Concept and meaning of CSR

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CSR is about how companies manage the business processes to produce an overall positive impact on society.

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Corporate Social Responsibilities (CSR)

Corporate social responsibility (CSR): An obligation, beyond that required by the law and economics, for a firm to pursue long term goals that are good for society . The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as that of the local community and society at large. About how a company manages its business process to produce an overall positive impact on society.
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Meaning of CSR
Conducting business in an ethical way and in the interests of the wider community Responding positively to emerging societal priorities and expectations A willingness to act ahead of regulatory confrontation Balancing shareholder interests against the interests of the wider community Being a good citizen in the community
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Definitions:
Corporate, Social, and Responsibility.

In broad terms, CSR relates to responsibilities corporations have towards society within which they are based and operate, not denying the fact that the purview of CSR goes much beyond this. CSR is comprehended differently by different people.
A commitment to improve community well being through discretionary business practices and contributions of corporate resource
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Contd
Millen Baker:
A way companies manage the business processes to produce an overall positive impact on society.

World Business Council for Sustainable Development:

Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.
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Concept of CSR
CSR(corporate social responsibility) is a concept in which organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities other stakeholders, future generation and on environment. The organizations voluntarily taking advance steps to improve the quality of life for employees and their families as well as for the local community and society.

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CSR in India
In India, CSR has evolved to encompass employees, customers, stakeholders and sustainable development or corporate citizenship. The spectrum of CSR includes a number of areas as human rights, safety at work, consumer protection, climate protection and caring for the environment, and sustainable management of natural resources. From the perspective of employees, CSR activities include providing health and safety measures, preserving employee rights and discouraging discrimination at workplace. This helps in fostering a healthy environment within the company.

 For example, after 1945, TATA implemented social welfare provisions for its employees that have since become the legislative norm. From the perspectives of customers, CRS activities may include commitment to product quality, fair pricing policies, and so. TVS Electronics was involved in CSR during the Tsunami to provide relief measures to the victims. They have also participated with the government to improve sanitation in a village called Tiruvidenthai. Such initiatives will help in improving the conditions of rural people.

CSR: In a developed country

governance, Business ethics, Human rights and Environment

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CSR in a Developing Country( India):

Focus on nation building Socio-economic development Rural development Employment Education Health care Community support

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The purpose of CSR

The purpose of Corporate Social Responsibility (CSR) is to make corporate business activity and corporate culture become sustainable in its three dimensions: economic, social and environmental.

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Benefits
CSR behaviour can benefit the firm in several Ways:
It aids the attraction and retention of staff It attracts green and ethical investment It attracts ethically conscious customers It can lead to a reduction in costs through re-cycling It differentiates the firm from its competitor and can be a source of competitive advantage It can lead to increased profitability in the long run
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Is CSR the same as business ethics?

There is clearly an overlap between CSR and business ethics Both concepts concern values, objectives and decision based on something than the pursuit of profits And socially responsible firms must act ethically The difference is that ethics concern individual actions which can be assessed as right or wrong by reference to moral principles.
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Thank you

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