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Corporate Social Responsibility
CSR is emerging as an inevitable priority for all the companies in the world. Many countries are using different approaches to strategize CSR depending on their corporate and business environment. CSR covers five main areas: environment, community, employee welfare, financial performance and corporate governance. We are going to understand three very common CSR approaches used all over the world.
Philanthropic Approach
This approach is being followed by several organisations since many decades. It is a practice of a company’s contribution towards a cause which provides a direct benefit for the cause and also supports the company’s core business objectives. A well-designed strategic philanthropy program integrates the needs of both the business and the charitable cause, creating a win-win situation for everyone. This is one of the fastest way to form an alliance and increase engagement among the stakeholders. Inspite of the introduction of new methods in CSR, philanthropic approach still remains a common and preferred option worldwide.
Community approach
This is the most widespread perception of CSR which includes supporting organizations, programs and events in local communities which can have long-term positive impacts. The classical view of CSR was narrowly limited to philanthropy which is now shifting its emphasis on business-society relations, particularly referring to the contribution of the firm solving the social and environmental issues. It is very essential for the organisation to consider the significance of the community in which it is thriving. This concept is adopted by organizations considering the interests of society by taking responsibility of the impact of their activities on communities including customers, suppliers, employees, shareholders and environment.
Creating Shared Value approach
It is a strategy for developing the future market while strengthening economies, the marketplace and communities. It creates an interdependence of long-term business success on balanced social systems. It encourages organisations to strategically invest in environment conservation, social welfare, education and healthcare creating opportunities for overall long-term growth.
