Corporate Social Responsibility a New Way of Doing Business..FINAL

8/13/2019 Corporate Social Responsibility a New Way of Doing Business..FINAL

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Corporate Social Responsibility: A New Way of Doing Business

Prof. V. ThyagarajanEmail :[email protected]

Nancy DhussaEmail: [email protected]

Abstract

!orporate "ocial #esponsi$ility initiati%es pro%ide $usinesses the mechanism to

discharge their responsi$ility to&ards society. Does it end &ith the corporate paying ta'es

and pro%iding employment or has a &ider implication(

)usinesses are no longer %ie&ed as only the economic entities $ut are percei%ed to $e an

insepara$le part of the society and management has $ecome a major leadership group in

the industrial society that ha%e a greater responsi$ility not only to&ards their profession

$ut also to&ards the people they manage and the society and economy in &hich they

operate. The issue of !orporate "ocial #esponsi$ility *!"#+ is a %ery dominant theme in

the national as &ell as glo$al corporate practices. Trou$led and costly e'periences ha%e

con%inced the giants of the industrial &orld lie "hell, Nie, !oca !ola, Pepsi!o to

in%est hea%ily in impro%ing their o&n ethical profile and reputation and hence

performance.

The -triple $ottom line- reporting alludes to this ne& approach &here performance is

e%aluated along three closelyrelated lineseconomic, social and en%ironmental. "uch

an e%aluation process posits an organi/ation as a holistic entity in society, in sharp

contrast to its earlier onedimensional e'istence as a -profitmaing machine-. 0hen

applied to the in%estment decisionmaing process, the triple $ottom line approach is
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referred to as -socially responsi$le in%esting1.

Corporate Social Responsibility: Scope and Challenges

n the recent years there has $een increased pressure on the organi/ations across the glo$e

to practice and demonstrate their role for society. The issue of !orporate "ocial

#esponsi$ility *!"#+ is a %ery dominant theme in the national as &ell as glo$al corporate

practices. Trou$led and costly e'periences ha%e con%inced the giants of the industrial

&orld lie "hell, Nie, nion !ar$ide, !oca !ola, Pepsi!o to in%est hea%ily in

impro%ing their o&n ethical profile and reputation and hence performance. Employees

and communities &ant safe and en%ironmentally sound &oring practices, 4o%ernment

&ants ethical and responsi$le organi/ations and the consumers &ant safe and cheap

products.

!alls for corporate social responsi$ility are &idespread yet there is no consensus a$out

&hat it means. There is a star contrast $et&een the concepts of corporate social

responsi$ility and 5ilton6s declaration of the social responsi$ility of $usiness. 5ilton and

other li$eral economists $elie%e that the only form of responsi$ility is economic. Those

adapting neo classical %ie& of the firm ad%ocate that the social responsi$ility of the

$usiness end &ith the pro%ision of employment and payment of ta'es and e'tend no

further.

5ilton 7riedman &rote inNew York Times that the social responsi$ility of $usiness is to

increase profit and any di%ersion of the company resources to social programmes and

charity represents a ta' on consumers and in%estors and can $e %ie&ed as deri%ing from

an agency pro$lem, that is managers &ho use corporate resources to further some social

good are doing so only to promote their self image. 7reeman argued that firms ha%e

numerous rele%ant constituents &hose interest should $e considered $ecause the firm


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cannot thri%e and sur%i%e &ithout the support of these staeholders, &hich includes

employee, customers, suppliers and community groups. 8ence, social responsi$ility is a

con%incing role management and also the companies are in%ol%ed in repeated

transactions &ith these staeholders and are e'pected to $e honest, trust&orthy and

ethical $ecause the returns of such $eha%ior are high.

0ith the understanding that $usinesses play a ey role for jo$ and &ealth creation in

society, !"# is generally understood to $e the &ay a company achie%es a $alance or

integration of economic, en%ironmental, and, social imperati%es. !"# is the &ay

$usinesses engage9in%ol%e their "hareholders, employees, customers, suppliers,

go%ernments, nongo%ernmental organi/ations, international organi/ations and other

staeholders. !"# is often understood as in%ol%ing the pri%ate sector commitments and

acti%ities that e'tend $eyond the foundation of compliance &ith la&s. !"# is the

$usiness6 contri$ution to sustaina$le de%elopment &hich can $e defined as -de%elopment

that meets the needs of the present &ithout compromising the a$ility of future generations

to meet their o&n needs1.

