Corporate social responsibility
EMERGENCY management teams of various companies could be seen on the site when bomb blasts recently rocked Mumbai. It is through such gestures that organisations show their responsibility as corporate citizens to the society.
Corporate social responsibility comprises sustenance of depleting environmental resources, emergence of effective workplace practices and narrowing the gulf between the rich and the poor.
The good old concept of corporate social responsibility though is taking new dimensions with more and more companies encouraging and involving their employees in the numerous social activities and ventures being undertaken in collaboration with NGO groups and voluntary organisations. With a large percentage of the workforce being young and enthusiastic they are volunteering with utmost dedication and concern and not as a mere obligation. Even in the absence of any legal binding the concept is catching on worldwide.
Origins
Where did this concept emerge? Really speaking this concept is neither the brainchild of a single person nor of a single organisation. There has always been an ethical perspective to the business strategies practised all over. There are several moral edicts organisations have been following for several decades. One such ethical perspective is the desire to offer help, being conscious of the fragility of the environment we are living in.
However, one tends to wonder how genuine is the concept of corporate social responsibility? There's widespread scepticism about the commercialisation and publicizing of this responsibility and the authenticity of the triple-bottom line reporting. A section of the media considers these initiatives as brand building tactics echoed merely in the closed doors of executive boardrooms.
In reality, most companies have special departments to document the best practices of corporate social responsibility and integrate them into the organisational fabric. They are investing huge amounts in creating special foundations for the implementation of these practices with a view to making a huge difference to the people around them. They are also drafting special policies to ensure better working conditions and promote the family welfare of their workforce.
Satyam Foundation of Satyam Computer Services Ltd., Infosys Foundation of Infosys Technologies Ltd., GE Foundation of the General Electric Company stand as a testimony of the philanthropic commitment of the corporate sector in India. Irrespective of the profits they are making, these foundations are instrumental in funding health and educational facilities. Besides they are aiming at uplifting of the poor and enhancing the standard of life in the rural sector.
The legendary TATA group has involved all its companies in some social initiative or the other. Their diverse approach towards corporate social responsibility is designed to meet the needs of environment as well as of the community. They believe in making an individual self-reliant rather than offering mere monetary assistance. Their offers of scholarships to meritorious students have encouraged and created a relief committee to deal with eventualities. In addition, there are special programmes for the welfare of women, rehabilitation projects, etc.
Infosys Foundation of Infosys Technologies Ltd has done exceptional philanthropic work by providing shelter and assistance to destitute children and building libraries and science centres in several government schools run in remote areas. They are also providing financial assistance to artisans and their families in their endeavour to sustain and revive the disappearing art forms and the ethnic culture of rural India.
Corporate social responsibility claims to offer manifold benefits both internally and externally to the corporate giants involved in various projects. Externally, it creates a positive image amongst the people for its company and earns a special respect amongst its peers. Internally, it cultivates a sense of loyalty and trust amongst the employees in the organisational ethics. More importantly, it serves as a soothing diversion from the mundane workplace routine and gives one a feeling of satisfaction and a meaning to their lives.
There has been a revolutionary change in the attitude of the corporate sector towards the community they are operating in. Corporate social responsibility emphasises the responsibility of companies towards the stakeholders as against their earlier focus on profit-making alone. Fears of global warming, the constant exhaustion of natural resources etc is urging the corporate world to take social initiative with a new perspective.
We can thus envision a better future where these corporate forces remain exemplary in their stance and work together.
SANDHYA.U
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