Benefits of corporate social responsibility: Companies are putting more emphasis on corporate social responsibility, whether they are fighting for women’s rights, preserving the environment (mitigating plastic pollution, etc.), or making efforts to eradicate poverty on a local, national, or international scale. From an aesthetics standpoint, socially responsible businesses present more appealing images to shareholders and consumers alike, which benefits their bottom lines.

Definition of Corporate Social Responsibility (CSR)

Corporate social responsibility (CSR) is a practice in company that combines environmental and social goals with operational and financial objectives. It is predicated on the notion that corporations can lessen the negative effects they have on society and the environment.

Increasing a company’s social effect while achieving commercial goals like growth and revenue targets is the goal of corporate social responsibility. It can also be used to describe any attempt made to reduce a company’s environmental impact or carbon footprint. CSR initiatives can be used by businesses as a stand-alone program or as a component of a larger campaign.

Companies may design CSR initiatives that touch every aspect of their operations, and they frequently have personnel and funding set aside for this purpose.

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Types of Corporate Social Responsibility

Archie B. Carroll, a researcher, developed a “pyramid of corporate social responsibility” in 1991. The four pillars of CSR that he included in his pyramid were economic responsibility (earn money), legal responsibility (respect the law), ethical responsibility (be fair), and philanthropic duty (give to others).

Over time, these elements transformed into the following categories of CSR:

• Economic Responsibility: Carroll argued that the corporation has an economic obligation to constantly maximize profits. Of course, that definition has changed to encompass commercial methods that contribute to impact as well as profit maximization.
• Environmental Responsibility: Environmental responsibility is the effort made by businesses to implement business practices that consider their effects on the environment. This could include businesses that are dedicated to reducing their carbon footprint or working in other ways to minimize the negative effects of climate change and global warming.
• Ethical Responsibility: The actions taken by businesses to implement honest and moral business practices. This could entail anything from paying workers a wage that is equal to or more than the minimum wage to employing raw materials that were sourced ethically.
• Philanthropic responsibility: Some businesses may choose to donate a portion of their profits or executive time to nonprofit organizations or to philanthropic causes.

Benefits of Corporate Social Responsibility

Customers Matter

Adopting socially responsible policies helps businesses gain and keep customers, which is crucial for their long-term success. In addition to this, many people are willing to pay extra for items if they know that a portion of the company’s profits will go toward social issues that are important to them.

Businesses that are dedicated to helping the community may also see an increase in foot traffic. Banks that provide loans to low-income households, for instance, are likely to experience an increase in business as a direct result.

Motivates Workers More

The use of social responsibility can boost employee engagement. These businesses frequently hire people who want to do more than just get paid; they want to change the world. With big businesses, there is power in numbers and combined employee efforts can produce significant outcomes, boosting workplace morale and productivity.

Nearly 70% of workers said they wouldn’t work for a company without a clear purpose, according to Harvard Business School. 92% of employees who work for socially conscious businesses say they would be more likely to recommend their employer to people in their network who are looking for a job. Employees who work for companies with a strong sense of purpose report feeling more inspired, motivated, and loyal.

According to a research, employee engagement has a direct impact on a company’s entire performance and bottom line since it increases productivity by 17%, makes a company 21% more lucrative, and reduces absenteeism by 41%.

The bottom line is that even a small investment in CSR programs can raise employee engagement and have an effect on how lucrative the business can be.

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Customer Loyalty and Support from the Community

Companies and consumers may both use social responsibility as a platform to positively influence local and international societies. Businesses that launch a social responsibility program consistent with their principles stand to gain more loyal and devoted customers.

According to research, 87% of American customers are more inclined to purchase a product from a company that promotes a cause that is important to them, and 76% would decline to do so if they learned that the company backed a cause that went against their personal values.

Additionally, community-focused businesses frequently have an advantage over rivals due to stronger brand perception. For instance, Elon Musk, CEO of Tesla Inc. (TSLA), has had success luring environmentally conscious customers to his range of cutting-edge electric vehicles and eco-friendly automobile items.

In conclusion, adopting CSR boosts brand perception, attracts investment opportunities and top talent, and affects bottom-line financials. It also increases employee engagement and consumer retention.

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Corporate Social Responsibility Examples

The Coca-Cola Company:

The 5by20 project was launched by Coca-Cola in 2010 with the goal of empowering women worldwide.
The business declared:

“Through 5by20 programs around the world, we equip women entrepreneurs to overcome social and economic barriers by providing business skills training, access to financial services, and assets, and connections with peers and mentors. The women participating in 5by20 work in roles across our value chain include retailers, suppliers, producers, artisans, and more.”

