ctations of the investors, employees, consumers, business partners, and communities. The benefits of CSR for hotel companies are as follows:
Lower operating cost:
It might be seeming like a paradox to say that CSR can lead to lower operating costs, however, in the long run, there are many reasons why this can actually be the case. On environmental issues, a company who is determined to reduce its carbon footprint will be looking at ways of reducing fuel consumption. Although this might be involving an initial investment in more energy efficient vehicles and appliances, it will be finally leading to cost saving. For Instance, if a corporation is consuming less energy, then its energy bills will be lower and if a corporation is minimizing water usage, then its water bills will be lower. The same is true for maximizing the use of recycled materials.
More Efficient Operations
Making use of CSR framework in hotels business strategy can eventually help in attaining a high efficiency rate in operations. For example, in the human resources arena, work-life programs that can be used in reducing the number of absenteeism and increasing the retention of employees, often saves hotel companies in terms of money through increased productivity and by a reduction in hiring and training costs.
Brand image and Customer Loyalty:
Probably the most important business benefit of CSR is the positive effect it can have on brand image and customer loyalty. If a company is recognized to be responsible and ethical, and if it markets itself as such, then it will be well located in a competitive market. Consumers, tired of the tales of cruel corporations doing all in their power to maximize profits, are becoming more and more concerned in supporting companies who are seen to be 'doing the right thing'. A study which was issued in the Journal of Business Ethics underlined this link between CSR policy and marketing: it found that while an institutionalized CSR policy is effective in building customer loyalty and public perception of the company, it is crucial to promote this policy in order to increase purchase intent.
Creating New Business Opportunities
Open and productive two-way communication with the stakeholders not only increases the hotel company's reputation but also creates up new business opportunities. Close collaboration with key stakeholders and communities and responding to CSR constraints by reviewing business practices and strategies and going by the triple bottom line concepts also provide chances through innovation, creative thinking, better relations with key stakeholders, and introduction of new products and markets.
Access to Capital: Socially Responsible Investing
Gradually, investors are becoming more and more concerned in the CSR policies of the companies they invest in, principally in matters concerning to the environment and human rights. A good CSR policy will attract investors who will on principle no longer capitalize in companies who do not have a good reputation for CSR. This means that socially responsible companies will have access to a larger capital base.
Government Support:
Many governments provide financial encouragements for sound CSR initiatives, including environmentally friendly innovations. Hotel companies that are proving that are engaging in Csr practices that are satisfying and going ahead wit
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