Corporate Social Responsibility- A Conceptual Framework On Strategies Adoption For Global Impact
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 7, Pages 2303-2311
AbstractCorporate social responsibility (CSR) is all about the initiatives of a business which are beneficial to society and others stakeholders in the business. The pyramid under corporate social responsibility is categorize under three categories called as triple bottom line approach as Environmental, Social and Economic. The world is dynamic today, this thing is visible in front of your eyes and it depends on how actively one participates in the changing world activities or just following the flow of change, these changes affect all of us. This statement is true in the business world also as well where there is shortage of resources, power outcomes and problems with the labour which leads to a conclusion that companies nowadays have to take extra measures and precautions so that it can sustain for a longer period of time in present changing scenario. On the other hand, Social media is also an effective tool to highlight the company’s performance in the area of corporate social responsibility and what it has done to achieve this with its successful strategies which in turn lead to increased sales and create a larger base of customers for the company and is a free publicity of positive nature. People nowadays want to do transaction with that business house only with which they can build a trust. This makes the business houses to build a creditability report through their effective sustainability and corporate social responsibility initiatives that the business house has taken. To sustain a longer and healthy competition in today’s market place, which is growing like anything at a rapid speed a business house has to retain its top talent and keep on doing work in the area of corporate social responsibility for better relations with society. In 2018, the average money spent on corporate social responsibility activities was nearly Rs 81 Crore which 9% more than the average money spending in 2016. Maximum amount invested in a project in 2018 was Rs 703 crore in comparison to Rs 593 Crore invested in 2016. Transparency was a major constraint in implementing these strategies and projects out of 100 companies surveyed the transparency level is near to 99% in comparison to 55% in 2014-2015. The report has disclosed that companies are having their own standalone CSR committees.
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