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Corporate Social Responsibility (CSR) is a belief that while performing the activities a company should think about the environmental and social effects it can have on its employees and the society. In other words, CSR activities for a company is a way how companies benefit themselves while keeping in mind the benefits of our society in which we live in.
It is an ethical framework which every individual or company should follow to maintain a harmony between the economy and the ecosystems. It is one of the newest management strategies adopted by many organizations which aims at creating a positive impact on the society while practicing business.
It refers to maintaining and sustaining the equilibrium between the two.
Customers form an essential part of the society. In today’s world, a customer is sovereign and so it is the company’s duty to keep all his existing and prospective customers happy and satisfied.
In order to do this, a company has to follow certain norms and ethics of its own and of the society, so that both the company and the society are benefited at the same time.
A business can attract more clients if the business focuses and caters to the needs of its employees and the society. Both the business and its clients should actively participate in making a healthier and productive environment by using the most effective and efficient strategies so as to concentrate consciously on the vision and mission of the organization. It is our obligation to act for the benefit of our society at large.
A CSR policy should form the basic part of an organization which helps in the day to day management and also in guiding the future of an entity. The direct benefit of CSR efforts is that an organization can save a lot of money by working efficiently.
An organization also achieves a good reputation in the corporate world and in its community if it follows the concept of CSR. This ensures that the company remains committed to CSR for sustainability and the company’s long-term performance.
It should be an organization’s duty and responsibility to protect the society and the environment via its activities. Further, it encourages inspiration in the community which tells an organization how to run its business and also to the people on how to lead one’s life and promotes social responsibility in everyone.
The CSR activities help in developing happier and satisfied employees which further enhances their talent and will to work in the organization. If the employees are happy and can boost up their talent, they can bring huge profits to the company at a low cost and the turnover ratio of the employees will also below.
Hence, the growth potential of the organization increases. It is very important to keep in mind that the motive behind these activities is that the companies should not be focused only on the maximization of profits.
Moreover, candidates for job and clients are only attracted to an organization which is reputed and has respect in the eyes of the society.
Many companies have scaled up the CSR activities in these past few years. To name a few: Mahindra and Mahindra, SAIL, Bharat Petroleum and the Tata Group of companies.
These companies spend large amounts of money in CSR and have relatively high scores of CSR. CSR focuses on business ethics, responsibility, values, and principles. It means to go beyond what the law requires you to do for the welfare of the society. CSR in the education sector has improved over the past years. Many companies work in the education sector to scale up their CSR activities. Not only companies but various NGOs and Internationally reputed organizations are also working along with the governments at State and Central level to improve the education standards in India.
Dimensions of corporate social responsibility include many aspects like accountability and transparency, commitments to socio-economic developments, environmental concerns, human rights, workers rights and welfare, market relations, sustainability and corporate governance.
Benefits from CSR are multi-fold:
♦ Increases employee loyalty and retention.
♦ Increased customer loyalty.
♦ Increased reputation and brand image.
♦ Greater productivity and quality.
♦ Increased quality of products and services.?
♦ Product safety and decreased liability
♦ Less volatile stock value
♦ Reduced regulatory oversight?
Corporate Social Responsibility means working in an organization where it benefits both the organization and the society.Challenges are a part of CSR. There is much debate on the concept of the Corporate Social Responsibility.
Even if the organization works in the best interest of the community and the environment, the consumers have that mentality that the business is done for some secret objective which is for their own good and not for the community.
So there is no point working day and night for the benefit of the society where the hard work of the organization is not even recognized. No matter what, most of the times the organization will be criticized by the society even if they are actively involved in socially responsible projects.
Therefore, an organization that really wants to be good in the eyes of the community and sustain its business for long should take up the socially responsible projects thereby overcoming the challenges and the barriers.
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