The importance of social responsibility is very important. Social responsibility can be done in various ways, protecting the environment, fighting for human rights, global events, etc. One important thing is that companies which embrace social mission as part of their culture are known to be more attractive to shareholders, investors, and customers. This ultimately affects the portfolio of a company positively.
Being socially responsible as a company builds a company’s image. Companies that embrace social responsibility policies experience growth in customers and higher consumer retention. Many people are more willing to pay for a premium good if they are certain that part of the profits will be channeled towards a community or social cause.
Social responsibility in an organization empowers staff to leverage and use the corporate resource in a way that us most optimal for both organizations and consumers. In addition to that formal company social responsibility program boost staff morale in taking part in co-curriculum activities which boosts productivity in the workplace.