d take advantage of new opportunities for maximizing benefits, reduce absenteeism and less bargaining power.
Stronger relations within communities through stakeholder engagement.
The way a company collaborates with its shareholders and other stakeholders is very important. Companies should maintain an open dialogue and operate in transparency. This is really an important benefit for companies because it increases their 'licence to operate', enhances their prospects to be supported over the longer term by the community, and will remain more sustainable.
Improving company's reputation and branding of product.
A positive aspect of Corporate Social Responsibility is that it can improve reputation of an enterprise and branding and this will give rise in the prospects for the enterprise to be more effective. The management, means of communication and process of marketing will determine how the company will be attractive to new customers and increase market share. Corporate Social Responsibility will help a company to get a better position in the
business environment as a company that tends to be more sustainable and more responsible than its competitors in the industry.
Corporate Social Responsibility and the Law
The issues of 'social responsibility' and 'legality' are not one and the same. CSR is often viewed as acts that stretch beyond what is prescribed by the lam. Indeed many believe that certain existing laws do not promote socially responsible behaviour. 'Thinking about legality and responsibility identifies four distinct organizational approaches to social responsibility: illegal and irresponsible, illegal and responsible, irresponsible and legal, and legal and responsible' (Sims, 2003)
Illegal and irresponsible - An investigation was launched to examine claims that some companies took advantage of the catastrophic Pennsylvania Ashland Petroleum tank collapse by dumping their own toxic wastes into the already polluted Monongahela River. Dumping this type of material into the river is prohibited by law, and it was clearly irresponsible to further contaminate the water.
Illegal and responsible - Greenpeace has engaged in illegal acts in an effort to protect the environment. For example, during the mid-1990s, they attempted to block French nuclear tests in the South Pacific by illegally occupying French territory and harassing French military operations.
Irresponsible and legal - For example, beer companies produce commercials that appeal to underage drinkers, and casinos sometimes make special offers that encourage people to trade their Social Security checks for gambling chips. These organizations are acting within the letter of the law but not the spirit of the law.
Legal and responsible - Since 1984 Patagonia has given 10 percent of its pre-tax profits to such groups as the Wolf Fund, the Audubon Society, and the Nature Conservancy. Ben & Jerry's gives 7.5 percent of its pre-tax profits to charity, while the Hallmark Corporation for the past 80 years has donated more than 5 percent of its corporate pre-tax profits to charitable causes. These charitable acts on the part of Patagonia, Ben & Jerry's and Hallmark are both legal and highly socially responsible.
Examples of CSR in the workplace
It is widely agreed that CSR is a concept that is theoretical and basically
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