Corporate Social Responsibility (CSR) is a legislation for the business community as mandated based on the overall income of the company. This is a mandate which makes the company spend a fixed percentage of the income on the Social Responsibility activities such as improving the society as a whole. The goal is to increase the overall growth of the country or the society in such a way that while the company grows, society grows along with the country. The definition of CSR as stated by the International Organisation for Standardization (ISO). ISO defines CSR as: “The responsibility of an organization for the impacts of its decisions and activities on society and the environment, resulting in ethical behavior and transparency which contributes to sustainable development, including the health and well-being of society; takes into account the expectations of stakeholders; complies with current laws and is consistent with international standards of behavior; and is integrated throughout the organization and implemented in its relations.” The CSR would help enhance the brand value of a company and this is where the companies growth would help the society and the country grow as a whole. The goal is to get the value recognition of a company to translate into growth and create a well established growth chain.
Need for CSR:
The need for CSR would be the economic growth first- the goal is to get the overall CSR improved so that the company improves its reach as a whole with its reach as well as economic growth- by including the marginalized section of the society, the company’s growth happens in a specified path- the aim is to produce the optimum path for the company as such. The CSR would aim to enhance the growth of several individuals and hence, it is a futuristic investment as well- thus, this would enable the growth of CSR in a positive way as well as in such a way so as to ensure that the CSR goal is met as well as the resource expenditure is at bare minimum. Thus, this is an optimized path.
How Corporate’s meet their CSR:
- The reachout is done via the CSR team that is personally working with the company as an employee where each member of the team is an employee. They organise the outreach, submit the requirements, and implement the activities as well. This would be reviewed quarterly.
- The overall path is to improve the overall economic growth and hence, this is where the marketing team and other teams organize it as well depending on the overall outreach of the company. This could a visit to an orphanage, a visit to a charity, donation to charity among others.
- The aim is to improve the CSR in a holistic way- hence, this is where the company board of directors also evaluate the overall growth and take such calls as well- this is done by consulting and including every single stakeholder in the decision making process. These activities would involve visits to orphanages, company sponsorships to various stakeholders, investments in green technologies among others.
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