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corporate social responsibility

corporate social responsibility

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Published by Vidhu Jain
Dr Reddy corporate social responsibility
Dr Reddy corporate social responsibility

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Published by: Vidhu Jain on May 12, 2009
Copyright:Attribution Non-commercial

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06/16/2013

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CORPORATE SOCIAL RESPONSIBILITY
"Corporate Social Responsibility is the continuing commitment by business to behaveethically and contribute to economic development while improving the quality of life of theworkforce and their families as well as of the local community and society at large"
The same report gave some evidence of the different perceptions of what this should mean froma number of different societies across the world. Definitions as different as
"CSR is about capacity building for sustainable livelihoods. It respects cultural differences and finds thebusiness opportunities in building the skills of employees, the community and the government"
from Ghana, through to
"CSR is about business giving back to society"
from thePhillipines.Business and society have been coeval since time immemorial and also have been inter-dependant. This relationship between business and society is appreciated in
 Rigveda
also :
“Corporates should work like a honeybee, which takes the nectar of a flower without the flower being losing its shape and fragrance and provides honey for the wellbeing of the society.”
Itmeans that both have to work on a symbiosis manner for each one’s survival and success. The business history is replete with evidences to believe that business flourishes only where societythrives. On the contrary, business dies when society condemns and rejects it. No business cansurvive without societal approval and sanction. The inter-dependant nature of relationship between the business and the society is best illustrated by the management guru Peter Drucker (1954) by the example of a ship and sea. He states that the relationship between business andsociety is
“like the relationship between a ship and the sea which engirds it and carries it,which threatens it with storm and shipwreck, which has to be crossed but which is yet alienand distant.” 
No doubt, business has been conducted primarily to earn profit and / or createwealth. However, there are reasons and evidences to believe that the mindless obsession with profit maximization at any cost carried to any extreme has led to spurt in sordid activities in business causing harm to both the business and society and ultimately leading business toflounder and fizzle out. Enrons Parmalats, Union Carbide, and World.com are to name a fewrepresenting examples of such business collapses. Business history is also replete withexamples that only the businesses that are conducted through good or right practices enjoy2
 
societal sanction and survive and last for long. Johnson & Johnson, Maruti Limited, RelianceIndustries Limited, and Tata Iron and Steel Company are such examples that indicate that beinggood in conducting business activities proves good for businesses also. Hence, there has beenincreasing concern for conducting business in a good or ethical manner. Though there has beena spurt in research activities on business ethics or ethics in business, not much research has sofar been conducted on what actually makes business ethics and how being ethical or good isgood for business also.3

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