The previous article focused on the importance of environment in the corporate social responsibility (CSR) mandate of India. It highlighted that after the introduction of the Companies Act, 2013, there has been a growing awareness among the Indian companies towards sustainable practices. The strategies framed for the businesses in India now focus on their economic, social and ethical impact for fulfilling long term development goals. In the last few years, India witnessed a significant increase in average expenditure on CSR activities (Rai & Bansal, 2014). An increasing number of Indian companies nowadays report CSR information in their sustainability reports (Ghosh, 2016). These findings indicate a movement in a positive direction.
The previous article on making corporate social responsibility (CSR) mandatory mentioned that such a need arises due to the responsibility of profit-driven companies towards society including the environment. The CSR mandate caters to the strategies needed for building a cleaner environment. The importance of environment stems from its inclusion in the concept of sustainability as put forward by the Brundtland Commission in its report in 1987. The report emphasized maintaining a balance between the needs of the present generation and that of the future generation. It identified three dimensions of sustainability namely social, economic and environment. It argued that environmental concerns are significant and sustainable development is the one that satisfies the needs of the present generation but not at the cost of the ability of the future generations to satisfy their own needs (Kuhlman & Farrington, 2010). Read more »
Pressure to develop sustainable sources of renewable energy is on the rise. South Africa is at the forefront of developing and perfecting several forms of renewable energy (EDKIN 2010). this is due to the increasing cost of fossil fuel resulting in increased energy costs as well as the rapidly changing climatic conditions. Read more »
Today, companies are compelled to accommodate social activities in their marketing strategy. They are eagerly active in environmental welfare along with the implied economic prosperity. Companies today believe that they are viewed as corporate citizens. Consumers are very strong opinionated about social and environmental initiatives and tend to base their purchase decision on it. Read more »
Corporate Social Responsibility is as old as the evolution of business itself even though the concept was not formulated formally until presently. Raad (2005) describes that corporate social responsibility is not a new topic. Read more »
It is not only important for organizations to formulate CSR strategies but also important to make them to be adapted by their employees. The human resource department and corporate social responsibility are closely interrelated with each other (Sharma, Sharma and Devi, 2009). Read more »
Corporate social responsibility practices make employees stay for a longer period of time by lowering down the costs and disruption of retraining and recruitment (Haynes and Nunnington, 2010, p 203). Read more »