For any organisation to grow today. It needs to force and plan a strategic approach to corporate social responsibilities. Because today corporate responsibility is not just to make huge profits but also they have to ensure community welfare. The business should have a positive impact on both environment customers as well as on the investors.
Firms these days are adopting different approaches to practice CSR and major 3 approaches are:
- Creating shared value
Philanthropy is “love for people” or an action that promotes the welfare of others. Many companies have adopted this approach. In 2012 this was adopted by Microsoft in their YouthSpark program is create opportunities for employment and education.
Companies hire or form communities and encourage their employees to take a step forward to help the underprivileged people. A company like MDVIP which is a healthcare based firm is encouraging its employees to donate goods for underprivileged people.
Creating share value (CSV) a means by which businesses can look out for new marketplaces and can help itself in growing economically. Firms like IBM, GE and Nestle have used this approach the most.