0orld )usiness !ouncil for "ustaina$le De%elopment *0)!"D+. Ernst and oung

*;ustralia+ %ie& !"# strategy as an approach to create long term organi/ation %alue

through effecti%e management of ris and opportunity associated &ith ethical,

en%ironmental and social factors.

Corporate social responsibility is the point of forever growth of various initiative

aimed at ensuring social economic development if the community which would be

livelihood oriented as a whole in a redible and sustainable manner!

This 6triple $ottom line6 concept should $e employed to measure the performance and

success of $usiness and not just the monetary profits.

t ass organi/ations to formulate policies and practices to de%elop employees and


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community and maintain en%ironment. t re oung

principal for en%ironment and sustaina$ility ser%ices.

-!ompanies, &hich fail to ma'imi/e the adoption of !"# strategy, &ill $e left $ehind-.

6Nestle $elie%es there is a %ery strong lin $et&een corporate profita$ility and corporate

social responsi$ility $ut only &hen managed o%er time is that lin apparent.

Progressi%e corporations no& that aligning their $usiness o$jecti%es &ith community

%alues enhances their economic performance. They understand that it is e'pected from

$usinesses to carry out their operations in a responsi$le manner- $oth at home anda$road,

and the customers &ill $e loyal to those &ho do so. 0e ha%e to $alance our primary

interests as commercial enterprises &ith the &ider interests of the societies of &hich &e

are a part. ;nd, &e must reali/e that our health as a company is %ery much tied to the

o%erall &ell$eing of the &orld around us.

!ompanies are responsi$le to their shareholders to produce an ade


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competiti%e tool. The most pertinent e'ample is #$he Body Shop %nternational#!

n ?AB, ;nita #oddic, founded the glo$ally recogni/ed The )ody "hop. 0ith

appro'imately 2CCC stores &orld&ide and raned in the top thirty most respected

companies in the &orld $y The Financial Times in ?, The )ody "hop stands as a

$usiness triumph and remains in the top three in nternational !"#. ts mission statement

reads -dedicate our $usiness to the pursuit of social and en%ironmental change-. The

comer stone of the company &as to esta$lish a $usiness &ith ethics. #oddic recogni/ed

&hat soon $ecame clear to many other corporate leaders, !"# maes good $usinesssense.

There are clear $enefits including: raised profit and company profile through increased

employee and consumer loyalty, strengthened ris management and the creation of a

uni


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and en%ironmentally responsi$le. n a sur%ey carried out $y "ocial 5aret 7oundation,

2F of consumers e'pressed the desire to do so including 23F &ho &ould do so e%en if

the option is more e'pensi%e. 8o&e%er, many of them do not ha%e clear and credi$le

information a$out the ethical Practices of the companies.

Gnly 2F of the consumers ha%e enough information to judge the ethical position of the

company &hile A3F feel that they do not ha%e the access to such information most of the

time. Economist *2CCC+ reported that the concerns o%er pollution &ere stronger in many

third &orld countries as compared to the de%eloped nations.

#espondents in de%eloping countries are far more inclined to a%oid products or $rand for

en%ironmental reasons, in countries lie ndia, Vene/uela, !hina and Egypt HCACF of

the respondents appeared &illing to pay a ?CF premium for a greener cleaning product

&hile in countries lie 7rance, Iapan and only 2CF of the respondents e'pressed the

&illingness to do so.

