With the increasing population and the increasing demand, many different companies are starting and working to meet those needs. While the company’s main motive is to use the demand and earn money, these companies also have responsibilities that they need to follow. Corporate Social Responsibility or also known as CSR is the management of a company that is designed for the companies to follow for the social good. With a proper CSR, the company could grow with the help of the customers, stakeholders, shareholders, and their employees. Let us know Tesla Csr.
Tesla, Inc. is a company which is known for its electric cars, and solar energy, which is great for the environment and it is showing how the future could look like. They are focusing their Corporate Social Responsibilities directly on their products. As we know that they are producing electric cars which could and are helping the environment by not using combusting engines. They are also working with solar panels which are also used for improving the environment. They are not just focused on the products, they also have other priorities which they follow in their CSR. They have Communities as their top priority, following with customers, employees, investors and shareholders, and the last Government. Tesla, Inc. is a famous company due to its futuristic and world-changing approach. They have positive publicity, they are not hated, and the CEO of Tesla, Inc. i.e. Elon Musk is also known as the one who will change the world. They also have consumer appeal, employee management is great and the company is soaring through profits due to its positive approach.
What are Corporate Social Responsibilities (CSR)?
As a company needs to work for the customers, they should not create problems for the environment or any other aspect of life while helping a part of the population. They should take proper precautions with pollution, stakeholder’s interest, consumer appeal, employee’s satisfaction, government’s rules, and regulations. With all these things and other important things considered, a company should operate. CSR helps the company manage all these points. Corporate Social Responsibility is a concept of managing the company’s concerns about the important social and environmental aspects. CSR helps a company to know and understand its responsibilities towards society and the environment. It helps a company to bring balance between social, environmental, and profit of the company. Following CSR, a company can make sure that they are not making any mistakes while doing business in regards to social, environmental, and stakeholder expectations.
Tesla’s Corporate Social Responsibility
Tesla is one of the most successful companies right now. They are not growing rapidly because of any random reasons, they are working for the environment and the society with their products and world-changing approach.
Tesla’s CSR has many features which help the society, environment, and stakeholders. They have many stakeholders in the market so they prioritize them in their CSR. They are Community, Customers satisfaction, Employees retention, Shareholders and Investors, and Government rules and regulations. Some of the main points of Tesla’ CSR are explained below:-
Community
In the type of business in which Tesla is, the company needs to make sure if the community is happy. If the community is doing great then the company will do great. The community helps the company to work smoothly by giving the company responses to their activities. The community wants the company to make sure that the society and environment are safe and conserved, and in Tesla’s case, due to their electric cars, which prevents the increase of pollution, really helps the company and the community build a good relationship. Tesla’s strategy to benefit corporate citizenship also helps the community. By sharing important and beneficial information about advanced technology, Tesla is helping the community with development. Tesla has helped the community by sharing much-advanced information about the company’s growth. CEO of Tesla announced in 2014, that they will share the patent of the company’s products with the community and it helped the community with developing new advanced technologies that could help the society and the environment.
Customer’s Satisfaction
Satisfying the customers is one of the main motives of a company, and Tesla has success there. Tesla has always made sure to satisfy its customers with amazing products and affordable prices. As the customers are directly related to the company’s revenue, Tesla has not stopped giving them the best quality of products and at a reasonable price. Tesla has done many things and projects that result in more customer appreciation. When their cars were being expensive due to the batteries which were from Panasonic, Tesla started to manufacture batteries in collaboration with Panasonic to lower the price and expenses of the cars. They also have improved the charging stations by installing more charging stations in more areas and fast charging. These things helped the company to build a good relationship with the customers and make sure to have them satisfied. The CSR approach for customer satisfaction has made Tesla a growing company.
Employees’ Satisfaction
For every company, their employees are the backbone of the company, and their satisfaction is also very important. Tesla believes that the employees are a bigger part of their company and the reason for its rapid growth. So, they have also included employees’ satisfaction and employee retention in their Corporate Social Responsibility management. The employees are the reason for the company’s productivity and performance. Tesla not only appreciates the employee’s work, but they also help the employees in many ways to grow. They use employee development strategies to make sure that the employees are developed professionally. Tesla conducts many projects and programs with collaborated companies to ensure that. These programs not only help the employees grow professionally and increase motivation but also avoid employee retention and issues when working. With this type of CSR approach, Tesla is keeping the employee’s satisfaction in check.
