Corporations have been largely known for being private organizations that only look for profits and growth of the individual company. However, with corporate social responsibility being introduced by Howard Bowen; the conception changed and companies started to look into the welfare of society and the environment. The main role of corporate social responsibility is to ensure companies minimize their harmful impact and improve the quality of society and the environment.

Simply making profits; which was the initial goal of companies has now extended to include promoting sustainable development and helping society tackle a plethora of problems. India is regarded as the first country which made CSR mandatory through the Companies Act, 2013. Any company with an annual turnover of 100 crores or with a net worth of 500 crores is expected to practice CSR.

The four main types of corporate social responsibility are environmental, ethical, philanthropic, and economic. The CSR programs aimed at the mentioned types instil a sense of purpose in the workforce, boost your brand reputation, increase satisfaction and loyalty of employees, customers, and investors, and improve bottom-line financials.

With a good corporate social responsibility strategy, companies can bring about positive transitions and inspire the business world, which will, in turn, enhance their company’s image and lead to growth. The course of coming up with strategies, however, can be gruelling at times. Several agencies have been set up to assist organizations with the same, of which, Fiinovation company is quite renowned. With their extensive knowledge, expertise, and skills they provide advice with project design, and monitor, and evaluate the projects being carried out, warranting CSR is implemented effectively.

CSR in India has several implications, a few of which have been discussed below-

A] Management of waste is improved

Industries generate about 4.43 million tons of hazardous waste annually. With CSR; companies availing the assistance of experts are making efforts to reduce the waste they produce. An example is Fiinovation grant management, which is integrating artificial intelligence and human intellect, thereby helping in conceptualizing, designing, and implementing sustainable solutions.

Godrej taking back post-consumer plastic packaging waste, ITC greening 30,439 acres of land under the social forestry program, and Vedanta adopting advanced technologies to enhance energy productivity, minimize water consumption and mitigate climate change are all instances of corporate social responsibility strategy being successfully executed.

B] Creates greater societal acceptance and respect

The role of corporate social responsibility in creating greater societal acceptance and respect is immense. Several companies take up volunteering programs, participate in social movements, make provisions for the needy, provide financial, emotional, and physical aid at times of turmoil or disasters, and so on. This is greatly appreciated by society and reflects in the increased sales or popularity of brands.

Agencies like Fiinovation company help formulate project designs by evaluating the needs of society and tailoring programs, which a company can undertake to meet the needs most appropriately. Tata Chemical Limited is a noteworthy example here. They helped 6,878 farmers through physical and digital interactions by educating them about capacity building, field demonstration, and livestock management. They also supported rural women in Okhai to pursue their arts. Their initiatives have positively impacted about 2 lakh lives in just one year.

C] Helps the company to interact with various stakeholders

A stakeholder is anyone who is interested in a company and can affect the business. The employees, investors, customers, and government are majorly identified as stakeholders. CSR facilitates interaction with various stakeholders, thereby helping to understand the needs of each. This allows companies to put efforts in the right direction. Several companies can also team up and engage in large-scale operations that benefit the world.  Through Fiinovation grant management, one can gain access to partnership opportunities with civil society organizations that share the CSR mandate of corporations.

Tata group, Wipro Limited, Infosys, Mahindra & Mahindra Ltd. and so many other companies in India are all incorporating various types of corporate social responsibility. If you have been waiting for a sign to commence CSR practices in your business; this is it! The gratification you and your employees will derive will be unmatched and the growth you will see coming will be unimaginable!