Corporate Social Responsibility: a successful implementation of socially benefitting strategies
The land of diversity, our country, India is growing rapidly as a corporate identity. Multinationals from all over the world are keen to collaborate with us to achieve some bigger targets in terms of societal improvement and making this planet a better place for humanity. But still there is a big gap between the have and have not. There is still a larger section of the society which is deprived of the basic amenities or a better employment. The leading corporate giants can take an initiative towards the improvement of the society apart from generating the revenues alone. This begets the term “Corporate Social Responsibility” which is much more beyond the philanthropic activities such as donations, charity, relief work, etc. Globally, the concept of CSR has evolved with the new horizons and now encompasses all related concepts such as triple bottom line, corporate citizenship, philanthropy, strategic philanthropy, shared value, corporate sustainability and business responsibility.
Corporate Social Responsibility in India
CSR in India still remains within the philanthropic space, but has moved from institutional building pertaining to education and research community development through various projects. With global influences and with communities becoming more active and demanding, there appears to be a discernible trend that while CSR remains largely restricted to community development, it is getting more strategic in nature than philanthropic. A large number of companies are reporting the activities they are undertaking in this space in their official websites, annual reports, sustainability reports and even publishing CSR reports.
Benefits of Corporate Social Responsibility
- Achieve new business segments
- Enhance customer retention
- Develop and sustain relationships with customers, suppliers and networks
- Attract, retain and maintain a happy workforce and be an Employer of Choice
- Save time and money on energy and operating costs and manage risk
- Distinct your business identity from your competitors
- Generate innovation methodological approaches to enhance your influence
- Improve your business reputation
- Increase your brand awareness
- Provide access to investment and funding opportunities
- Generate positive publicity and media opportunities due to media interest in ethical business activities
- Maintains healthier industrial relations
- Promotes health & safety as well as environment stewardship
- Supports anti-corruption and ethical business activities
- Promotes diversity in culture and respects every individual talent irrespective of background
- Assists the disabled and weaker section of the society
CSR is about moving beyond declared intentions to effective and observable actions and measurable societal impacts. It is becoming a talk of the buzz in the corporate world today.