I have read and accept the terms and conditions, View permissions information for this article. Elements of corporate responsibility, especially those relating to community and worker relationships, were enshrined in labour laws and management principles. This is a legitimate expectation of owners from business. The pressure on Indian industrialists to demonstrate their commitment to social development increased during the independence movement, when Mahatma Gandhi developed the notion of trusteeship, whereby the owners of property would voluntarily manage their wealth on behalf of the people. The strategies differ mainly due to varied perspectives about whether to put social benefits on the forefront or financial profits. View or download all content the institution has subscribed to. Can business afford to ignore social responsibilities? What Is Viral Marketing & How Do Viral Campaigns Work? Due to such anomalies, it becomes difficult to find an example of any practical implementation of this model. Thus, both these indices have been determined to be moderate, owing to the uncertainty attached to it. It holds that economic responsibilities are at the core of any operation, but equally important are other responsibilities like legal, ethical and philanthropic. Thus, importance is given mainly to economic responsibilities. The business benefits of corporate social responsibility … The model suited the socio-political fabric of the era in which it was proposed. Retrieved from http://image.slidesharecdn.com/corporatesocialresponsibility-131212033513-phpapp02/95/8corporate-social-responsibility-19-638.jpg?cb=1386841139 (accessed on 29 January 2015). The scope of responsibilities, thus, widens and it is expected that the corporate would do anything in its power for the betterment of the nation. The concept of corporate social responsibility (CSR) has witnessed various interpretations since its inception. The pyramid is arranged according to decreasing order of priorities, economic responsibilities being the most important one. He presents these different responsibilities as consecutive layers within a pyramid. Social responsibility and social partnership in the 4th industrial rev... Reexamining Consumers’ Cognition and Evaluation of Corporate Social Re... Aupperle, K. E., Carroll, A. The philanthropic ring highlights the fact that corporate philanthropy is not about corporate contributions to further a cause but to use corporate social competencies and advantages as a means to solve major social problems. As such, this strategy involves being an innovative player and taking strategic actions to not only improve your company’s reputation but that of your partners’ as well, because when they look good your company looks good too. For some organizations, stakeholders consist of customers, suppliers, employees and their next of kin, while for others it may be the community in which they work or serve. Plagiarism Prevention 4. The intersecting circles model neither has any attractiveness owing to its irrational interpretations, nor does it find any practical acceptance. At this point of time, the best way to determine the success of any implementation of CSR practices, without prior reservations of sticking to particular fields of activities or earning financial fruits off the services, would be to gauge the performance of stakeholder dialogue. The reporting of CSR, the concerns and issues addressed and the legality of expenditure become the pivot, whereas continuity of an initiative or a programme usually takes the backseat. Providing aid in times of disaster and contributing to environmental conservation are also viable forms of corporate social responsibility. Retrieved from. Freeman (1984, p.38) defined stakeholders as ‘groups and individuals who can affect or are affected by, the achievement of an organisation’s mission’ and, thus, stakeholder dialogue becomes the exchange of CSR offerings (firm to stakeholders) and approval or support (stakeholders to firm) (Murray and Vogel, 1997). When a certain CSR activity is chosen for a particular year’s curriculum, there are less chances of the same activity finding its place in that of the next year. Hence, it will not be incorrect to state that in return for CSR activities, what firms seek, majorly, is consent and approval of its philanthropic fame. India is the first country to have legislated CSR, knowingly or unknowingly including the best elements of all these models, and there is no doubt about the success it has garnered till now.

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