Corporate Social Responsibility (CSR) is all about being fair, with stakeholder accountability, transparency in business dealings and sustainability. The responsible business practices create positive environment around the organisation and helps them build trust. It provides a platform of moral uprightness and establishes a company’s reputation in the minds of customers and employees. And this is absolutely crucial for brands as it helps to attract and engage with customers on a regular basis. The latest report on CSR Spending in India highlights the increasing trend of innovation in projects in various domains. The corporate is exploring new areas for contributing to the well-being of humans and being responsible towards nature and natural resources. It is a high time to share the CSR Projects with stakeholders and let them understand the contribution made by these projects. The next generation of CSR Leaders also needs to be trained so that they can take forward the journey of social good. The need of hour is to share the best CSR Practices with stakeholders as well as next generation of CSR Leaders.
The companies keep exploring the ways in which they can maintain a healthy relationship with its stakeholders, whether it is their customers, employees, suppliers, supply chain partners, civil society, governments and society at large. Beyond the government’s mandate of spending 2% of profit on CSR projects, the companies have the opportunity to strategically include social responsible practices in their day to day operations. The integration of CSR in business strategy will lead to competitive advantage. Firstly, it is important to go about establishing the unique position of their brands in terms of quality or service or credibility in the minds of consumers. Secondly with CSR, companies must establish themselves as good corporate citizens. When a company can directly influence a particular problem or work towards a solution, it helps build a reputation and CSR in conjunction with regular branding activities can play a hugely influential role in impacting peoples’ perceptions of a company, product or service.