There are many different brands available in the market. On the surface, all these brands seem to exist together in absolute harmony, side by side. However, on closer inspection, it is seen that there is present an underlying current of […]
Corporate Social Responsibility Guide
Companies have gradually accepted the relationship between good business policies and socially responsible business practices as obligatory today. A company perceived to be consciously accountable for the decisions it makes beyond the basic profit making is generally the one that is held in high regard among general public as well as its own employees.
On the other hand, a company that is solely concerned about its own benefits and income with no sense of responsibility towards the society is more likely to attract the wrath of activist groups launching public campaigns against it, while simultaneously degrading its own image among the employees resulting in poor morale among them.
The best companies of today are increasingly devoting time and resources towards worthwhile social causes. Donating money for charities while encouraging employees to engage in socially responsible activities has become a visible trend among businesses and a majority now realizes that the ethical behavior of a company towards society is just as important as making profits. While these profits are vital to the functioning of the company and cannot be ignored, companies are aware that responding to social obligations can create higher standards of living for people within and outside the company.
As much as there is a law for responsible CSR, there is also a law for sustainable development. Firms have to adhere to this law while formulating business strategies as well as CSR policy. Hence, it is necessary to understand
(1) Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate
Corporate sustainability cancels out any risks from the economy, environment or society and hence, increases shareholder value in the long term. Since there is an intense shortage of resources, companies into sustainability have a better chance of survival in the
Coca Cola has had a sustainability plan in place since quite a few years. Coca Cola has been experimenting with various methods of recycling in order to both improvise upon or maintain profits and contribute towards the environment. The company
While there are laws in place for CSR and sustainability both, it is difficult to follow the law. A lot of times, the law isn’t really clear. Apart from that, there are other socio-economic implications which might act as an
Indian Corporates already have a lot of obligations to adhere to legally and otherwise. The following are the laws under which Indian Corporates have to conduct CSR and sustainability –
It is important to indulge in CSR for Corporates but the entire market has to be integrated with the process. As the entrepreneurial industry has grown, CSR has been given more and more attention. There are expectations from businesses on
It is necessary that Indian firms follow in the footsteps of global ones and come up with their own innovation strategies. If one has recognised key areas of innovation and change, then excellence is sure to follow.
Indian Corporates are slowly adapting to the rapidly changing scenario. However, a lot of them have consciously chosen to stay behind. Moreover, those who are actively adapting to the change are foreign companies operating in India i.e. MNCs. Though some
