Corporate Social Responsibility

Corporate Social Responsibility-by Dhaval Shukla(141080119050)-4th Semester -Mechanical Department-Engineering Economics & Management(2140003)

Understanding what is CSRBasically, it is a form of self regulation of rules run by a company that meets and interacts with sustainability of the society and the environment not degrading the growth economy of the organization.It is a business practice that involves participating in initiatives or activities that benefit the society.CSR is necessary not only for community and the environment but also for the success of the company or an organization.

Aims of any organizations CSRTo increase long-term profits through positive public relationsTo gain high ethical standards to reduce business and legal risksTo manage shareholder trust by taking responsibility for corporate actions.It encourages the company to make a positive impact on the environment and stakeholders.CSR is titled to aid an organization's mission as well as a guide to what the company stands for its consumers.

Where is CSR in India?Corporates like TATA, Birla, Indian Oil Corporation have been serving the community under the guidelines of Companies Act 2013.CSR policies, practices and programs are being comprehensively integrated by an increasing number of companies throughout their business operations and processes.Corporate companies also join hands with the Non-profit Organizations(NGOs) to address wider social problems.

CSR under Companies Act 2013

Ratan TATA on CSR

Forming of CSRThe committee for CSR can be based under any companies Human Resources, Business Development or Public Relations departments.The team acting under CSR justifies a preoccupied amount of budget varying under CSR guidelines and the rules of respective Organizations.Further general process is to find and target desired audience and select and observe the need of area, and the need of actions to be taken under consideration to be worked upon.The committee is set to plan goals and objectives for the previous seen criteria.

Forming of CSRThe committee with its accounting, auditing and reporting processes will end the process of CSR for the respective era of time.CSR committee can also attain Ethics Training under the guidelines driven by the Companies Act and the Organizations terms and conditions.Common Action that a CSR can be seen to improve are Environmental Sustainability, Community Involvement, Ethical Marketing.Social License is a term that is used over an area that is under acceptance of the company and its CSR processes.

CSR benefits in BusinessTriple Bottom Line: People, Profit and Planet.Human Resources: Recruitment and RetentionRisk Management Opportunities: To gain reputation over the time and gain trust of the shareholders.Brand Differentiation: To achieve customer loyalty based on distinctive ethical values.Reduced Scrutiny: To escape from Taxes.Supplier Relations: To attract supplier firms and potential corporations.

CSR Criticisms and ConcernsNature of Business: Irresponsibility towards the motive of CSR. Motives: To hide the scandals of the inner frauds done by companies.Misdirection: In terms of leading the processes of CSR over the accusations of public.Controversial Industries: Tobacco industries, liquor or munitions industries.The Kizhakkambalam Takeover: The serious act done by a garment company named Kitex which is accused to generate pollution in the named village.

Conclusion in CSR

Thank You!Any Questions?