CSR is defined as a corporate social responsibility which is new concept introduced to a world which got very quick attention worldwide; this has got complete new meaning in the global economy, peoples interest in CSR has developed by advancement in globalization and fast growing international trades. This also developed complexity in business, demanded to show lucidity of corporate citizenship. There are various definitions for CSR but all of them convey same matter which says that how much impact of businesses on society. The base of this CSR is strong and involved in various charitable activities which involve donations, charity, relief work and etc. There are various other concepts related to CSR are a triple bottom line, citizenship of corporate world and responsibility towards business.
CSR mainly involves in explaining the relation between the corporation, large organization and the societies they interact with, it is also related to maintaining relationships and responsibilities between two of them.
Role of CSR:
- CSR is directly related to business for taking care of the impacts that will be caused due to factors like social and environment.
- It should take responsibility for stakeholders and also company shareholders
- The charity activities that are going on are only part of CSR.
CSR has gained popularity in very less time and made all corporate company be conscious of the loss if they are not taking care of society’s well-being, all the corporate people have realized that there are many advantages by transferring some of their funds to CSR, by doing so they not only gain fame but also gain huge advantages over the other companies who are competitors. And one of the company to do so is ITC, they are very responsible and to create a brief idea on CSR they have done the practice and has won the award of best CSR practices from past 3 years by doing so they not only improved their profits, stock market price but also gained good value for their brand and also got reputation, goodwill.
The concept of corporate sustainability has come from sustainable development which means the role of the company which plays the main role in meeting the parameters like economic progress, environmental and social progress. CSR is mainly concerned with treating the stakeholders of a specific company is very sensitive and responsible manner so that they can live civilized manner in society. And CSR aims to create high standards of living.