Corporate Social Responsibility!!!!!!!!!
Companies are not only liable to employee, customer or shareholder but they owe an obligation to all those in society who may have or not have stake or interest in company. It is from this obligation, the concept of 'Corporate Social Responsibility (C.S.R) has evolved.
The definition of C.S.R can’t be explained in one statement since there are many factor involved in this concept. These concepts emphasis on the aspects of social responsibility and show how the value, ethics and behavior of the organization can create impact on society. It is a term most often used to describe a developing dialogue that seeks to expand the role of business beyond the economic frame to include social and environmental aspects in society. This term was tracked back in 1950. Howard R Bowen in 1953 published his book ‘Social Responsibilities of the Businessman’ coining the phrase ‘corporate social responsibility’ and is perhaps the Father of C.S.R. For many years, C.S.R was an elective rather than part of the core prospectus; it was often merely a synonym for generosity. But that is changing in response to growing protests against globalization, and rising awareness of environmental threats and social and economic disparities around the world. In the past, a company's value was only based on its financial performance but in the new era there is increased pressure from investors, consumers, and employees to consider social and environmental criteria in the way a company carries out its business. Companies are now expected to perform well in non-financial pitch such as human rights, environmental, policies, corporate contributions, community development, corporate governance, workplace issues. Companies are also expected to be more transparent in disclosing and communicating their policies and practices as these impact employees, communities and the environment. When these expectations are up to mark, companies manage to get the clear picture of their corporate reputation.
Thus the important aspect over here i s that how C.S.R helps to build up companies reputation and in what way the companies leverage their strength to increase social cause and benefits society?
