Corporate Social Responsibility and Its Impact on Society
Corporate social responsibility (CSR) is about how businesses align their values and behavior with the expectations and needs of stakeholders - not just customers and investors, but also employees, suppliers, communities, regulators, special interest groups and society as a whole. CSR describes a company's commitment to be accountable to its stakeholders.
With businesses focusing on generating profits, sustainability was not a popular concern among companies up until recently. In this era of globalization, multinational corporations (those that conduct business in more than one country) and local businesses are no longer able to conduct destructive and unethical practices, such as polluting the …show more content…
They also provide money, medicines and equipment to non-profit organizations that work towards improving health and education in under-served communities.
IPCA Laboratories Ltd, CSR Initiatives:
The company is committed to good corporate citizenship. As a part of its corporate social responsibility, the company has undertaken a range of activities in respect of healthcare and education to improve living conditions of people living in the neighborhood of its manufacturing facilities
It has also supported several healthcare and educational projects undertaken by charitable institutions and organizations. The company considers safety, environment and health as the management responsblity.Regular employee training carried out in the manufacturing facilities on safety and environment.
Indian Oil Limited, CSR Initiatives:
At Indian Oil, corporate social responsibility (CSR) has been the cornerstone of success right from inception in the year 1964. Every year, Indian Oil sets aside a fixed portion of its profits for spreading smiles in millions of lives across the country through a comprehensive community welfare and development programme. About one-fourth of the community development funds are spent on the welfare of Scheduled Caste and Scheduled Tribe beneficiaries. Indian Oil’s community-focused initiatives include allotment of petrol/diesel station dealerships and LPG distributorships to