By Dr Rana Singh
The corporate world sincerely endeavors to maximize producti-vity and profits. The corporate world and the leaders are required to manage the various functions in consonance with the changing social dynamics and the regulatory environment in the area of Corporate Sustainability & Responsibility (CSR).
Redefining Financial Allocations: Embracing Corporate Social Investment (CSI)
The corporate world is redefining and reorienting its financial allocation on CSR programmes and considering all allocations on CSR programmes in the form of Corporate Social Investment (CSI).
Global Embrace of CSR: A Performance Benchmark
CSR is becoming increasingly important and globally acceptable performance benchmark by the corporate and financial entities across the world. The companies may prefer to choose a middle path or an optimal blend of innovation and replication of the best practices within the country and rest of the globe. The structuring and modeling of the CSR programmes must not be a blind replication of any Indian or foreign model. It should rather be an output of well thought and considered output planned in the light of the intended budgetary allocation and the social requirements of the society.
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Strategic Integration of CSR: The Role of ‘Centre for Responsible Business’
The medium and large originations may consider creating ‘Centre for Responsible Business’ under the dynamic leadership of senior professional which can focus on integrating the latest models and dimensions of CSR in the strategies of the organization to ensure that CSR programmes leave an everlasting impact on the stakeholders. The Industry Associations may consider creation of CSR Innovation centre comprising top performers in the CSR domain to innovate new policies, framework, models, structures, programmes, and performance indicators to give the quantum phillip to the mission CSR across all stakeholders of the society.
Government Initiatives: A Think Tank for Dynamic CSR Evolution
The government may consider creation of Think Tank of Senior Professionals from corporate, academia, policy planners and regulatory bodies to dynamically evolve new frameworks for all stakeholders to create a dynamic platform to deliver success in CSR domain. The Individuals may consider enhancing their knowledge, skills and applications in the areas of CSR by dynamically updating themselves with the latest redevelopment in the area of CSR at the national and international level. To summarise, all stakeholders are expected to consider the role and importance of continuous improvement in people, process, technologies, systems, procedures and models to achieve new benchmarks of excellence in the area of CSR.
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About the author
Dr Rana Singh is the Co-Founder and CEO at India CSR
