Just as each employee has to work in accordance with the organization's goals, the responsibility of each organization extends not only beyond value creation and rewards to the stakeholders, but also involves social responsibility.
Corporate Social Responsibility (CSR) is an inclination or attempt on the part of the corporate houses to uplift the standard of living, of the citizens living below the poverty line, by funding projects on health care, education, etc. The corporate strategy, today, is not only to maximize profits and reward the shareholders by overcoming competition but also to gain positive attention of the society by undertaking some of the actions of CSR enumerated above. In other words, CSR is the concept where the business goes hand in hand with the social values and ethics.
The days of focusing only on gaining maximum profits and keeping the shareholders satisfied are gone. With the increase in responsibility of the governments (both center and state) arising out of the population growth and resources constraint at the hands of the governments, the role of the corporate in undertaking social reforms assumes significance. To convince the society, companies have started emerging as socially responsible corporate houses in this so-called material world.
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