Incorporate Corporate Social Responsibility Strategy into Business

Abstract

Like it or not, the days are gone when business operates strictly by the Milton Friedman philosophy, essentially declaring that a corporation works only for its shareholders, with the bottom line as top priority. Today, shareholders and stakeholders alike demand more of corporations. They expect conscience to play a part in running the businesses in which they invest and from which they purchase consumer goods. Increasingly, they reward companies for good Corporate Social Responsibility (CSR). CSR initiatives provide businesses the mechanism to discharge their responsibility towards society. Does it end with the corporate paying taxes and providing employment or has a wider implication? Businesses are no longer viewed as only the economic entities but are perceived to be an inseparable part of the society and management has become a major leadership group in the industrial society that have a greater responsibility not only towards their profession but also towards the people they manage and the society and economy in which they operate. Corporate social responsibility is represented by the contributions undertaken by companies to society through its core business activities, its social investment and philanthropy programs and its engagement in public policy. In recent years CSR has become a fundamental business practice and has gained much attention from management teams of larger international companies. Companies have determined that their impact on the economic, social and environmental landscape directly affects their relationships with stakeholders, in particular investors, employees, customers, business partners, governments and communities. This paper entails with understanding the CSR concept and its key drivers, what are the manifold benefits both internally and externally to the companies involved in various projects, how CSR as strategy leads them to perpetual success and creating brand with various case studies of successful Indian companies.