Corporate Social Responsibility

Strategic Importance of CSR

As important as CSR is for the community, it is equally valuable for a company. CSR activities can help forge a stronger bond between neighbourhood and corporations; boost morale; and help both employees and employers feel more connected with the world around them.

Attending volunteer events says a lot about a company's sincerity. By doing good deeds without expecting anything in return, companies can express their concern for specific issues and commitment to certain organizations.

For a company to be socially responsible, it first needs to be accountable to itself and its shareholders. The more visible and successful a corporation is, the more responsibility it has to set standards of ethical behaviour for its peers, competition, and industry. In today's socially conscious environment, employees and customers place a premium on working for and spending their money with businesses that prioritize corporate social responsibility (CSR). Larger companies tend to have a lot of resources that can benefit charities and local community programs.  CSR is an evolving business practice that incorporates sustainable development into a company's business model. It has a positive impact on social, economic and environmental factors. As the use of corporate responsibility expands, it is becoming extremely important to have a socially conscious image. Consumers, employees and stakeholders are beginning to prioritize CSR when choosing a brand or company. They are holding corporations accountable for effecting social change with their business beliefs, practices and profits.

A robust CSR program is an opportunity for companies to demonstrate their good corporate citizenship … and protect the company from outsized risk by looking at the whole social and environmental sphere that surrounds the company. One primary focus of corporate social responsibility is the environment. Businesses, regardless of size, have large carbon footprints. Any steps they can take to reduce those footprints are considered good for both the company and society.By treating employees fairly and ethically, companies can demonstrate their social responsibility.

Cultural Change by CSR

After making CSR a mandatory by Government of India, it has enriched the corporate culture very positively. Lot of activities are carried out by corporates which help the local people in particular.The areas identified for CSR activities include community development, energy conservation, skill development, education etc. Only government can resolve all the issues faced by the country. It is required to get a private sector support to accelerate the development process. Governments are very slow to act due to red tapism but companies either private or government can make faster contribution by connecting people locally. The cultured change created by CSR is having good impact on how the local people look upon any company. Usually local people are not interested in ay company operating in their locality due to concerns on pollution . Due to CSR activities it is possible to get benefits to all local people. An inclusive development is possible for the people of the locality due to CSR activity.

Strategic Importance of Sustainable Business

Regardless of which strategies are used for sustainable development it is important to be vocal. Let our consumers should know what we are doing to be socially conscious. In a broader context, social, environmental and economic demands are considered the three pillars of sustainability. Within the corporate world, they are sometimes referred to as the triple bottom line. The concept is a departure from the traditional concept of the bottom line, which evaluates all efforts in terms of their short-term effect on profits. In traditional corporate cultures, social and environmental concerns have typically been considered to conflict with financial goals.  Depletion of non-renewable resources, for example, is obviously not a sustainable practice. However, because alternatives typically require investments in infrastructure,   continuing to rely upon fossil fuels is the least expensive short-term option. Similarly, investments in sustainable business practices may initially cost a business money but typically lead to enhanced recruitment, branding and public relations (PR), which all tend to lead to increased profitability.

Sustainable Business& Climate Change

Climate of earth is changing, due to rising of temperature. Every degree rise in temperature will eliminate lots of bacteria and micro organisms from earth. Every life on earth is connected to human being via a ecological cycle. Business and activities are directly connected with environment. Deforestation and soil erosion were two challenges faced by earth since a century. New industrialization and wastages is a big concern. The sustainable way to make business sustainable is by energy recycling, introduce energy efficient system and by using renewable energy resources. Business should not destroy ecosystem, if any damage made to ecosystem may be irreversible. Lot of studies are  going on for using renewable energy resource like solar power, wind power and tidal power.