Corporate social responsibility
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Transcript of Corporate social responsibility
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CSR is a win- win opportunity for companies, financial investors and society at large
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Social Responsibility:Definition and Debate
Social Responsibility The idea that business has social
obligations above and beyond making a profit.
Business has an obligation to constituent groups in society other than stockholders and beyond that prescribed by law.
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Purpose of CSR
To engage with the internal and external stakeholders
Treating the stakeholders ethically To create high standards of living To protect society and environment To take care of shareholders Philanthropic contributions to society
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Factors Leading to CSR - Drivers
Globalization and competition Increased size and influence of
companies Repositioning of governments and its
roles War for talent Growth of global civil society activism
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Generations of CSR
Social Betterment Social responsiveness
First Generation-Companies can be responsible in ways that do not detract
from commercial success.
Second Generation-Focusing on CSR as an integral part of long term business
strategy.
Third Generation-Significant contribution to address issues such as poverty,
environmental degradation.
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A Continuum of Social Responsibility Strategies
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Social Responsibility Strategies
Reactive Strategy Denying responsibility while striving to
maintain the status quo by resisting change.
Defensive Strategy Resisting additional social responsibilities
with legal and public relations tactics.
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Social Responsibility Strategies (cont’d)
Accommodation Strategy Assuming social responsibility only in
response to pressure from interest groups or the government.
Proactive Strategy Taking the initiative in formulating and
putting in place new programs that serve as role models for industry.
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Corporate Social Responsibility (CSR)Arguments For
Balancing corporate power with corporate responsibilities
Protects business self-interest
Limits future government intervention
Addresses issues by using business resources and expertise
Addresses issues by being proactive
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Corporate Social Responsibility (CSR)Arguments Against
Business is not equipped to handle social activities
Dilutes the primary aim of business
Organization may get power over society
Increase business power
Lack of expertise to handle social issues
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How do we do it?
Key CSR Steps Commitment and Vision Planning Implementation Monitoring Reporting Continuous Improvement
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Limitations of Approaches to CSR
Lack of clarity of the definition of CSR
Models of CSR not adopted properly by companies
Lack of measures to innovate and evolve new CSR models
Unidentified segment- need to identify the areas of interest & capability to take up CSR in a focused manner.
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Organisations
IISD (International Institute of Sustainable Development)
BSR (Business for Social Responsibility)
WEF (World Economic Forum)
BSD (Business for Social Responsibility)
WBCSD (World Business Council for Sustainable Development