14 December 2019

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Corporate Social Responsibility – Need of the Hour

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Huge corporations and companies try to establish trust with their stake holders and clients with the increasing number of scandals every year. Trust plays a vital role in having a good rapport with business clients and customers. Corporate social responsibility plays vital role  in winning the customer confidence that will help growing the business. There are umpteen numbers of business models developed in order to achieve CSR objectives. 

Need of CSR

CSR deals with the motivation and encouragement to take up socially responsible activities that will improve the economic and ethical standards. Companies should make sure that environment is no way affected by executing their business activities. Another dimension for CSR is to go beyond everyone’s expectation in giving back to society. This will display the commitment made by the company to serve its employees and the common public. This is a popular practice in the western countries where there are stringent rules imposed by various governments.

A recent survey reveals that 79 percent of Americans prefer to buy products of companies that actively engage in corporate social responsibility events.

However, it is still in nascent stage in India. The TATA and BIRLA groups have initiated various activities to give back to society. Reliance Industries Ltd. had a project known as “Project Drishti”, to help visually challenged Indians. People were picked from the economically backward classes section and were helped. This project has brightened up the lives of about 5000 people so far. The various political and social reasons encourage the companies to take up such events. Though, the industries grow by a double digit ratio every year, there are several problems like illiteracy, poverty, lack of basic amenities etc. Government cannot eradicate all these problems at once and people need help from such companies also.

CSR Teams

CSR needs an organised way to execute its action plan. There are active teams within the company to devise specific plans, strategy, execution ideas and other goals. This team will make sure that the policies devised are adaptable to social philosophies and also are closely associated with the companies’ business expertise. Every single employee of the organization will contribute their valuable time in executing the action plans. The ideas and policies can support specific cases like eradication of illiteracy, poverty and providing health care support.

 CSR Initiatives

Various organisations like BPCL, Maruthi Suzuki, HUL have adopted slum areas and villages and work towards creating a better environment for the people. They mainly focus on holistic development with better medical facilities, building schools and colleges. There are companies which focus on specific segments of the society such as building primary health care centers, providing primary education to children and teaching business and vocational courses.

These firms join hands with non-profit organisations and NGOs who help them to carry out their plans. These initiatives seem to be a good platform for many of the under privileged children and people. This helps them to have a better quality of life. Change cannot be brought in overnight activity. All the companies must understand their role in uplifting the down trodden society and to do the needful for those people.

A company with a proper vision in CSR is respected and rated well by the masses. It is high time for the companies to understand the potential of such initiatives and invest a part of their profits to give back to the society which has given them all the profits.

 

Comments  

 
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