In the
recent history, corporate social responsibility is the new added element in the
company’s goals and vision. Unknown to many a companies until the recent times,
today, it has emerged in every businesses and the approach towards CSR has seen
an upliftment within the organizations. And to put it up more officially, the
new Companies ACT makes it mandatory for certain businesses to spend profits on
the various social welfare activities.
CSR, as
defined by the general industry standards, are the voluntary activities undertaken by a company to operate
in an economic, social and environmentally sustainable manner. The value
of CSR can be estimated as huge and has notable effects on the various
functions of the Organization namely; human resources, reputation management to
name a few. Ironically, CSR has been highly criticized to be a PR mock activity
while only some part of it helps in managing the company image and brand.
Now-a-days, companies have been coming forth in supporting and promoting
initiatives which have had a considerable positive impact on the society.
Various initiatives would include associating and sponsoring the events which
are in some way giving back to the society and the stakeholders.
India, as it
is, is a developing nation and more than half part of the country is rural.
Education has been the top CSR activity that various organizations have taken
up with an aim to provide cost free education to the masses. Women empowerment
initiatives have been another big issue which many organizations support.
Charity for underprivileged children, homeless children, education for
children, initiatives for the old aged, improving human health, eradication of
hunger and poverty etc form an essential part of the corporate social
strategies. Apart from the social responsibilities, companies are coming forth
to join hands for supporting the environmental issues and many big
Organizations are taking part in research activities, environmental cleanliness
activities and many other initiatives ensuring environmental sustainability so
as to initiate a 360o CSR plan within the Organization.
The logical
explanation of CSR moves way beyond philanthropy and sponsorships. The society,
as a stakeholder to the Organizations, views this as a responsibility to be
taken up by companies for ensuring a seamless company reputation. In this
process, the Companies get the leverage when it comes to a positive and healthy
brand name, which further more helps in retaining employees and developing a
good working culture to the internal people as well as o the external entities.
Although Government has very recently put down the complete structure for
companies to follow, it is still a long way to adopt the various CSR activities
and to merge it with the corporate vision and objectives.