!ommercially successful and socially responsi$le organi/ations are %ie&ed as %aluing

people more than profits and stri%ing &ith utmost integrity and honor. "ocial and ethical

codes act as insurance policy. t is far $etter to incur the cost of mechanism to ensure

ethical and social practices in an organi/ation than to pay the cost of loss of good&ill or

litigations later. Nie suffered at great loss &hen it &as critici/ed of employing dou$le

standards in ;sian countries and not acting socially responsi$le &hen it &as re%ealed that

thousands of ndonesian &orers &ere not getting minimum &age of JA29month.They

&ere getting only J??JKA per month &hich &as only 15'Yo of the legal minimum &age,

%iolating $oth the ndonesian la& and the company6s o&n code of conduct *Education for

Iustice, 2CCB+.

#ee$o also faced many pro$lems in 2CC2 &hen a Ne& or $ased nonprofit


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organi/ation !hild La$or 0atch pu$lished reports on poor &oring conditions in its si'

factories in !hina. #ee$o &as earlier accused of employing !hild la$or for

manufacturing soccer $alls in their operations at "ialot, Paistan in ?B. #ee$o

responded


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staeholders, all of &hich may affect its profita$ility.

; study of companies o%er an ?? year period concluded that 6staeholder$alanced6

companies sho&ed four times the sales gro&th and eight times the employment gro&th as

compared to the companies that focus only on shareholders.

Starbuc's emphasi(es the business case for CSR as follows:

!onsumers are demanding more than 6 66product66 from their fa%orite $rands. Employees6

are choosing to &or for companies &ith strong %alues. "hareholders are more inclined to

in%est in $usinesses &ith outstanding corporate reputations. Muite simply, $eing socially

responsi$le is not only the right thing to do= it can distinguish a company from its

industry peers.

!"# mo%es $eyond the damage limitation to sustaina$le positi%e ad%antage $y proacti%e

and sensiti%e management &hich may impro%e $usiness performance. The challenge is to

meet the pressure of pu$lic concern o%er social and en%ironmental issues &ith an open

t&o &ay communication &ith the staeholders and using the shared learning for

impro%ement to turn pressure and damage limitation into a source of $usiness ad%antage.

Adoption of a CSR strategy can bring the following strategic advantages tobusinesses:

!orporate reputation and enhanced )rand image 4ood corporate social performance

can $uild reputation &hile poor performance can damage $rand %alue. Nie suffered

considera$le reputation damage &hen it &as re%ealed that in one their contracted

factories in ndonesia, 3C.2F of the &orers had personally e'perienced, and HB.F had

o$ser%ed, %er$al a$use. ;n a%erage of A.F of &orers reported recei%ing un&elcome

se'ual comments, and 3.3F reported $eing physically a$used. Nie &as also accused of

using child la$or in ?B &hen Naomi lein in her $oo -No Logo- points to a photo

sho&ing children in Pais tan stitching Nie foot$alls. The company too concerted


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efforts to impro%e the condition and no& has AC staff mem$ers &oring on corporate

responsi$ility issues.

#oyal Dutch9"hell faced European $oycott in ?H o%er its plan to dump the )rent "par

oil platform at sea. The reports of en%ironmental harms as the result of its operation in

Nigeria further compounded its pro$lem seeing the fall in sales up to HCF.

7or certain companies, lie The )ody "hop and Van !ity, !"# is part of their $rand

image, &hich has allo&ed them to tap into a gro&ing demand for %alue $ased products or

ser%ices. n the case of Van !ity, potential depositors *-mem$ers-+ may also see the

credit union6s !"# &or as a reflection of ho& they &ill $e treated as clients, there$y

helping e'pand Van !itys client$ase.

Commitments to:

Early identification of social and en%ironmental issues Gpen

T&o &ay dialogues &ith the staeholders "hared learning and impro%ement

)alancing glo$al standard and local cultural difference.

)ressure and Damage *imitation

Distraction from the core $usiness

#eacti%e changes in $usiness and project plans

!osts

Damage of reputation

Business Advantage

!orporate reputation and enhanced $rand mage.

#educe and manage $usiness riss

;ttract and maintain employees


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Esta$lish or impro%e reputation &ith

n%estors, $ond agencies and $ans

;ccess to marets9customers

!ost sa%ings9impro%e the $ottom line

"timulate inno%ation and generate ideas

!orporate %alues: -the right thing to do-

5eet changing staeholder e'pectations

E'pedited permitting9impro%ed relations &ith.

