Today, the basic objective of CSR is to maximize the company’s overall impact on the society as well as on the stakeholders. An increasing number of companies are comprehensively integrating CSR policies, practices and programs throughout their business operations and processes. CSR is perceived not just another form of indirect expense but an important tool for protecting and enhancing the goodwill, defending attacks and increasing competitiveness.
Companies have stated having specialized CSR teams that formulate strategies, policies and goals for their CSR programs and include in their budgets to fund them. These programs are determined by social philosophy and have clear objectives. Also, they are aligned with the mainstream business. These CSR programs are implemented by the employees crucial to theprocess. CSR programs range from community development to development in environment, education and healthcare etc.
For instance, corporations such as Bharat Petroleum Corporation Limited, Hindustan Unilever Limited and Maruti Suzuki India Limited have adopted a more comprehensive method of development. Building schools and housesand empowering the villagers, provision of improved medical and sanitation facilities, making them self-reliant by providing vocational training and knowledge of business operations are the facilities focused on by these corporations.
On the other hand, corporations like Glaxo Smith Kline Pharmaceuticals’ focus on health related aspects of the community through their CSR programs. They set up health camps in remote tribal villages offering medical check-ups and treatment and also undertake health awareness programs.
Nowadays, corporates are joining hands with various NGOsand use their expertise in devising effective CSR programs to address wider societal problems.In India, the CSR multi-stakeholder approach is fragmented. Interaction between business and civil societies, especiallytrade unions, is still rare, usually taking place on an ad-hoc basis. The understandingof CSR in India is still not directly linked to the multi-stakeholderapproach.
A few companies in India that have successfully integrated sustainability into their business processes are discussed below.