CSR stands for Corporate Social Responsibility. It, in essence, is a company’s/organization’s responsibility to tackle the following effects of its conduct:
i) social;
ii) economic; and
iii) environmental
The main objective of CSRs is to hold and tend to the above-mentioned objectives, in addition to maximizing profits. It gives rise to moral accountability towards the companies themselves, their stakeholders, and their community.
A few CSRs are deemed legal requirements, such as data protection in banks and hospitals. Other CSRs are voluntary. These cover all aspects affecting, or being affected by, the above 3 factors.
CSRs are a completely public matter. Thus, it has effects ranging from establishing a stable and well-rounded reputation to media and community criticism involving the same.
The relation between a company’s visibility or presence is directly proportional to its Corporate Social Responsibility. The higher its online presence and transparency, the more questions its community has. Thus, it holds higher responsibility and duty towards its audience.
Company/Organization Visibility ∝ Corporate Social Responsibility
(Image Source: https://blog.submittable.com/corporate-social-responsibility-csr/)
Let’s take Starbucks for example. It is a leading global chain and thus, needs to stand up to a majority of its CSRs. Starbucks is a prime example of how there is a network of objectives that the company needs to adhere to besides running profits:
i) the coffee is ethically sourced;
ii) aim at creating a global network of farmers;
iii) developing green stores;
iv) generating a lot of community service hours;
v) launching collegiate programs for their employees; and
vi) prioritizing health amidst the COVID pandemic.
The above shows that a company can go beyond restrictive and conventional social responsibilities and benefit society in numerous ways. This is where the SDGs (Sustainable Development Goals) come in.
The 17 SDGs set by the United Nations lay a very clear, helpful, and all-encompassing route for companies to decide and implement their CSRs.
Let us study the ESA (Education and Sports for All) CSR initiative by Reliance Industries, and how it can relate to a network of SDGs:
The “Education and Sports for All” initiative was launched in 2010. Its objectives were to:
i) provide access to quality education;
ii) support various initiatives working towards underprivileged children;
iii) promote girl-child education; and
iv) teach life skills to the differently abled
The objectives mentioned above significantly contributed to achieving the SDG goals in figure 1. Reliance Foundation has positively impacted the lives of 2 lakh+ underprivileged children. This initiative also joined hands with and helped 15+ NGOs like Aarambh, One Billion Literates Foundation, Saakhi for Girls Education, etc. Additionally, the initiative provides a lifetime experience to around 18 thousand children who get to watch a match in the Wankhede Stadium every year. Reliance Industries recognized the fact that improving the quality of life of these children goes beyond education and opportunities, and provides these children with food, goodies, and merch every year! The underprivileged children’s lives also lighten up at the Christmas and New Year parties organized by Reliance Industries every year.
– Authored by Niharika Roy
Edited by Sanskriti Kaushik
(This article is a part of the “CSRs For SDGs” series where we will explore CSR initiatives of Indian Corporates and critically analyze the impact they are creating. Tune in for the next article!)
REFERENCES:
1. https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/glossary/corporate-social-responsibility
2. https://www.investopedia.com/terms/c/corp-social-responsibility.asp
3. https://www.undp.org/sustainable-development-goals?utm_source=EN&utm_medium=GSR&utm_content=US_UNDP_PaidSearch_Brand_English&utm_campaign=CENTRAL&c_src=CENTRAL&c_src2=GSR&gclid=Cj0KCQiAuP-OBhDqARIsAD4XHpfR-UUQT_tH-0rZCUVYAvNhKwaMT_qjdoJhcWocg1lPYxRztDunR3waAixlEALw_wcB
4. https://www.un.org/sustainabledevelopment/
5. https://www.reliancefoundation.org/education#:~:text=The%20Education%20and%20Sports%20for,to%20quality%20education%20in%20India.&text=The%20ESA%20programme%20supports%20 various,skills%20to%20the%20differently%20abled.
6. https://sdgindiaindex.niti.gov.in/
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