#eputation is critical to the corporate success. Negati%e !"# association can ha%e a

detrimental effect on o%erall product e%aluation, &hile positi%e association can enhance

product e%aluation. ; ? sur%ey of 2HCCC consumers in 23 countries found that more

customers form their impression of the company on the $asis of corporate citi/enship

practices than on $rand and financial factors, &hile KCF had thought a$out punishing the

!ompany they $elie%e is not $eha%ing socially responsi$le. Various studies ha%e

demonstrated a lin $et&een reputation and financial performance.

;n analysis of -;merica6s most admired companies- found that a good reputation

increases the length of time a firm has earnings a$o%e the a%erage and decreases the

length of time the firm has earning $elo& the a%erage financial returns.

#educe and manage $usiness riss n the increasingly comple' maret, &ith greater

staeholder scrutiny of corporate acti%ities, managing ris is essential to $usiness

success.

#ecogni/ing the po&er of communities and municipalities, !anadian Pacific #ail&ay

*!P#+ has launched a process to reengage communities at the local le%el to resol%e

disputes related to the pro'imity of residential and commercial neigh$orhoods to pre


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e'isting rail lines. This is helping it a%oid the inter%ention of courts and the imposition of

go%ernment regulations &hich can add to the costs of doing $usiness.

;ttract and maintain employees there is gro&ing e%idence that companies &ith strong

!"# or sustaina$ility reputations often find it easier to recruit and retain high


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in 2CC. 5atthe& iernan, e'ecuti%e managing director of nno%est "trategic ;d%isors,

argues this is $ecause -a company6s en%ironmental and social performance is an

increasingly potent pro'y and leading indicator-.

n )uilt to Last, Iames !ollins and Ierry Porras compared ? companies &ith their.

Direct peers and found that one dollar in%ested in ?2B in 6%isionary6 companies ha%ing

core purpose $eyond maing money ha%e gro&n to JB3HB $y ?C as compared to JHH

in the other group. The Do& Iones sustaina$ility nde' *DI4", introduced in ?+ and

7T"EK4ood *introduced in 2CC?+, list companies that meet socially responsi$le in%esting

criteria *"mith 2CC3+. DI4" consists of top ?CF companies in terms of sustaina$ility

performance dra&n from 2HCC $iggest companies in Do& Iones 4lo$al nde' *DI4+.

The DI4" companies outperformed DI4 companies $y 3B.? F o%er a fi%e year period

&hile the energy companies in DI4" performed KH.3F $etter than their counterparts.

;ccess to marets9customers n%estment in !"# pays off in impro%ed access to marets,

including customer loyalty, security in e'isting marets and attracti%eness in ne&marets.

4o%ernments also tend to fa%or $idders &ho demonstrate a commitment to society.

)ritish Telecom *)T+ $elie%es that the


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!ustomers &ho $elie%e that )T taes its responsi$ility to society and the community

seriously are more than t&ice as liely as other customers to $e %ery or e'tremely

satisfied &ith )T. DuPont !anada $elie%es its programs help de%elop ne& maret

opportunities for the company. 7or e'ample, DuPont !anada6s pu$lic "ustaina$le 4ro&th

#eport has actually $rought in ne& consulting &or. !onsumers are demanding good

$eha%ior on the part of companies. n a sur%ey done in ?A, .". consumers re%ealed

that they &ant companies to e'pand their roles to em$race $roader social goals. ; sur%ey

carried out $y 5c0illiams *2CC?+ confirmed the rise in consumer sensiti%ity to&ards

corporate social performance.

!ost sa%ings9impro%e the $ottom line )usinesses can use !"# to produce direct

$enefits for the $ottom line. 0hile fe& studies ha%e $een a$le to conclusi%ely dra& a

positi%e correlation $et&een an integrated approach to !"# and $ottom line performance,

there are many e'amples of $usiness $enefits that results from indi%idual program areas

that constitute !"#. !"# generates significant sa%ings in staff retention e'penses. t

lo&ers turno%er &hich results in lo&er recruitment and training costs.