Visa Inc. (V):

Visa has created creative ways to send digital cash to regions of the world without a financial infrastructure or for those without access to the financial system, such as citizens of many developing nations, through its financial inclusion program.
The business declared:

“Today, about half the adult world lives in the informal economy, dealing exclusively in cash. To be one of these estimated 2 billion people is to face financial barriers that make life risky, expensive, and inefficient. Financial inclusion helps put people on a path out of poverty, creates productive, empowered citizens, fosters business opportunities, and fuels economic growth.”

What Sets the ESG and Corporate Social Responsibility Apart?

Both phrases refer to a company’s social obligations. Environmental, social, and governance (ESG) aid in measuring or quantifying such social initiatives, even though corporate social responsibility (CSR) holds firms accountable for their social obligations in a qualitative manner.

It is up to employees working inside the organization to evaluate the success of CSR programs. They choose which applications to keep running and reformat the ones that aren’t working out.

The impact of various corporate initiatives to address environmental and social issues can be compared using the ESG metric, on the other hand, which is used by external analysts.

Many investment groups evaluate businesses based on their commitment to incorporating ESG factors. In their annual reports, mutual fund companies and institutional investors may describe how ESG principles are incorporated into their philosophy.

The Global Reporting Initiative (GRI), a private standards organization that aims to standardized corporate sustainability reporting, is where the concept for ESG reporting originates.

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How can a Business be more Socially Responsible?

Any effort, no matter how modest, can have an effect on a community. Even if small businesses and startups might not have the capacity to do so, giving money or resources to charities can have a significant positive impact. Companies can get started by planning modest fundraising events, promoting volunteerism, defining a social mission and specific goals, putting staff education programs into place, or collaborating with other companies who share the same philosophy.

Frequently Asked Questions

Conclusion

Companies that practice social responsibility build strong brand awareness, boost consumer loyalty, and recruit top talent. One of the keys to increasing profitability and long-term financial success is to incorporate these components.

KEY LESSONS:

• Employees who take on social responsibility are given the freedom to use the resources available to them in the company to do good.
• A company’s reputation and brand can be enhanced by being socially responsible.
• Social responsibility initiatives can improve employee morale at work and increase output, which affects how profitable the business can be.
• Businesses can boost consumer loyalty and retention by implementing social responsibility activities.
• Companies that practice social responsibility have the chance to differentiate themselves from the competition because they develop strong and favorable brand reputation.

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How to Stop Plastic Pollution: When Plastic was introduced in the market, it was considered panacea of Science and Technology and few even quoted- “SAVE TREES, USE PLASTIC”.

But with time it’s disadvantage soon became visible on land, in sea, in terrestrial animals, in marine and aquatic ecosystems. From large dumps of collected plastic garbage to microplastics entering human body and animals via food chain have now become very big problem. The only blame we can make on Plastics is that it is not biodegradable, indestructible through natural processes.

For the most, littering of Plastic material and Plastic waste, improper management of waste collection, too much dependence on plastic packaging by industries (especially cosmetic and food processing industries) and insensitivity of the people and the governments, is the main cause.

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What Is Plastic Pollution?

Plastic pollution is a build-up of synthetic plastic products that negatively affect natural habitats for humans and wildlife. Plastic pollution is one of the most significant contributors to climate change. Plastic is nearly impossible to break down, winds up in landfills, and the ocean where it adversely affects marine life. Additionally, waste management cannot effectively recycle most plastic (even those with a recycling symbol), which means that most plastic waste ends up in landfills or the ocean.

Effects of Plastic Pollution

Based on a study by Science Advances in 2021, the Philippines is the leading country on the list of top 10 ocean plastic contributors – generating an estimated 356,371 MT of plastic waste in our ocean. This is followed by India (126,513 MT) Malaysia (73,098 MT), China (70,707 MT), Indonesia (56,333 MT), Myanmar (40,000 MT), Brazil (37,799 MT), Vietnam (28,221 MT), Bangladesh (24,640 MT), and Thailand (22,806 MT)2. The primary contributors to ocean plastic pollution are concentrated in developing Asian nations, with the exception of Brazil.

Africa is one of the largest importers of used Plastics after Asia. Recently China banned it and other nations are also going to ban it or already banned import of used plastic.

