Is Pricing an Art or Science?

Baskar Sundaram
Baskar Sundaram

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Corporate responsibility is when the company takes responsibility for its actions and the impact it has on the environment, society and consumers. It includes how your business is operated and managed. It also includes employee welfare and your contribution towards alleviating social problems.

While donating to charities is commendable, the real core of corporate responsibility is ensuring that everyone within the organization is accountable and responsible. The business is aiming towards earning the trust of the consumers and stakeholders while meeting the expected ethical and social norms.

Why Is Corporate Responsibility Important?

  • It improves the company name and builds a brand.
  • Employees are drawn to companies that are more responsible.
  • It helps the company stand out in the face of competition.
  • It can help solidify and guarantee customer loyalty.
  • Improved environmental practices also help a company to comply with environmental regulations and avoid penalties.

Here are some ways by which your company can become a responsible corporate citizen:

Follow A Business Code Of Ethics

A business code of ethics acts as a guideline for employee behavior within or outside the organization. It deals with issues such as morale, values, environment, employee respect and customer service.

Businesses are now integrating corporate responsibility into their accepted code of conduct. This shows their commitment to social and environment goals.

Create A Workplace Health And Safety Program

Creating an efficient and proper workplace health and safety program will help in establishing a reliable system that will protect your employees and help in preventing accidents and injuries.

It ensures that you are following the government policies on health and workplace safety.

Protect The Environment

Develop policies and guidelines that show your company’s dedication towards protecting the environment. Produce reports and documents on show your activities related to environmental impact. Sustainability reports can also be used to study your social, economic and environmental activities.

Find The Right Suppliers

Ensure that you find the right suppliers who meet your expectations of responsible behavior. Screen them and study their past conduct and be open about what you expect.

Donate Money

Donate for causes that are related to your business. Many manufacturing businesses donate to the communities in the places where they have plants. The main idea is to give back to the society. It also sends a message about what your brand values.

Be Honest and Fair

Use marketing techniques that are honest and fair. It should reflect your company’s integrity. Do not use any form of communicating or marketing strategy that is manipulative or false. Always be true to your words. Your company should do what it says it does. This will build your reputation while also avoiding the risk of public backlash.

Aim at becoming a business that is beneficial to the society. Be transparent to your customers and create a positive social and environmental impact.

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