Corporations around the globe are facing the pressure now, to keep a strict watch on their operational practices without hurting or negatively impacting the societies, communities and natural environment. Organizations are being called upon by stakeholders to review their ways and to take responsibility of applying sustainability principles to their present practices in which they conduct business. Sustainable Development has assumed the status of global agenda, as increasingly we are witnessing the impacts of environmental degradation and we are failing to meet the social and development needs of the society we live in.
It is not acceptable for a corporation to achieve economic prosperity in isolation from those agents impacted by its actions. A firm must start focusing its attention on both increasing its bottom line and being a good corporate citizen. Keeping abreast with global trends & remaining committed to financial obligations to deliver both private and public benefits have forced organizations to revisit their frameworks, rules, and business models. Therefore, it is need of the hour for socially responsible organizations continue to revise their short and long term agendas, to stay ahead of rapidly changing challenges with respect to global practices.
Interestingly, we are witnessing the shift in how organizations understand themselves in relation to both local and global stakeholders. The quality of relationships that a company has with its employees & other key stakeholders such as customers, investors, public and governmental officials and communities is crucial to its success with respect to Corporate Social Responsibility (CSR) initiatives. Another methodology which is steadily gaining importance i.e. #CSRAudit.
With complex competitive scenarios & rising pressure from the stakeholders to assess the impact of CSR interventions for social change and sustainable development, #CSRAudit is the way forward. These major transformations in business practices require national and global companies to approach their business in terms of sustainable development, and both individual and organizational leadership will play a major role in this change.
Several corporations around the globe are doing CSR activities some with short term goals while others with long term goals. But, at the end of the day what matters is the social impact that CSR intervention has generated and what change it has brought in the lives of the people over a period of time for which CSR initiative was planned. #CSRAudit is the new age service & reporting method that gives the stakeholders a clear picture of whether CSR initiatives has been able to achieve its desired objectives in line with the organizational goals to achieve sustainable development. Fiinovation believes impact assessment of any CSR intervention is imperative for sustainable development.
CSR or Sustainability is therefore a prominent feature of the business ethics, corporate social performance, global corporate citizenship & stakeholder management. Much further efforts are needed to develop a clearer understanding of what is required, both at the leadership level and in the field of leadership development.
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