BBA 1st Year Business Ethics Corporate Social Responsibility Long Question Answer : Corporate Social Responsibility : Social Responsibility of Business with respect to different stake holders, arguments for and against social responsibility of business, Social audit. BBA Notes Study Material.
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Section-C Long Answer Questions (BBA Notes)
Q.1. “CSR is a crucial bridge between organisations and society and also a means to create awareness amongst corporate, NGOs, civic bodies and government of the value and importance of social responsibility to bridge the gap between the privileged and the disadvantaged of society.” Explain.
Ans. Today, we live in an age in which companies, businesses and society are more connected and interactive than ever before in the past. Corporations are more aware of their role towards the society. They are responsible bodies that feel a sense of duty towards commonwealth and the environment that comes with a growing realisation that they, as an integral part of this society themselves, can contribute to its upliftment and empowerment of the entire country in turn. And consumers and citizens’ campaigns can make all the difference. This is the foundation thought behind the golden handshake between tripartite—companies, society and nation; Corporate Social Responsibility or CSR.
CSR is a crucial bridge between organisations and society and also a means to create awareness amongst corporate, NGOs, civic bodies and government of the value and importance of social responsibility to bridge the gap between the privileged and the disadvantaged of society. It facilitates and creates the environment for true and fruitful partnership between civil society and business. More and more companies and organisations are creating an interface to encourage industry commerce and globalization that can, in turn, improve the bottom line by social good.
Corporate Social Responsibility is the soul of every business these days. It has also become the password to not only overcome competition but to ensure sustainable growth. It has been supported not only by the shareholders but also by the stakeholders and the society at large encompassing the whole community. CSR in truth is the alignment of business operations with social values. It takes into account the interests of stakeholders in the company’s business policies and actions. It focuses on the social, environmental and financial success of a company – the so-called triple bottom line – with the aim to achieve social development while achieving business success. More importantly, CSR is the point of convergence of various initiatives aimed at ensuring socio-economic development of
the community which would be livelihood oriented as a whole in a credible and sustainable manner. There does seem to be a glimmer of hope from the rapidly growing field of CSR and from the greater involvement of companies in providing private funds for care and relief to the underpriviledged.
In one of the recent natural disasters to hit India, Tsunami, the devastation and misery caused by the sudden, massive inundations of the Indian Ocean touched all. The devastation was huge and millions of people around the world spontaneously made huge donations in order to make immediate relief possible. Not only did private individuals put their hands into their pockets but also many corporations and governments made donations on a very large scale. What was remarkable is how quickly so much aid has been made available. This was the fund that brought tsunami affected areas back on their feet. That was Corporate Social Responsibility in action. In so many other ways one gets ‘to see CSR in practice—-environment friendly projects, constructing schools, encouraging education—- just some of the ways that organisations are giving back to the community, a part of their profits in a manner that the community benefits.
In comparison to individual efforts and even the government efforts are not enough to bring changes at a pace that it is actually needed. Fortunately, with the popularity of CSR, more and more companies now perform in non-financial arenas such as human rights, business ethics, environmental policies, corporate contributions, community development, corporate governance and workplace issues. Now, social and environmental performances are considered side by side with financial performance. From local economic development concerns to international human rights policies, companies are being held accountable for their actions and their impact. Companies are also more transparent in disclosing and communicating their policies and practices as these impact the employees, communities and the environment.
The belief among the companies is that every aspect of a corporation’s CSR should be linked to corporate strategy by connecting it as tightly as possible to the company’s unique capabilities and competitive context. Infosys is an interesting example of this new-age CSR The company is utilizing its core competence in the area of technology to bring larger good to the community.
For example, the Aditya Birla group today is involved deeply in issues related to vocational training, education (has 35 odd schools), leprosy eradication, widow remarriage and orphanages. Some companies, not all, are realising the sense in linking corporate strategy with philanthropy. In order to work out a comprehensive plan for its not-for-profit initiatives, the Tata Group has instituted the Tata Council for Community Initiatives — a central body that acts as a facilitator for the entire group’s social initiatives. While the Tata Group of Companies may continue to provide health services, education and other tangible benefits, its focus is more on building self-reliant communities and working towards sustainable livelihoods. For this the company intends to involve volunteers from within the group who will be the project leaders. They will be responsible for measuring human impact on a five-point scale of human excellence. Their purpose is to improve the quality of lives of the people at all times. We need to encourage such projects. Most villages in India need basic infrastructures like schools, medical facilities, vocational centers, parks, computer centers, counseling centers for employment. This needs the cooperation of NGOs, government organisations and corporations that together can create developed and empowered villages. With the involvement of more and more companies, a sense of competition would arise as they would eventually vie for honors that would create a win-win situation for all.
Q.2. What do you understand by the importance of stakeholder engagement in corporate social responsibility?
Ans. The importance of stakeholder engagement in corporate social responsibility should follow the following tasks: