In
layman terms Corporate Social Responsibility implies - companies being more socially
responsible, be it towards the environment, their customers or their employees.
It is also known by a number of other names: Corporate responsibility, corporate
accountability, etc...
CSR
typically, is the way firms try to integrate social, environmental and economic
concerns into their values, culture, decision-making, strategy and operations.
The outcome definitely involves better industry practices, wealth creation and
a much improved society.
Business
is facing challenging times worldwide. Increased competition and commercial pressure
are combining with the rising regulatory standards and the consumer demand to
create a whole new playing field for business. Traditional expectations of business
are also changing. It is no longer enough to simply employ people, make a profit
and pay taxes. Companies are now expected to act responsibly, be accountable and
benefit the society as a whole.Companies
have fast accepted CSR as a norm. These days the social behavior of companies
is looked at with telescopic lenses, what with the media playing the role of society's
guardian with aplomb. A case of unethical corporate behavior gets enough coverage
in all newspapers as well as News channels. Awards have been instituted to encourage
CSR among all categories of industries. When factories are set up, an entire township
gets created to house the employees and their families. Hospitals, schools, recreational
facilities, and a well-developed civic infrastructure are put in place. Among
a few visible ethical practices, we have witnessed `transparency' which has seeped
into the boardrooms and over the years balance sheets and other financial details
of companies are being made available for public viewing. |