#ecycling, energy sa%ing methods, green $uilding technology, etc., result in considera$le

reduction in costs. n a 2CC2 study of glo$al !EGs $y the auditing firm Price &ater house

!oopers, ACF agreed that !"# is %ital for the profita$ility of a company. ; HCcountry

study of the !EGs $y En%ironicsKH nternational in the same year sho&ed that CF of

the !EGs $elie%e that !"# enhances product inno%ation and profita$ility.

DuPont !anada, for e'ample, has reali/ed financial $enefits through &aste and energy

intensity reductions. "yncrude6s !EG attri$utes cost sa%ings of J?HC2CC million

annually to the success of their loss management programme &hich addresses

en%ironment, health and safety, resulting in impro%ed efficiencies, relia$ility and

insurance costs.


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"timulate inno%ation and generate ideas )y e'amining their core $usinesses through the

lens of corporate social responsi$ility, many companies ha%e found opportunity for

inno%ation and ha%e de%eloped ne& $usiness prospects. !"# can support inno%ation in

se%eral &ays. f a firm is percei%ed as socially responsi$le, it is liely to encounter less

resistance &hen introducing ne& products, technologies, or management practices. ;

prime focus of !"# in%estments is life long learning *LLL+, through &hich firms can

$uild a more


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$he recognition of the importance of $rust is well entrenched in %ndia

!orporates such as the Tata and )irla group companies ha%e led the &ay in maing

corporate social responsi$ility an intrinsic part of their $usiness plans. These companies

ha%e $een intensely in%ol%ed &ith social de%elopment initiati%es in the communities

surrounding their facilities. Iamshedpur, one of the prominent cities in the northeastern

state of )ihar in ndia is also no&n as Tata Nagar and stands out at a $eacon for other

companies to follo&.

The parameters for corporate respect in this sur%ey are &ide ranging: G%erall


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K. 0iproH. !! )anB. 4ujarat !ooperati%e 5il 5areting 7ederationA. Dr. #eddys La$oratories. 8D7!

. T!?C. 8ero 8onda

"ource: )usiness &orld, Ianuary 2CC3 Rndias most respected companiesS

/industan &ni*ever *td., is another company that has remained in the top three most

respected companies for the past decade, and has topped the chart four times, the

ma'imum num$er of times yet for any company Qf you ha%e respect, %alue &ill follo&,1

says !hairman 5.". )anga, reflecting the %ie& from the %ery top.

;dds Narayanmurthy, Q;t the end, respect comes to people &ho do desira$le things and

&ho can $e trusted. 0hen you mae a statement, people should say, &e $elie%e.1

t is no surprise that Narayanmurthy holdsI.#.D. Tata in great esteem as an icon. The

first name that comes to any ndian on the su$ject of !"# is that of the Tata 4roup.

There has $een a long history of !"# in ndia and the Tatas ha%e $een the role models on

this path. E'plains the chairman of the Tata 4roup, #atan N. Tata,Q0e do not do it for

propaganda. 0e do not do it for pu$licity. 0e do it for the satisfaction of ha%ing really

achie%ed something &orth&hile.1 The Tata )usiness E'cellence 5odel integrates social

responsi$ility into the frame&or of corporate management &herein social responsi$ility

is encapsulated as ey )usiness Process. n fact all social ser%ice departments in Tata

companies ha%e annual programmes and $udgets and all this is aligned to the 5Ds

)alanced "core !ard.

!orporate "ocial #esponsi$ility programmes at the $ata groupof companies e'tend

across a &ide spectrum including rural de%elopment, community de%elopment and social
http://www.hul.co.in/http://www.hul.co.in/http://www.hul.co.in/http://en.wikipedia.org/wiki/J._R._D._Tatahttp://www.tata.com/http://en.wikipedia.org/wiki/Ratan_Tatahttp://www.hul.co.in/http://en.wikipedia.org/wiki/J._R._D._Tatahttp://www.tata.com/http://en.wikipedia.org/wiki/Ratan_Tata


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&elfare, family initiati%es, tri$al de%elopment and &ater management.

