Making CSR an Actionable Business Agenda-Fiinovation

The capitalist system is under siege. The businesses can no longer work in isolation with the societies. Business needs societies to function. The consumer is the market and a happy consumer translates into profit.  So if there is a superior product in the market pitched against an equally superior product who has a history or image of being socially responsible and ethical, whom will the consumer choose?

CSR can be converted into profits resulting in the increase in the value of the stocks if pursued systemically. CSR is not philanthropy, it is an investment in the future to diversify and empower the prospective consumer.

Corporations around the world are struggling with a new role, which is to meet the needs of the present generation without compromising the ability of the next generations to meet their own needs. Organizations are being called upon to take responsibility for the ways their operations impact societies and the natural environment. They are also being asked to apply sustainability principles to the ways in which they conduct their business. Sustainability refers to an organization’s activities, typically considered voluntary, that dem­onstrate the inclusion of social and environmental concerns in business opera­tions and in interactions with stakeholders (van Marrewijk & Verre, 2003).

So, how do we make CSR an Actionable business agenda? First and foremost, it should begin by treating it, as an investment rather than burden.  Every businessmen likes profit. When it comes to CSR he/she has to choose whether, it’s a short term profit or a long term he/she is looking for. A socially responsible business strategy goes a long way in building the profits and the image of a company at large.

Research has confirmed leadership’s pivotal role in initiating and devel­oping CSR programs and initiatives within and across organizations. Leaders in world business are the first true planetary citizens, they have worldwide 9 Capability and responsibility, and their decisions affect economies as well as societies (Pruzan & Miller, 2006).

Corporations are trying to imbibe CSR as an actionable agenda. Well, this won’t be easy. Firstly the kind of expertise these social interventions require is lacking in many companies. Secondly the impacts of social interventions cannot be calculated easily. So should the corporations give up on CSR, well Off course not .CSR in The  Companies Bill 2013 is a learning opportunity for those who not only want to make immaculate brand image but also create a shared value and sense of belonging towards the people.

By – Joyita Bhattacharya

CSR is not philanthropy, it is an investment in the future to diversify and empower the prospective consumer.

CSR is not philanthropy, it is an investment in the future to diversify and empower the prospective consumer.

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18 thoughts on “Making CSR an Actionable Business Agenda-Fiinovation

  1. Pooja Arora says:

    CSR should be aligned with the business strategy in order to imbibe it as a core business value. It should also be accountable and should be mentioned in their annual/audit reports to show their credibility.

    Like

  2. Abira Dutta Roy says:

    Each an every corporate set up is built in a social and natural environment.The entire process is highly dependent on both human and natural resource. Sustainable actions will definitely lead to a sustainable business. Extinction of both human and natural resources resulting from rampant wastage will ultimately shut down the industry as well

    Like

  3. kapil Dharmani says:

    Mandating CSR as per the companies act 2013 will ensure corporate role in reasonable and sustainable growth of the country.It has given a new vision to reinvent Capitalism.

    Like

  4. indrani says:

    CSR is to manage the business processes to produce an overall positive impact on society,so for that we hope that csr can do some more new things for more betterment for the development of the society.

    Like

  5. Archana Modawal says:

    Performing CSR activities are for our benefit, though in long term future. As corporate has the potential to reach masses, thus they are the best chosen ones to initiate these activities.

    Like

  6. Sreevidhya says:

    We need to wait and see the result whether corporate will take this mandate as a responsibility or an investment or as a burden.

    Like

  7. Archie says:

    Life at large goes by give and take process. To carry on this process we consume sources. These sources do have a limit. If a source is only consumed and nothing is imparted back in its return, then soon there would be a situation when we would face its extinction. So to keep this cycle in rotation, we have to give and then receive again. As CSR includes activities by performing which, we contribute to the society and gain back from it in future, thus one should spend for the welfare of the society believing it to be an investment in his/her own long term interest.

    Like

  8. Sheetal says:

    There is an certain connection between business and people. A flourishing business relies on a healthy community to for demanding its products and provide a supportive business environment. A healthy society depends on spirited companies that can create jobs, support earnings, build wealth, buy local goods, and pay taxes.

    Like

  9. Suhail Haque says:

    It won’t be easy for the companies but unless and until they formulate a strategy to do real CSR work with clear cut vision, mission and objectives, they would fall face down. They have to move away from welfare approach to a sustainable one.

    Like

  10. Kaif Siddiqui says:

    The idea to mandate the CSR in India is to change their mind set and realize them that this is their responsibility because the resources which they are using are limited and scarce, so we have to sustain it for future as its our society, our country.

    Like

  11. Anand Kumar says:

    There are two major hurdles that will which have to critically analyzed, first the lack of organizational and implementation skills, second the lack of coordination between companies and the local governments. Its been estimated that the CSR policy will create an annual money pool of as large as Rs.15000 crore. But there are only a handful of proven CSR designing and implementation agencies.

    Like

  12. Ujjwal says:

    CSR which was till now considered as a cost by typical corporate mindset will now become a part of their value chain and hence will translate into their business strategies.

    Like

  13. Pankaj says:

    CSR will increase a sense of competition among the competitors which lead to emotional attachment with the society which help the corporate to place their marketing strategies effectively will naturally increase in market share.

    Like

  14. Pradeep Singh Rawat says:

    There is an certain connection between business and people.There are two major hurdles that will which have to critically analyzed, it should be aligned with the business strategy.

    Like

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