benefits for your employees when you embrace CSR. Your workplace will be a more positive and productive place to work, and by promoting things like volunteering, you encourage personal and professional growth.
-Creation of a positive image of a company. The business influence the customers and communities as a result of their CSR activities. This image helps to develop the brand for the company and in the nearest future is of great help to capture value for the company.
-Building proper relations with all of the stakeholders. A company holds stakeholders’ needs to the highest importance. As such, the company can relate with her customers and at the end ameliorate her services without the loss of her present clientele.
The Benefits Of Corporate Social Responsibility . (2021, Mar 23).
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