“Social Responsibilities of Business” is not a new concept. Leading businessmen of the world have reaffirmed their belief in this concept. It affects their decisions and actions. In India too it’s not a new concept but the modern businessmen of our country are more concerned with it than their predecessors. They recognize that since they are managing an economic unit in the society, they have an obligation to the society with regard to their decisions and actions affecting social and now economic and cultural welfare also.
Corporate Social Responsibility or CSR of a corporation means obligation to act in a manner which will serve the best interests of the society and which leads in the direction of positive contributions to human betterment.” It means that they are not doing business merely for maximizing their profits or to make their shareholders happy. Nowadays this concept has undergone metamorphosis to include accepting of moral responsibilities towards the stakeholders i.e. the consumers, employees, labor, suppliers, government and the society and community. Therefore, the fact of CSR has to be carefully devised keeping in mind the specifics of the organization and the kinds of demands that can be made upon it as a corporate citizen by all its relevant stakeholders.
In today’s world CSR is closely linked with the principle of Sustainable Development, which argues that enterprises should make decisions based not only on financial factors such as profits or dividends but also based on the immediate and long term social and environmental consequences of their activities.In this age of widespread communication and growing emphasis on transparency, accountability, integrity, social and environmental investments are the key aspects of CSR.Nowadays the disturbance in the ecological balance, fears of global warming, the constant exhaustion of national resources etc is urging the corporate world to take social initiative with a new perspective.The industries are giving stress on the 3 R’s reduce, reuse and recycle. Also the polluting industries have to set up their factories away from human setups to avoid being hazardous to their health. Also there are a lot of workshops and seminars held on environmental issues.
We can definitely envision a better future where these corporate forces remain exemplary in their work and stance and join hands to work together for the development of the country.The public relation department can play an important role in spreading awareness. The young minds joining in the corporate world should be trained to bring in new trends of CSR. Companies should adopt CSR in a manner that is sustainable and multidimensional. The Indian companies can also learn the CSR from foreign companies. The expenditure on CSR also has to be effective. The Advertising industry can also contribute by joining hands with the corporate to do CSR.
The media should be active in keeping CSR in news and sensitizing about it to the people as well highlighting the negatives of the corporate so that they can correct themselves. Also there is a need to have clarity by coordination so that they do not end up in duplicating and overlapping which means many organizations working for a single cause. The corporates should also conduct meetings with NGO’s to help them in raising funds for CSR through sensitizing about the various needs in their particular area.
It can be concluded that CSR has a significant role to play in satisfying the needs of the present generation and at the same time ensuring that the resource of the future generations are not jeopardized.Therefore, one of the key leadership challenges of our time is to find new ways to harness the innovation, technology, networks and problem solving skills of the private sector in partnership with others to support national goals.