Corporate Social Responsibility: Main Characteristics

Corporate social responsibility (CSR) is a field of study with significant implications for academia, industry and society. In conjunction with the article of Theorising Corporate Social Responsibility as an Essentially Contested Concept (Okoye, November 2009) Corporate social responsibility (CSR) has turned out to be crucial in current business discourse; yet identifying and defining what CSR implies is available to challenge. Corporate social responsibility (CSR) is a field of concentrate with important implications for the academia, industry and society. Although CSR is widely accepted as a concept; a major problem identified in CSR discourse is the lack of an agreed normative basis underpinning CSR practice (Campbell, 2007; Palazzo and Scherer, 2007) and this has been linked to the absence of an agreed universal definition of CSR.

First for most, we would like to point out the recommendation on initiating csr activities and programmes to taken up in urban areas and localities for their development. (Payseno, 2018) In this way, the effect of such activities does not achieve the destitute and poor in the rural areas people as they too similarly experience the suffer of need of fundamental comforts, services and requirements. Hence it is recommended that organizations should effectively think about their mediations in rural areas on education, health, girl child and child labour as this will directly benefit poor common man.

The Government ought to think about rewarding and recognizing corporate houses and their accomplice non-legislative associations for successful execution of ventures. Some benefit and Incentives to be offered to the private sector to strengthen their work must incorporate a formal partnership with local administration for successful usage. There ought to be approximately 206 unwinding ought to be given like Foreign Contribution Regulation Act (FCRA) permit and other monetary motivators tax breaks for social and development projects secured under CSR exercises. It will empower voluntary participation of more number of corporate houses in CSR activities.

CSR (as a subject or control) ought to be made mandatory at business colleges and in Colleges and Universities to sensitise students about social and development issues. The role of CSR should help corporate houses to strike a sensible balance between their business and societal concern to make CSR more compelling. Such methodology won’t just empower and motivate youthful personalities, yet in addition set them up to confront future development challenges and help them move in the direction of discovering more innovative solutions for the concern of the needy and the poor living in the general public. (Xaxx, 2017). Organizations have an obligation to give their clients well made, reasonably priced products that perform as advertised. Organizations that participate in value settling or monopolistic practices attempt as far as possible the decisions of the buying public, and CSR debilitates these practices. In many cases, they are also illegal. A corporation that adjusts to the directs of CSR attempts to procure its benefits by giving helpful items and services to a community, instead of by maximizing its profits at the expense of exploited consumers.

Encourage expenditure on CSR activities by giving exemption on the amount spent. The amount spent by companies on CSR activities are generally shown as expenditure and thus allowed as deduction under Income Tax Act.Many cases have been filed by the companies for allowing the money spent by them on CSR as deduction. In some cases it was allowed as deduction if the expenditure made was directly or indirectly but was for the benefit of business. In many cases, if the companies have spent the allocated money for the sole purpose of social cause it was not allowed as deduction. Big companies have resources to go to the courts and fight it out. But SMEs generally neither have the resources not the inclination to get involved in such kind of undefined territories so there is a need for government initiative not only to allow deductions if the amount is spent on social activities and general welfare of the society but also to give tax breaks for the expenditure made on CSR activities and make it very transparent.

Social media to communicate CSR initiatives to young people. The best CSR communications programs are exceedingly interactive and attached to gathering of people involvement. You can earn goodwill and introduction for initiatives by including more youthful individuals in choosing what issues and associations to help and creating opportunities for them to be directly involved. Giving younger employees, customers, contributors and their beneficiaries a voice ensures a degree of authenticity that would be difficult to achieve through conventional top-down corporate communications. Guarantee there is a credible and accessible approach to track your organization’s progress as for social change. It’s vital to freely state objectives, indicate advance over time, and communicate the outcomes.