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Corporate Social Responsibility Initiatives: A Panacea for Social Well-Being! by Sam Desouza
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Corporate Social Responsibility Initiatives: A Panacea for Social Well-Being! by SAM DESOUZA
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| Article Posted: 09/19/2011 |
| Article Views: 156 |
| Articles Written: 14 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 570 |
| Article Votes: 0 |
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Corporate Social Responsibility Initiatives: A Panacea for Social Well-Being! |
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Business,Business News
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Sponsor a child in India and watch him or her grow to be worth member of the society. Donation for schooling is a worthy cause for it shows how committed you are towards making the society well educated and civilized. ">Corporate Social responsibility (CSR) is a self-regulation of the corporate sector which helps as a business model too. Corporates use Corporate Social Responsibility Initiatives for portraying themselves as sensitive to the problems plaguing society, environment, and the economy. A Business which has a CSR programme promotes the public interest by helping in community growth, economic upliftment of the downtrodden which all shows the company in good light. Though CSR doesn’t have any formal legislation it conforms to a ‘TRIPLEBOTTOMLINE: PEOPLE, PROFIT, and PLANET’. Corporates take different approaches to corporate social responsibility initiatives among which one of the commonly taken approach is community based development which mainly deals with the local communities. Eradication of illiteracy, adult Education, HIV/AIDS programme, Micro credit programmes are some of the community based development programmes. It is mostly referred to as corporate philanthropy. Sometimes Corporate Social responsibility is integrated into the way the business is done in the Company like fair trade, and anti-inflationary policies. It may also take the form of a CSV or Creating Shared Value where business and Social Welfare are considered interdependent i.e. developed society will benefit the company in the long term though it doesn’t create great ripples in the short term. It is a form of sustainable development which focuses on development of human capital and is considered to be the best approach though it might take a long time. Corporate Social Responsibility Initiatives: As A Profitable Venture Corporate Social Responsibility is also a business model which helps the company to relate to the personal values of the company and to improve the standing of the company among talented prospective employees. It also attracts customers towards their product as they tend to believe they are choosing a company which does good to the society. They also get various tax cuts and economic benefits for initiatives such as carbon credit programme. The Basic concept of a corporation is to maximize profits for the shareholder and it directly contradicts with the principle of Corporate Social Responsibility. There has been a lot of hue and cry over tobacco companies doing CSR programs such as health care whereas their products only cause health problems. Corporate Social Responsibility is a phenomenon which has a lot of potential in making this world a better place to work and live in. With better regulation and prescribed targets a corporate growth story can be successfully transformed into the growth story of a society as a whole. It will also prove to be a major step in reduction of gap between the haves and have not’s. A surreal scenario where a company spends a large percentage of its turnover on CSR may seem unrealistic, but in the long term it not only helps the community but also the company itself. Thus, Corporate Social Responsibility Initiatives focus on how the companies should manage the business procedures to yield an affirmative impact in the society. You can Sponsor a child in India and watch him or her grow to be worth member of the society. Donation for schooling is a worthy cause for it shows how committed you are towards making the society well educated and civilized.
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