Corporate Social Responsibility and Its Impact on Society

CSR in India and Its Impact on Society Corporate social responsibility (CSR) is about how businesses align their values and behavior with the expectations and needs of stakeholders - not just customers and investors, but also employees, suppliers, communities, regulators, special interest groups and society as a whole. CSR describes a companys commitment to be accountable to its stakeholders. With businesses focusing on generating profits, sustainability was not a popular concern among companies up until recently. In this era of globalization, multinational corporations (those that conduct business in more than one country) and local businesses are no longer able to conduct destructive and unethical practices, such as polluting the†¦show more content†¦Some examples of CSR are safe working conditions for employees, environmental stewardship, and contributions to community groups and charities. The problem is that many companies that claim to be socially responsible often do not live up to such a standard. Because CSR is becoming more commonplace among corporations, there are concerns that some companies promote an image of CSR whether or not they have a true strategy in place and the results to show for. Accountability and transparency are key to conducting business in a responsible manner. For example, organizations like Bharath Petroleum Corporation Limited, Maruti Suzuki India Limited, and Hindustan Unilever Limited, adopt villages where they focus on holistic development. They provide better medical and sanitation facilities, build schools and houses, and help the villagers become self-reliant by teaching them vocational and business skills. Mentioned below are CSR initiatives by some of the corporate in India – ITC’S CSR Initiative One of the leading example of CSR in india is ITC’s Agri Business Division, one of India’s largest exporters of agricultural commodities, has conceived e-Choupal as a more efficient supply chain aimed at delivering value to its customers around the world on a sustainable basis. GlaxoSmithKline CSR Initiative On the other hand GlaxoSmithKlineShow MoreRelatedCorporate Social Responsibility And Its Impact On Society1382 Words   |  6 Pagesbased on a formation of things as they actually are, in spite of how we want them to be, with an inclination to be practical and realistic. Corporate social responsibility has been defined in many ways; one way to define CSR is that CSR takes into consideration how companies manage their business processes to generate on the whole a positive impact on society. Stakeholders are people who are affected by a business. Employees are one of the main stakeholders in any business. What has emerged in recentRead MoreCorporate Social Responsibility and Its Impact on Society2115 Words   |  9 PagesCSR in India and Its Impact on Society Corporate social responsibility (CSR) is about how businesses align their values and behavior with the expectations and needs of stakeholders - not just customers and investors, but also employees, suppliers, communities, regulators, special interest groups and society as a whole. CSR describes a companys commitment to be accountable to its stakeholders. With businesses focusing on generating profits, sustainability was not a popular concern among companiesRead MoreAn Assessment of the Impact of Corporate Social Responsibility on Nigerian Society: the Examples of Banking and Communication Industries18990 Words   |  76 PagesJournals Full Length Research Paper An assessment of the impact of corporate social responsibility on Nigerian society: The examples of banking and communication industries Adeyanju, Olanrewaju David Department of Financial Studies Redeemer’s University, km 46, Lagos Ibadan Expressway Mowe, Ogun State E-mail: davfol@yahoo.com, Tel No.: 07037794073 Accepted 30 January, 2012 In the Nigerian society, Corporate Social Responsibilities [CSR] has been a highly cotemporary and contextual issue toRead MoreThe Impact Of Corporate Social Responsibility On Business1626 Words   |  7 Pages In contrast, this research shows that the impact of corporate social responsibility can extend beyond public relations and customer goodwill to influence the way consumers evaluate a company s products. 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It is an integrated concept of self-regulatory business model for any organisation. Corporate Social Responsibility has been in practice for more than fifty years now, which has been adopted not only by domestic companies but also by transnational company with voluntary CSR initiativesRead MoreCsr in the Hospitality Industry1293 Words   |  6 PagesStillwater September 29, 2009 Corporate Social Responsibility in the Hospitality Industry Introduction Corporate Social Responsibility (CSR) has progressively become known as a germane issue in the corporate world for the past decade. Making the world a better place, socially and environmentally, is a global accepted phenomenon. 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