Corporate societal duty (CSR), also known as corporate scruples, corporate citizenship, societal public presentation, or sustainable responsible business/responsible business, is a form of corporate self-regulation integrated into a concern theoretical account. Holmes and Watts (1999) provided a definition of CSR as the ongoing commitment by concern to behave ethically and contribute to economic development while enhancing the quality of life for the workforce and their families, as well as the local community and society in general.
The text indicates that Indian consumers are becoming increasingly aware of the social responsibility of the brands they favor, resulting in frequent shifts in their brand preferences. This pattern is closely connected to the sales and corporate social responsibility (CSR) practices of these brands. In simpler terms, brands with stronger CSR policies tend to have higher sales. This phenomenon can be observed acr...
oss different product categories, as consumers make daily purchase choices.
One reason why Indian FMCG companies are actively engaged in responsible activities and rank highly in the latest ASSOCHAM study on CSR is highlighted in this paper. The study found that out of 175 Indian companies studied, 52 FMCG companies have taken on a significant number of CSR initiatives. This was followed by the chemical sector and then the IT sector. Specifically, this paper focuses on the CSR efforts of Pepsico India and Amul India.
Corporate social responsibility (CSR), also known as corporate ethics or corporate citizenship.
Corporate social responsibility (CSR) or sustainable responsible business is a form of corporate self-regulation that is integrated into the business model. In India, CSR regulations were introduced in the Rajya Sabha on August 8, 2013, through the Companies Bill. This bill mandates that large
companies allocate at least 2% of their average profits from the previous three years annually for CSR activities. It is estimated that approximately 7,000-8,000 companies in India will be affected by this CSR legislation, leading to potential yearly expenses of $1-2 billion.
Indian consumers are increasingly aware of social causes, resulting in changes in their brand preferences towards socially responsible brands. This directly affects the sales and corporate social responsibility (CSR) efforts of companies. Hence, this analysis seeks to evaluate the CSR initiatives implemented by Pepsico India and Amul India.
2. The purpose of this research is to examine how the CSR activities of these companies benefit society. The research methodology for this paper involves utilizing secondary sources of information. The first stage of the research process involves conducting a literature review.
The paper "Corporate Social Responsibility for Social Impact: Approach to Measure Social Impact utilizing CSR Impact Index" by Ramendra Singh and Sharad Agarwal, discusses the various forms of CSR patterns among the top 200 Indian corporations. It also explains the construct of CSR in the Indian scenario, the societal issues addressed by the Indian corporations, and the methodological analyses adopted by them to address those issues.
2. African Journal of Basic & Applied Sciences, vol. 4, no. 3, pp. 95-105, 2012.
Corporate Social Responsibility Initiatives of Major Companies of India with Focus on Health, Education and Environment by Anupam Sharma and Ravi Kiran.
This paper highlights corporate social responsibility initiatives in the areas of health, education, and environment. The authors identified the CSR initiatives to be evaluated by the interviewee from relevant literature sources.
Issues in Social and Environmental Accounting, Volume 3, Number 2, December 2009/January 2010, Pages 180-201.
The paper "Corporate Social Performance of Indian FMCG Companies" by Saeed Khan focuses on the CSR evaluations and activities of various Indian companies. (Source: School of Doctoral Studies ( European Union ) Journal – 2010).
The article titled "Corporate Social Responsibility in Rural Development Sector: Evidences From India" by Sanjay Pradhan and Akhilesh Ranjan explores whether corporations view rural people as stakeholders. It examines the CSR initiatives taken by corporations for the development of rural countries and how they implement these initiatives as part of their business strategy. Additionally, the article evaluates the impact of CSR actions on the socio-economic development of rural people. Another study titled "Corporate Social Responsibility as a Determiner of Market Strategic Issues: An Exploratory Survey" by Prof Vijaylaxmi Iyengar focuses on the role of CSR in determining market strategic issues.
With the various dimensions of CSR and its relevance for emerging markets, it also sheds light on redesigning marketing paradigms for global competition. The business benefits of CSR can vary depending on the nature of the organization and are difficult to quantify. However, there is a significant amount of literature encouraging businesses to adopt measures beyond financial ones, such as Deming's Fourteen Points.
Orlitzky Schmidt and Rynes discovered a link between social/environmental performance and financial performance (balanced scorecards). This suggests that businesses may prioritize long-term financial gains over short-term returns when implementing their CSR strategy. It is important for organizations to incorporate the concept of triple bottom line (people, planet, profit) in all aspects of their operations.
People, planet, and profit are the three key aspects of a responsible business. People represents fair and ethical practices towards labor and the community. Planet signifies
sustainable environmental practices. A triple bottom line company avoids producing harmful or destructive products such as weapons, toxic chemicals, or batteries containing hazardous heavy metals. Profit is the economic value generated by the organization after deducting all costs, including capital expenses. This definition of profit differs from traditional accounting definitions.
A CSR plan in human resources can help with recruitment and retention. In addition, CSR improves the perception of a company among its employees. Moreover, CSR has been found to enhance customer orientation among frontline employees. Furthermore, reputations that take decades to establish can be destroyed in just a few hours due to incidents such as corruption scandals or environmental accidents.
Constructing a genuine culture of ‘doing the right thing’ within a corporation can mitigate these risks. Corporate Social Responsibility (CSR) can contribute to building customer loyalty based on unique ethical values. Business service organizations can also benefit greatly from establishing a reputation for integrity and best practices.
Developing an engagement plan
Commit to creating and improving upon your company's goals. CSR commitments communicate the nature and direction of the firm's social and environmental activities.
Understanding how the organization is likely to act in a unique situation can be assisted by the license to operate. By taking significant voluntary steps, they can convey to governments and the wider public their dedication to addressing important issues such as health and safety, diversity, and the environment. This demonstrates their commitment as responsible corporate citizens by adhering to labor standards and minimizing environmental impacts.
Establishing a strong supply chain enhances supplier relations. This enables companies to advocate for continuous quality improvement and price reductions. The long-term advantages resulting from these relationships generate greater value
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