There are many negative impacts of plastic pollution on the environment and its inhabitants but they will be wrapped in 3 folds here:

1. Harmful to wildlife. Animals often ingest plastic items that they mistake for food, which can cause internal health problems. Many animals like birds, sea turtles, and other marine life become entangled in plastic products, making it difficult for them to live or escape predators. Learn about seven different ways to use less plastic.
2. Harmful to the health of all life forms. Most plastic is incinerated or dumped into landfills, where it leaks toxic chemicals into the soil. Annually, 154 million pounds of plastic is incinerated, releasing toxins into the air, leading to a rise in greenhouse gas emissions, speeding up and intensifying the effects of climate change. Additionally, plastics can end up in our food and water supply, causing developmental, neurological, or reproductive disorders, which can be detrimental to animal and human health.
3. Provide transportation for invasive species. Floating plastic marine debris can negatively impact marine life and provide transportation for invasive species. As waste floats across the sea, it carries non-native bacteria and other organisms to new locations, where they can be particularly harmful.

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How to Stop Plastic Pollution

Now, the possible solutions can be complete ban on plastic use, innovation, sensitisation, collection, and replacement of Plastic with alternatives which are biodegradable and sustainable.

Complete Ban

Many countries have banned use of Plastic completely. Many of the countries have vowed to ban plastic use in phased manner, like India have recently announced to ban all single use plastics by 2022 on the occasion of World Environment Day held in India.

In Africa, Countries like Tanzania, Kenya, Mali, Cameroon, Uganda, Ethiopia, Malawi, Morocco, South Africa, Rwanda and Botswana have strict policies on use of single-use plastic. They are either completely banned or the government levies a very high tax on them.

Innovation

The scientists have discovered some bacteria which can cause for biodegradation of Plastics. Further, organic plastics are promising alternative. Some uses of plastic wastes have been suggested in construction of roads and houses. There has also been thought over to make crude oil from Plastic, since plastic is made from petroleum products, so kind of reverse engineering. Plastics are already used to generate electricity. Further research and innovation is required in order to clean the 1000-year-old mess.

Sensitization

Plastic pollution should be introduced in school syllabus. Although the benefits of recycling are many, it won’t matter if people are uninformed about how bad the plastic situation has become or uninformed about how they can contribute.

If information spreads, more and more can wake up to reality and a chain reaction of information can start. This will affect all parts of society, from governments to corporations. We already see this in some parts of the world as more governments start adopting policies to reduce the use of disposable plastic. One great tool for spreading information is using digestible facts that are easy for people to put in perspective.

Collection

Most of the measures planned to tackle plastic pollution have top to bottom approach, it should be replaced by bottom to top approach. Locals should be strengthened and given more powers in waste management. Infrastructure status should be given to Waste Management.

People should also adopt a habit of not littering Plastic waste. The grassroot level approach is required for proper collection of Plastic waste. MNCs should have their own policy to collect plastic materials they introduce in the market, either in form of plastic packaging or direct use of plastics.

Replacement by Alternatives

Because recycling of plastic is not a sustainable solution, because it further deteriorates the quality of plastics and can be easily transformed into microplastics which will further make everything worse. Private companies and Industries should also look for alternative to plastic packaging.

In Summary:

We have to stop using plastic as a disposable material for everything. Bottles, containers, wrappers, cups, plates and so on, we need to stop using plastic, and start using compostable, or biodegradable versions of all of the above, which do exist now, and can be purchased at a premium over the normal plastic stuff. But the real problem isn’t just that we have a problem it’s that we need to convince the entire world that this is a huge problem, that they are part of the problem and they need to be part of the solution instead.

We can invent a million ways to eliminate plastic waste, but until we both convince industry to adopt those inventions and the public to use/buy those inventions over disposable plastics we’re not going to solve anything. We need to stop just recycling and focus more on reduce and reuse.

As for the plastic waste that’s already out there I’ve always thought it would be great to recycle it into 3D printer filament, that could be used to make (hopefully) non disposable products. 3D printing seems to be gaining popularity and making the filament out of recycled plastic rather than new plastic would both reduce its cost and give us something to make out of the tons of recycled plastic that’s not being recycled right now and eliminate the need to create more plastic as well.

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Who should be Responsible for Stopping Plastic Pollution?

Humans invented plastic, but humans will have to also solve the problems caused by it. Who is responsible for the plastic pollution? There are three parties that bear this responsibility. Governments that can make and enforce rules, companies that produce or use plastics, and consumers. Each party has its own responsibility. But instead of tackling the plastic soup together, people tend to point fingers at one another.

Companies tend to place the responsibility on consumers, who are supposed to behave responsibly and leave nothing in the environment. Governments, in turn, are reluctant to come up with new regulations, let alone enforce them. And consumers like to point to the government and the companies, while they can already do a lot themselves.

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Frequently Asked Questions

Conclusion

Plastic Pollution is a serious problem. It affects endocrine glands in humans which is a very serious health issue as it affects hormonal functions of the body. It also affects reproductive organs and not to forget that plastic pollution will be the main cause of incurable Cancer diseases in future.

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