Problem
The substance and understanding the concept of CSR are dynamic. The focal issues vary according to the area of activity in question, and change over time. Philanthropy, or donating to good causes, has traditionally been perceived as an expression of a company's commitment to corporate social responsibility. Many companies continue to view CSR in terms of charity and support to the local community. However, there is a growing tendency to see the core area for practicing social responsibility as the company's own operations. Corporate social responsibility offers manifold benefits both internally and externally to the companies involved in various projects. Externally, it creates a positive image amongst the people for its company and earns a special respect amongst its peers. It creates short term employment opportunities by taking various projects like construction of parks, schools, etc.
Working with keeping in view the interests of local community bring a wide range of business benefits. For example, for many businesses, local customers are an important source of sales. By improving the reputation, one may find it easier to recruit employees and retain them. Businesses have a wider impact on the environment also. Plantation and cultivation activities taken up by Intel India are a step towards the same. Recycling used products also acts as a step towards the same. Recycling used products also acts as a step towards minimizing wastes. Internally, it cultivates a sense of loyalty and trust amongst the employees in the organizational ethics. It improves operational efficiency of the company and is often accompanied by increase in quality and productivity. More importantly, it serves as a soothing diversion from the routine workplace practices and gives a feeling of satisfaction and a meaning to their lives. Employees feel more motivated and thus, are more productive. Apart from this, CSR helps ensure that the organization comply with regulatory requirements.
Questions:
1. What is Corporate Social Responsibility (CSR)? What are the various strategic approaches to CSR?
2. What are the benefits of CSR? What is your opinion about the current amendments made regarding CSR initiatives in the Companies Bill?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.