CSR-A Business Opportunity

CSR--Heightened Status Corporate social responsibility (CSR) has recently taken flight into board/conference rooms and has emerged a topic of concern in corporate, government and international business forums. The reasons are varied: global warming pressures, wide divide of wealth, customer preferences of ethical business practices etc. Media support has further fueled this fire. In this global age social, economic and political problems merge into one another--as do the solutions. In response, CSR has emerged as an inescapable priority for business leaders and a response to new conditions, new challenges, and new opportunities. CSR in near future will play a key role in sustainable business. Corporate social responsibility (CSR) has been around in various guises for quarter of a century or perhaps longer. It has evolved to the status of a profession and is being debated on the world stage, advanced by globalization and technology. There are CSR consultancies and think tanks in most developed and developing countries around the world. Social (e.g. 9-11, HIV Aids), environmental (e.g. climate change) and economic (e.g. Enron) shocks are elevating issues to the international arena. Companies which aspire to be, or are, leaders in corporate social responsibility are challenged by rising public expectations, increasing innovation, continuous quality improvement and heightened social and environmental problems. They are forced to chart their CSR course within a very complex and dynamic environment. In India, CSR has been seen as philanthropy, charity, social-giving in the past. Most business families have been taking up topics of their respective interests and investing in them. With globalization, the demands are changing the definitions, it is not only about how you spend the money but customers are also demanding information on all the business processes in how the company makes money and treats it various stakeholders. It is increasingly being appreciated that the success of a business is inextricably tied to the welfare and stability of the community. and planet have a part to play alongside profit. This calls for a new corporate logic, in which caring for employees, communities and environment is not only seen as morally correct, but also the best approach for continuity and profitability. Governments, activists, and the media have become adept at holding companies accountable for the consequences of their actions. CSR is generally understood to be the way a company achieves a balance or integration of economic, environmental and social imperatives while at the same time addressing shareholder and stakeholder expectations. It is about meeting the current needs and ensuring the future generation's needs are not compromised upon. Good CSR goes a step further, increased belongingness in employees, enhanced skills and better motivation brings better productivity, lower rate of attrition, fair practices in supply chain will add to transparency in the organization, public image, efficiency and effectiveness. Responsibility towards the environment and community will improve the conditions around work space in many dimensions. CSR--The Hidden Opportunity Why be good? Why do the right thing, especially when so many around you can profit by doing the wrong thing? How much am I willing to pay to be good? Tough questions indeed. People who do charitable work often talk about how rewarding it is. Call it the next generation of corporate philanthropy, from writing cheques, companies are more closely integrating their cause agendas into their business strategies. And it's paying off in many ways. Companies recognize CSR's dividends. Log on to the web site of any Fortune 500 company and you are likely find a prominent link to its CSR efforts, with some even launching massive media campaigns promoting their CSR endeavors. According to a World Economic Forum survey of CEOs and leaders (Voice of the Leaders Survey), corporate brand reputation outranks financial performance as the most important measure of success. …