Today, Indian business is viewed globally as a responsible component of the supremacy of India. The world has acknowledged that integrating social, environmental and ethical responsibilities into businesses ensures a long term success and sustainability. This reaffirms the view that businesses are an integral part of the society and have an active role in improvement of healthy eco-friendly systems.
Indian business enterprises have a tradition of working within the values that have defined the nation’s character for millennia. Our ancient wisdom inspires a lot of people all over the world and with the concept of social responsibility in business, the stakes have only risen. More organizations are coming up with strategies that focus on the social responsibility.
What exactly is social responsibility?
Social responsibility of business is a philosophy that focuses on the importance of keeping the best interest of the society in mind. Although your business maybe making higher profits every year, it is important to work towards the future of the society. It is not about doing charity every year. The concept needs to be engrained from the core of your business to provide high standard services to your customers that they deserve.
What are its benefits?
The expectation of your staff and customers are wider and you can no longer focus only on your business and profits. While you may think, that Social responsibility of business only helps the customers get good service, think again. There are numerous advantages that social responsibility brings to the business as well. Let’s look at a few.
Satisfied employees.Satisfied customers.Happy environment.Positive PR of the company.Cost reductions due to efficiency of the staff.More business opportunities due to growing business.Long term future for your business as it can help you build a goodwill in the market.
What is Corporate Philanthropy?
Corporate Philanthropy is the act of corporation donating a part of their profits, or resources to charitable causes. It is often done by the corporation directly or through the company foundations. They mostly donate cash but also let the other make use of their services, property or facilities and provide advertising support free of cost. Employees can also participate as volunteers in donation camps.
Objective of corporate philanthropy
It is intended to help us unite companies and individuals of different organizations around shared projects and values. It also contributes to the harmony of the cultural and social groups of the country.
How philanthropy benefits your company?
On the surface, it may look like just an effort towards business ethics and welfare towards the society, but the benefits your company may reap out of it are hard to miss. Here is a list..
Maintains a favorable image for the company.Businesses practicing philanthropy are sure to attract a lot of support from different organizations.The donations for charitable costs, minimizes the taxes your company is required to pay every year.Growth in business due to increased goodwill.
Both social responsibility of business and corporate philanthropy help define a company’s reputation and creates goodwill with the community and prospective customers. They are also responsible for the growing trend of setting up departments dedicated to philanthropy or integrating social responsibility thus benefiting society and the business.