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Explain the advantages that a firm can reap by being socially responsible. |
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Answer» Potential benefits a firm can reap by being socially responsible are discussed below: a. Various customers these days strongly believe that all businesses must be socially responsible. Products and services of socially responsible companies are preferred. b. In a socially responsible company, employees also feel empowered to start contributing to the society. They might come up with new ideas about products or internal processes or innovate new problem-solving solutions. c. Socially responsible companies usually focus on reducing resource use, waste and emissions. This way they can help the environment as well as save money resulting in saving costs. d. As the socially responsible companies are able to gain trust amongst different stakeholders, it is observed that they have higher customer base than the companies which don’t believe in social responsibility. |
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