Unit 3: Corporate Social Responsibility
Unit 3: Corporate Social Responsibility
Thus,
1. It is an attempt made by companies to be voluntarily responsible to ethical & social consideration It is a set of obligations to pursue those policies, to make those decisions or to follow those lines of action which are desirable in terms of the objectives & values of our society
2.
3.
It is the overall relationship of the corporate with all its stakeholders. These include customers, employees, communities, owners, suppliers & competitors
It covers the economic, legal, ethical & environmental expectations society has placed on organizations at a given point of time
4.
Todays CSR
Today CSR is to ensure the betterment of the society in which its functions It includes: 1. Configuration of principles of social responsibility 2. 3. Process of social responsiveness Policies, programmes & outcomes as they relate to the firms societal relationships
E.g; Tatas, Birlas, Infosys, Reliance Industries- who have provided cash for the social welfare projects, community investment trusts & schools
Many companies, particularly family-run business, continue to engage in philanthropic activities based on this model
Corporate Philanthropy
It means doing good to others. It refers to charity which promotes general welfare It is thus the love for mankind, expressed in terms of charity for promoting the welfare & progress of society as a whole
Benefits
It enhances the public image & reputation of the corporation It strengthens the employees commitment It sustains health & welfare of the local community where the companys productive facilities are located