Corporate social responsibility (CSR) considers the impact of a businesses actions on employees, customers, wider society and the environment
Advantages of CSR include that it can become a USP for the business and help to increase sales and customer loyalty, having a positive effect on revenue and profit. It can attract and motivate workers who want to work for a socially responsible company and therefore improve skills of workforce. And it can attract investors and therefore help with raising finance.
Disadvantages of CSR include the financial impact, as a result of increased costs from sourcing more sustainable raw materials, changing machinery to cut pollution or training workers. The impact of which may be reduced profit margins and dividends for shareholders, increased prices for customers and loss of competitiveness to more ruthless and unethical competitors.
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