Importance of CSR
Importance of CSR in Inclusive Development
Adit Grover
Abstract
Corporates are aware of the importance of CSR in the present scenario, but are not aware of the right kind of CSR activities which would lead to creating an impact in the lives of the people and capacity building. This study will try to bring out the importance of CSR activities to the corporates (Cause
Related Marketing) and the role which it can play in brand enhancement. The focus would not only be on impacting lives of the people but also the nature and wildlife animals (sustainable development).
Keywords: CSR; Cause Related Marketing; Inclusive Development
Introduction
Off late there has been a lot of talk about Corporate Social Responsibility (CSR) in India because of the new Companies Bill 2013 which recently received the president’s ascent (Express, 2013). The law mandates certain companies to dedicate 2% of their net-profit (average of current year and preceding 2 years) towards CSR activities. Even before this bill there were a lot of corporates who were involved in doing CSR activities. Corporates need to give back to the society in some way or the other. It can either be through better employee engagement programs, improving their processes and making them more eco-friendly, giving money to Non Governmental Organisation (NGO’s), helping in the development of the local area wherein they operate etc. All these activities show the sense of responsibility the corporates have and hence leads to higher brand equity. CSR strengths are perceived as value-creating, reversing the earlier negative into a positive impact on recommendations: analysts are more likely to recommend a stock “buy” for CSR-strong firms in later years, documenting a change of CSR perception over time at the analyst level (Ioannou & Serafeim , 2010). It is very difficult for every government to help the society grow without the help of the private sector. The corporates need to understand the importance
Adit Grover
Abstract
Corporates are aware of the importance of CSR in the present scenario, but are not aware of the right kind of CSR activities which would lead to creating an impact in the lives of the people and capacity building. This study will try to bring out the importance of CSR activities to the corporates (Cause
Related Marketing) and the role which it can play in brand enhancement. The focus would not only be on impacting lives of the people but also the nature and wildlife animals (sustainable development).
Keywords: CSR; Cause Related Marketing; Inclusive Development
Introduction
Off late there has been a lot of talk about Corporate Social Responsibility (CSR) in India because of the new Companies Bill 2013 which recently received the president’s ascent (Express, 2013). The law mandates certain companies to dedicate 2% of their net-profit (average of current year and preceding 2 years) towards CSR activities. Even before this bill there were a lot of corporates who were involved in doing CSR activities. Corporates need to give back to the society in some way or the other. It can either be through better employee engagement programs, improving their processes and making them more eco-friendly, giving money to Non Governmental Organisation (NGO’s), helping in the development of the local area wherein they operate etc. All these activities show the sense of responsibility the corporates have and hence leads to higher brand equity. CSR strengths are perceived as value-creating, reversing the earlier negative into a positive impact on recommendations: analysts are more likely to recommend a stock “buy” for CSR-strong firms in later years, documenting a change of CSR perception over time at the analyst level (Ioannou & Serafeim , 2010). It is very difficult for every government to help the society grow without the help of the private sector. The corporates need to understand the importance
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