Corporate Social Responsibility

 Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business) is a form of corporate self-regulation integrated into a business model. The term "corporate social responsibility" came in to common use in the late 1960s and early 1970s, after many multinational corporations formed. The goal of CSR is to proactively promote the public interest (PI) by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality. CSR is the deliberate inclusion to honor the triple bottom line: people, planet, profit. These days, CSR is titled to aid an organization's mission as well as a guide to what the company stands for and will uphold to its consumers.

Responsible Companies in the age of Globalization

Whilst so far Corporate Social Responsibility was mainly promoted by a number of large or multinational companies, it is now also becoming important to small national companies. As companies face themselves in the context of globalization, they are increasingly aware that Corporate Social Responsibility can be of direct economic value. Although the prime goal of a company is to generate profits, companies can at the same time contribute to social and environmental objectives by integrating corporate social responsibility as a strategic investment into their business strategy. In India Tata and Birla group companies have led the way in making corporate social responsibility an intrinsic part of their business plans deeply involved with social development initiatives in the communities surrounding their facilities. Jamshedpur, one of the prominent cities in the northeastern state of Bihar in India, is also known as Tata Nagar and stands out at a beacon for other companies to follow. Jamshedpur was carved out from the jungle a century ago. TATA’s CSR activities in Jamshedpur include the provision of full health and education expenses for all employees and the management of schools and hospitals. TATA’s CSR activities in Jamshedpur include the provision of full health and education expenses for all employees and the management of schools and hospital. Companies like Infosys & wipro is also doing a great work in India.

Great Philantrophists

Warren and Susie Buffet, Bill and Melinda Gates are listed among the world's largest international donor couples. Bill and Melinda Gates made made history by giving their estimated $3 billion Microsoft Corp. (MSFT ) dividend to their foundation. It's one of the largest donations in history by a living donor. Warren Buffet is second-biggest fortune in the U.S, but he is also one of America's greatest misers. He has an aversion to spending a dime of that $41 billion on anything but the strictly necessary. That includes declining to provide his kids with fortunes of their own, collecting yachts or racehorses, or giving large chunks of his wealth to worthy causes. Warren Buffett will probably become one of its greatest philanthropists in death. That reality came into focus in July, when Susie, Buffett's wife and philanthropic muse, died of a stroke at 72. Now, the bulk of Susie's Berkshire Hathaway stake -- $2.5 billion -- is pouring into the foundation that she and Warren shared.

Future Of CSR

21st century business has growing environmental pressure due to global warming. Studies say that “500 of the world's biggest rivers are depleted or polluted and two thirds of the world's population is already living in a water-constrained environment or will be in the next 20 years”, hence the impact of this on Industry is enormous. India and China, would prove to be the makers or breakers of corporate social responsibility as within the next 15 years consumers in these two countries are expected to have a spending power similar to that of Western Europe. CSR these days is not about philanthropy alone, it has some business sense too as it can also protect the value of the company in public. In developing countries like India, companies have a significant role to play as their intervention can create a Midas effect  on the level of literacy, healthcare and environmental protection.