IMPORTANCE OF CSR AND SUSTAINABILITY IN BUSINESS SUCCESS
It has been analyzed that CSR and sustainable business practices result in creating conflicts within the organization with respect to the achievement of the set goals and objectives. But also, in the present environment, such practices act as an effective opportunity for organizations to ensure their business success. As with the increasing societal awareness about the organization’s social responsibilities and the key approaches, they support the organization’s development adopting such CSR practices within the industry. In the short term, it can be analyzed that it incurs a huge cost for the organization, but in the long term, it contributes towards establishing an effective brand image and strong name within the industry, which can be utilized to ensure the business competitiveness.
Unilever has also adopted specific sustainable practices in order to ensure its business development and strategic retention such includes focusing on sustainable product packaging so that the packets can be recycled or are biodegradable, supporting the weaker sections of the society to come up with innovative ideas or to provide them with employment opportunities, improving awareness among the workforce about such sustainable practices that are required to be implemented within the organization. Such approaches and practices of Unilever have contributed the organization towards being a sustainably recognized organization in the international market.
Similar to that of Unilever, P&G the key competitor to Unilever has also focused towards adopting sustainable practices to ensure its business development and expansion. The management reflects that taking care of the planet as well as of the society is the key responsibility of the organization and accordingly the organization has set up yearly and time specific goals to be achieved. P&G has set up its goal to be a leading brand in sustainability management and promotion within the industry.