Corporate Social Responsibility

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Corporate Social Responsibility:

Corporate Social Responsibility

Introduction:

Introduction Corporate Social Responsibility is basically a new business strategy to reduce investment risks & maximize profit by taking all the key shareholders into confidence. Many companies often use this concept in their advertising & social marketing initiatives .

Acc. To Dr. Madhav Mehra (president UK based world environmental foundation & world council for Corporate Governance) “the importance of Corporate Social Responsibility would increase further as the future market would be driven by a young population for whom social, ethical & environmental issue were very important & who liked to be “informed” about the organization.” :

Acc. To Dr. Madhav Mehra (president UK based world environmental foundation & world council for Corporate Governance) “the importance of Corporate Social Responsibility would increase further as the future market would be driven by a young population for whom social, ethical & environmental issue were very important & who liked to be “informed” about the organization.”

Importance of Corporate Social Responsibility:

Importance of Corporate Social Responsibility The importance of CSR has increased with globalization as both investors & customers have become very sensitive to societal & environmental issues. With growing globalization, CSR had been increasing as it helps the business organizations to impulse their relationship with local communities, increase the branding of the organization & building a good corporate image for themselves.

Need for Social Responsibilities:

Need for Social Responsibilities The iron law of responsibility To fulfill long run self interest To establish a better public image To avoid government regulation and control To avoid misuse of natural resources To minimize environmental damage

Slide 6:

PEOPLE PLANET PROFIT CSR CSR is based on 3 Ps viz., People, Planet & Profit

Levels of social involvement:

Levels of social involvement Social Obligations Social Responsiveness Social responsibility

Slide 8:

Corporate social responsibility offers many benefits both internally & externally to the organizations. Externally it helps in the way: To create +ve image amongst the people for its company. Creates short term employment opportunity by taking various projects like campaigns against smoking, literacy programs etc. By having good reputation, it is easy for the management to recruit employers & more important is to retain them. By controlling pollution & minimizing wastes by recycling used products.

Slide 9:

Internally it is helpful to an organization through various ways: It creates a sense of loyalty & trust amongst the employees in the organizational ethics. It serves as a diversion from routine workplace practice & gives a feeling of satisfaction to the employees. It improves operational efficiency of the company by increasing the efficiency of employers resulting into increase in quality of product & productivity. Employers feel motivated & are more productive.

Slide 10:

CSR helps in visualizing 2 extreme views that to whom is management more responsible. LESS SOCIAL RESPONSIBILITY MORE Ist Stage Owners & Management 2 nd Stage Employees 3 rd Stage Elements Of Specific Environment 4 th Stage Whole Society

Cntd...:

Cntd... Management: Corporate Contribution earlier was limited to financial donation. This is giving way to more holistic approach as employees are now getting involved & companies like GE, Tatas, Infosys etc., encourage their employees to give back to communicate who sustain their business. Employees: Ever increasing corporate social responsibility reflects the growing expectation of the employees, about the growing role of company in society & the response of companies towards the community. Environment: Many organizations like Infosys, Tatas, ITC & many more are helping people to harmonize with nature by reducing pollution. Social responsibility is not only improving the external environment but also improving internal environment which includes improving quality of work life, reducing hazard in workplace, equality in employment etc. Society: The most important way in which scope of social responsibility can be viewed is in terms of social concern & promotion of common welfare programmes for the upliftment of poor & needful public.

Example of CSR:

Example of CSR INDIAN OIL At Indian Oil CSR has been the corresponds of success right from its inception. The corporations objective can be seen in its mission statement “…….to help enrich the quality of life of the community & preserve ecological balance & heritage through a strong environmental conscience.” every year Indian oil fixes a portion of its profit for spreading smiles in millions of live through a comprehensive community welfare & development programme. As part of its environmental protection initiatives Indian oil has invested nearly Rs. 7,000 cr. In the technologies at its refineries for production of green fuels meeting global standards.

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