File Name: csr in india issues and challenges .zip
Show all documents Issues and Challenges in Corporate Social Responsibility in India CSR is the gateway for understanding a number of firm-related and societal issues and responding to them as per their business strategy.
Different areas are available to implement CSR activities to the Corporates. There are challenges like any other project but the corporate houses must take this project on priority. Further in , the renowned Management Consultant Peter Drucker spoke of the need to turn social problems into economic opportunities. It simply implies the involvement in addressing the legal, ethical, commercial and other expectations which the society has for business and take decisions which balance the claims of all stakeholders.
A CSR committee of the board should be constituted which should consist atleast three directors, out of whom atleast one should be an independent director.
The opening up of the Indian economy after has resulted in the integration of business economy with the global economy.
This has exposed Indian business to market competition. In the Indian Scenario CSR has become increasingly prominent because Organizations have realized that besides growing their businesses, it is also vital to build trustworthy and sustainable relationships with the community at large. Also in India, socio-economic problems are available like poverty, illiteracy, lack of healthcare etc. Because of this, doors are open to businesses to contribute towards social development in order to empower the downtrodden people of the society.
CSR is important to business since it demonstrates consumer and media that the company takes an interest in wider social issues that have no direct impact on profit margins. These issues may be local, national or global. CSR is useful to maintain government relations, building a positive workplace environment and for social media visibility. CSR is becoming an increasingly important activity to businesses nationally and internationally. According to Lord Holme and Richard Watts "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large".
In recent decades, public expectations of business have steadily increased. While investors still expect firms to maximize profits, the public has become increasingly aware of the importance of the social and environmental impact of businesses. Also as globalization accelerates and large corporations serve as global providers, these corporations have progressively recognized the benefits of providing CSR programs in their various locations.
In this present era of globalization as corporations are becoming more aware of their social responsibilities the traditional responses of companies contributing to good causes are dramatically changing from mere philanthropy.
For corporations in the developing and underdeveloped countries, bridging the divide digital, economic, social or environmental in order to eliminate poverty should be the essence of the social agenda. CSR is now widely regarded as a legitimate dimension of global corporate decision making.
Survey evidence reveals that CSR has become a more important priority for managers and that its importance and legitimacy have steadily increased. Evidence of the increased importance of CSR includes: — A substantial increase in the number of global firms that produce annual reports on their CSR activities. Industry codes now exist for firms in virtually every global sector including chemicals, finance, mining and minerals, tea and coffee, toys, textiles, diamonds, sporting goods, and electronics.
These codes have established standards for responsible corporate behavior, primarily with respect to employee rights, working conditions, and environmental impact. They should develop mechanism to actively engage with all stakeholders. They should provide all employees with access to training and development of necessary skills of career advancement on an equal and non-discriminatory basis.
It is concerned with managing natural resources in a sustainable manner by ensuring optimal use of resources like land and water and promoting efficient use of energy and environment friendly technologies.
Business ethics refers to integration of core values such as honesty, trust, respect of fairness into its policies and decision making. It should manage natural resources in a sustainable manner and ensure optimal use of resources like land and water.
In short, business decision making is linked to ethical values, compliance with legal requirements, and respect for people, communities and the environment around the world. CSR has emerged as a valuable and necessary strategy to the competitive business environment of today.
Factors that promote CSR are globalization, advances in communication, sustainable development, governance, leadership, competitive advantage and ethical culture. In recent years CSR has become a fundamental business practice and has gained much attention from executive management teams of larger international companies. A strong CSR program is an essential element in achieving good business practices and effective leadership.
Companies have determined that their impact on the economic, social and environmental landscape directly affects their relationships with stakeholders. Corporates like the Tata Group, the Aditya Birla Group, and Indian Oil Corporation, to name a few, have been involved in serving the community ever since their inception. Many other organizations have been doing their part for the society.
Though India is one of the fastest growing economies, socio-economic problems like poverty, illiteracy, lack of healthcare etc. This scenario has opened up several areas for businesses to contribute towards social development. The areas open for CSR initiatives for corporates are discussed below : i Hunger, Malnutrition and Health: Contribute towards eradicating extreme hunger, malnutrition, promoting healthcare and sanitation, and make available safe drinking water and general hygiene for the targeted segment.
Participate and contribute towards activities promoting and developing traditional art and handicrafts. They provide better medical and sanitation facilities, build schools and houses, and help the villagers become self-reliant by teaching them vocational and business skills.
It also aims to provide medical check-up and treatment, health camps and health awareness programs in villages. Whether it involves giving money or time, businesses have a lot of resources that can benefit charities and local community programs.
