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Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR) is becoming an increasingly important initiative of businesses both nationally and internationally. There exists no universally accepted definition of Corporate Social Responsibility (CSR) and therefore it is used interchangeably with corporate responsibility, corporate citizenship or social action programme.
Benefits of CSR
KPMG's International Survey of Corporate (Social) Responsibility Reporting 2005, which surveyed more than 1,600 companies worldwide, presents the following top ten motivators of CSR:
- Economic considerations
- Ethical considerations
- Innovation and learning
- Employee motivation
- Risk management or risk reduction
- Access to capital or increased shareholder value
- Reputation or brand
- Market position or share
- Strengthened supplier relationships
- Cost savings
Challenges
Though acclaimed internationally, the concept of CSR is marred by several significant challenges such as:
- Lack of corporate strategic philosophy and vision
- Lack of understanding about Community Engagement Frameworks
- Not enough sharing of best practices
- Insufficient database of good NGO partners
- Branding issues
What KPMG can do
KPMG uses a 4D approach to help clients conceptualize, develop and implement an effective and coherent CSR strategy. The approach essentially involves drafting mission and vision statements, identifying thematic areas and designing strategies. The entire process is participatory in nature where consultations are held with internal and external stake holders, based on which policy is finalized. Sustainability is given due importance while developing the strategy in order not to let the efforts frizzle out over a medium-long term period.
Corporate Social Responsibility
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