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TOPIC- EFFECT OF COVID-19 ON CORPORATE

SOCIAL RESPONSIBILITY

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ABSTRACT

The report unveils a short yet crisp examination on how the Novel Corona Virus (Covid-19)
affected the corporate worlds and especially the Corporate Social Responsibility (CSR in short).
Corporate world embarked upon a new journey with the help of gradual shift in CSR which in
turn impacted the society. It can be seen how the entire process demands the involvement of a
chain system including the employers, employees and consumers. Organizations and companies
were forced to venture out in lesser known paths and ultimately were successful. The positive
contribution was mirrored onto the society, thereafter.

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TABLE OF CONTENT

Introduction………………………………………………………pg 1

What is Corporate Social Responsibility…………………………1

Negative impact of Covid-19 on CSR……………………………1-2

Conclusion……………………………………………………….. 2

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INTRODUCTION

It is 2021 and the world has been witnessing an on-going pandemic and several lockdowns
since the past year. Countries around the globe have been severely battling with the dreaded
Covid-19. The year 2020 was spent tackling the on and off surge of the novel corona virus
and none had a clue of its long lasting impact. People around have been challenged
emotionally, psychologically, sentimentally, financially, culturally. Along with the health
sectors and hospitality industries, economical sectors have been negatively hit. Since the
Great Depression in 1930s, the world has not seen such a dwindling and battered global
economy. Upon taking a closer look into the report, we can observe how strongly the covid-
19 has shaken the root of corporate worlds, especially the corporate social responsibility
(CSR).

WHAT IS CORPORATE SOCIAL RESPONSIBILITY?

Corporate social responsibility (CSR) can be defined as the role played by various companies
where social and environment concerns are integrated in the work mechanism.CSR is involved in
daily office transactions and interactions with stakeholder. This policy helps the companies to be
conscious of their deeds and its economic, social and environmental after-effects on society.
Companies generally target to achieve a positive impact and benefits through CSR. It has also
contributed positively in boosting the employer-employee relationship.

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IMPACT OF COVID-19 ON CORPORATE SOCIAL RESPONSIBILITY

Since the advent of Covid-19, CSR gets the chance to play a pivotal role in such challenging
times. Certain observations have been recorded regarding the proactive engagement in CSR
activities in several companies, particularly those who could afford to offer a assistance and help
against the fight. Manufacturing and donation of masks, sanitizers, test kits, ventilators, oxygen
supplies was extensively done. Many telecommunication companies introduced unlimited and
free services while the Power Utility boards did not charge for certain months. Certain banks
waived off interest and started providing online services especially to the elderly. We also saw
the various home delivery and courier services buckling up their strategies and gave utmost
importance to customer care and service. It was clearly noticeable how private and public
companies put their best foot forward and kept the safety of employees and customers in mind. It
also brought them closer as both grew more empathetic towards each other. Work from home
culture was introduced while many companies believed in rendering free service without any
profit. The Schedule VII circular from the Government of India gained support from various
corporate companies and Crores had been donated to the government fund, thus creating a
positive brand image in the long run.

CONCLUSION

The pandemic has showed its negative as well as positive side onto the world. Acknowledging
the fact the corporate world has been gravely hit, it also revealed the optimistic side with the help
of CSR. The companies learnt a lesson of ‘survival of the fittest’ in the competitive world along
with the delicate balance between profit-making and appeasing stakeholders. There is no doubt
in accepting the fact that covid-19 induced a sense of unity and fellow-feeling. CSR became a
medium of opportunity to unleash the new-era of marketing strategies and policies. Though the
long-lasting effect is not known yet, the alteration in CSR brought in a fresh change in our
behavior, work-mechanism, ethics and views, thus making us adaptable in any new situation.