CSR simply means corporate responsibility to benefit the society at large. It ensures a mechanism whereby a business complies with spirit of law, ethical standards & worldwide norms. Company’s CSR strategy is a big factor where today ‘s top talent chooses to work. Now-a-days advanced technology enhances the global connections & awareness regarding worse social situations. Not only as a responsible employer but we must also manage our impact on the environment by reducing Carbon Footprint, Treating colleagues with dignity & equality and also by Inspiring colleagues seeking them to support our local community.
CSR is a long term approach to business that addresses needs of people, employees, & community at large. CSR must be sustainable i.e. always be a part of your business regardless of changing fortunes.
Implementing CSR will benefit businesses in various ways:
- Retaining employee’s talent
- Enhances relationship with customers
- Improves business reputation
- Generate positive publicity in ethical business activities.
CSR aims at extending legal requirements i.e. promoting ethics, philanthropy & social reporting to satisfy stakeholders concerns. It denotes both economic as well as non-economic factors.
CSR & Sustainability are used interchangeably but there is a prime difference of commitment for protecting environment.
CSR is not a new concept in India. In law, CSR concept is introduced as a provision based on an idea of give & take. Companies take resources in form of raw material, human resources etc and by performing the task of CSR, company gives something back to society.
By concluding this, this step will boost much required social projects with professional management of private sector.