The questionnaire was evolved after due diligence including focus group meetings, consultations with key stakeholders and a pilot in four metros. This hampers the incorporation of social responsibility in businesses. As a result, they find it hard to decide whether they should participate in such activities at all in medium and long run. Various surveys on different aspects of CSR are being done and on the basis of those surveys, few suggestions are listed below to put CSR on firm ground.
Corporates have the expertise, strategic thinking, manpower and money to facilitate extensive social change. In India, only major companies are involved in such CSR programmes and many medium and small industries that are hiding themselves from these duties.
Companies need to be mature and realize that they must practice socially conscious policies. Merely initiating CSR is not enough; the company has to work hard on a formal coherent and transparent policy in the field of CSR to become a potential area for development of the society. Parul Khanna, Mrs. Yasmin Begum R. Nadaf , Shamshuddin M. III May. Websites 1. Related Papers. By Journal ijmr. An Empirical study on the relationship between Corporate Governance practices and financial performance of select corporate sectors in India.
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A great many large companies talk about their values, or about how much they care for their employees and other stakeholders. The coronavirus crisis is the time for them to make good on that commitment. The author offers some things that corporations can do to help their employees, small suppliers, health care providers, and communities. For millions of Americans, the new relief law will be too little too late. It is expected to take three weeks for cash payments to reach laid-off employees and small businesses. Businesses may defer payments and cut costs, but employees who have lost their income without warning cannot wait three weeks to feed themselves and their families. For much of America, this is a crisis that requires immediate action that only companies can take.
In this article, we offer some initial examination on how Covid pandemic can influence the developments of CSR and marketing. We argue that Covid pandemic offers a great opportunity for businesses to shift towards more genuine and authentic CSR and contribute to address urgent global social and environmental challenges. We also discuss some potential directions of how consumer ethical decision making will be shifted to due to the pandemic. In our discussion of marketing, we outline how we believe marketing is being affected by this pandemic and how we think this will change, not only the context of marketing, but how organizations approach their strategic marketing efforts. We end the paper with a identifying a number of potentially fruitful research themes and directions. What is more, we have to do this with little prior warning or training.
The aim of this contribution is to stimulate a discussion about the market for Corporate Social Responsibility CSR practices. This entails a shift of focus from contemporary approaches of analyzing the phenomenon. Indeed, much effort and research has been put on the analysis of the ways in which CSR actions affect the markets. While available research has resulted into an important body of knowledge and information regarding some key issues related to the phenomenon, many issues are yet to be understood. To that extent, the present paper attempts to contribute in that debate by shifting the focus of discussion towards the market for CSR actions and activities.
As the digital and physical worlds blend in all areas of our lives, and consumers interact with companies in much more direct ways than was possible in the analogue past, companies can no longer afford to think of themselves as entities separate from the societies where they operate. Instead, organizations of all kinds now find themselves considering their role as corporate citizens—including the potential impact of their policies and practices with regard to social and environmental issues—in a new light.
Show all documents Corporate Social Responsibility: Practices and Challenges in Indian Prospective Much has been said and written about the ethical and social responsibility of the business community in general and the corporate leaders in particular. Most recently, particularly in response to the sincere call by the Hon. Minister of Finance, we have been witnessed a number of corporations demonstrating genuine gestures of social responsibility by extending huge financial assistance to the destitute and the poor as well as to the educational institutions. Such philanthropic acts are highly commendable and will perpetually remain in the minds of the recipients and the public. We earnestly hope that more corporations will emulate the same gesture from time to time.
The concept CSR was implemented in the new Companies Act, to make sure that more and more entities came forward and participated in the growth and development of the society. However, the number of companies doing this is declining. Companies have found countless ways of dodging their corporate social responsibility. Corporate Social Responsibility is no longer a mere slogan or an idea.
Request PDF | On Jan 1, , Anita Singh published CSR in India:Emerging Issues and Challenges | Find, read and cite all the research you need on.
The world is looking at India as it embarks on a new phase in its journey towards being a global economic powerhouse. In this initiative, Corporate Social Responsibility is the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life. Many companies assume that corporate social responsibility is a peripheral issue for their business; and customer satisfaction is more important for them. They imagine that customer satisfaction is now only about price and service, but they fail to point out on important changes that are taking place worldwide that could blow the business out of the water.
The concept CSR was implemented in the new Companies Act, to make sure that more and more entities came forward and participated in the growth and development of the society.John D. 22.05.2021 at 12:26
Corporate Social Responsibility: Issues Challenges and Strategies for Indian Firms · 1 The Shrinking Role of Government: Shrinking government.AdГЁle V. 28.05.2021 at 10:28
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