Shareholders and Investors
As a company cannot run without the help of the investors and shareholders, Tesla has included them in their Corporate Social Responsibility, as the investors and shareholders were the ones who helped Tesla in their early years of business with the funding. Tesla’s CSR of long-term approach motivates the investors and shareholders and also satisfies their desire of investing in a growing company. When Tesla share their company’s patent with the public, it not only created chances for other companies to grow in the same electric cars-related market but also helps Tesla itself to create more demand for electric cars and other products. The futuristic approach of the company also comes with sustainable energy and eco-friendly products that are trending in the world, which also helps the company to get more investors. As the company is planning for future products, the investors and shareholders are supportive of the company.
Government Rules and Regulations
As a company cannot do business without following the government’s rules and regulations, and also helping the economic growth with the company’s growth. Tesla is helping and complying with every rule and regulation and all the requirements. Tesla’s sustainable and eco-friendly CSR approach satisfies every government’s needs. Tesla products that are and will help the environment, and also the future planning of the company are all in with the government and the society’s concern. Every production and supply of cars are all under government regulations. With all these things, Tesla is satisfying the government requirements with its Corporate Social Responsibility management.
Why Is Corporate Social Responsibility Important For a Company?
The corporate responsibilities are for the companies since the 1950s to take the companies liable for their actions. Corporate Social Responsibilities are more common in today’s world as it helps build a good relationship with the public. Corporate Social Responsibility is sustainable, economic, and creative and it helps the overall balance of the company.
Some of the ways by which it helps the company to grow are:-
Positive Reputation of the Company
Using Corporate Social Responsibility comes with a positive reputation that helps the company in many ways. When a company is sustainable, eco-friendly, creative, and caring for its employees, it easily creates a positive reputation for the company. It also creates many ways to get awards and good publicity. Many companies don’t manage and use CSR because of which the company gets a bad reputation and it results in damage to the company. There are also awards for these types of companies that are popular with huge investors. Before the time of social media, only a few people know about the company’s management, but now it is all in front of the customers, employees, and investors.
Customer’s Mind-set
Nowadays, customers tend to pay more for products of a company, if it has some social responsibility. The customer knows that, if the company is doing something good for the society or environment, it will affect the customers directly or indirectly. Many polls conducted in different countries gave the result that said the customers tend to buy products from a company that helps the society or the environment to be a little bit better. Many customers have shown interest in the companies who give charity to the causes that the customers support. Collaborating with different charitable trusts could easily benefit the company and help improve the relationship between the customers and the company. This method creates a direct link between the customers and the company and ties both of them with loyalty and trust.
Community Relations
Doing charitable deeds could also improve and motivate other individuals, companies, and organizations. This could also give chances to collaborate with companies and together do good deeds and grow. Companies could use charities to work together and build the future foundations for collaborations. It creates chances for many companies to find many ideas and individuals to become more and more efficient, productive, low-cost, eco-friendly, and sustainable. Companies doing many programs and projects to create awareness of the charity could increase the goodwill of the companies. These methods are used by most companies that only result in again for the companies, community, and customers.
Company’s Benefit
Following the Corporate Social Responsibility management indeed costs the company money but it creates many benefits for the company that increases the revenue of the company indirectly. Firstly, following the CSR management, the number of customers increases, and the trust and loyalty between the company and customers also increases. Being sustainable and eco-friendly attracts many investors. As the investors come, the company could plan for future products that motivate the investors. Reputation and goodwill of the company increase. The government’s support also comes with following the CSR management which in itself gives many benefits. By observing the company’s overall growth, many talented individuals come for jobs and projects that help the company’s workforce. CSR management also helps with employee retention.
Conclusion
In conclusion, it sure is a profitable thing that Tesla is doing with its Corporate Social Management. Tesla’s CSR management could be used as a great example of itself. Tesla is one of the largest companies in the world, is using every aspect of CSR management with a great impact on not only the company but also the community, investors, and the customers. CSR balances the overall Tesla Company with only some effort put into it.
Frequently Asked Questions
1. What is the full form of CSR?
Answer-It is Corporate Social Responsibility.
2. Who is the main part of the community?
Answer-Everyone, every individual in the community is important according to Corporate Social Responsibility.
3. What is the importance of Tesla CSR?
Answer-It creates an ethical value for the company.
4. Is there any benefits with Tesla CSR?
Answer-It has many benefits that include a good relationship between customers, community, investors, and company.
5. Does the employees are affected badly because of Corporate Social Responsibility?
Answer-No, the employees are not affected badly. CSR makes sure that every employee develops their life professionally.