;$out ACCC %illages around Iamshedpur and Grissa $enefit from de%elopment

programmes run $y the $ata Steel Rural Development Society 0$SRDS1!Programmes

of T"#D" co%er issues lie education, irrigation, afforestation, adult literacy, %ocational

training, handicrafts and reha$ilitation of the handicapped persons. The !ommunity

De%elopment and "ocial 0elfare Department *!D"0+ at Tata steel carries out medical

and health programmes, $lood donation dri%es, mass screening of Tu$erculosis patients

immuni/ation camps and drug deaddiction. n ?, Tata "teel em$ared on an ;D"

a&areness programme, &hich has no& $ecome an integral part of all training

programmes. #outine acti%ities lie immuni/ation programmes, sterili/ation operations

and mother and child health care programmes are conducted through family &elfare

centres, child clinics and B community$ased clinics. n fact, Tata "teels !entre for

7amily nitiati%es *!7+ &as successful in influencing H per cent of Iamshedpurs

eligi$le couples practicing family planning, compared to the national figure of 3H per

cent.

; commitment to the &elfare of the community has long $een central to the %alue system

of companies in the Tata 4roup. To $uild upon this heritage the Tata !ouncil for

!ommunity nitiati%es *T!!+ has created the Tata 4uidelines on !ommunity

De%elopment, an effort of o%er three years from the field e%ol%ed into a frame&or of

$est practices.

The Birla group of companies are also among the pioneers in the field of corporate

social responsi$ility in ndia. ;s part of the ;ditya Viram )irla 4roups "ocial #each,

the )irla group runs as many as ?H hospitals in ndia= includes ;dult education and

schools conducting as many as A schools all o%er ndia= reha$ilitates 8andicapped
http://www.adityabirla.com/http://www.adityabirla.com/


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persons ha%ing touched more than HCCC physically challenged indi%iduals. 5ore than

?,CC,CCC patients ha%e $een e'amined under the 4roups medical programmes. G%er

?H,CCC children along &ith 2CCC pregnant &omen ha%e $een immuni/ed, o%er HCC

cataract patients operated, 2CCC T) patients pro%ided medical care, ?CC leprosyafflicted

attended to, free of cost.

t also pro%ides Vocational Training, ha%ing pro%ided training to o%er 3CCC &omen and

ha%ing distri$uted o%er ?KCC tool its in a %ariety of areas lie electrical, auto repair,

electronic e


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education, integrated rural de%elopment.

)eyond the pri%ate sector, corporate players in ndias pu$lic sector too ha%e $een

acti%ely in%ol%ed in corporate social responsi$ility initiati%es.

Conclusions

The rapidly gro&ing field of !"# &as initially a tactic used $y major corporations aiming

to pacify consumers6 ethical concerns, &ith origins in the anti corporate and anti

glo$ali/ation protests of the late ?Cs.

Today, !"# is epitomi/ed as the %oluntary ethical $eha%ior of a company to&ards

society including shareholders and stae holders -holding- human and employee rights,

en%ironmental protection, community in%ol%ement, and supplier relations as core %alues.

The reasons for companies $ecoming interested in social responsi$ility are di%erse: #is

protection, maret Positioning, recruitment, politicalsocial relationships, etc. ;

!onference )ard of !anada poll re%ealed that AAF of !anadians are most liely to in%est

in, ?F to purchase from, and AF to &or for companies they %ie& as socially

responsi$le. "imilar demands ha%e $een &itnessed in other countries as &ell. There are

many e%idences &here$y adopting !"# practices $usinesses ha%e $een a$le to

turn things around for their good. ;midst the negati%e pu$licity, "hell in the midCs

&itnessed producti%ity do&nturn and lo& employee morale. The company6s su$se


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Electrolu', and !oe also found that product lines and mareting initiati%es lined to

!"# produced a$o%ea%erage returns *5ess, 2CC3+. The lin $et&een !"P and !7P is

moti%ating $usinesses to $ecome increasingly in%ol%ed in !"# practices and address the

&ide ranging and e%er changing demands of the staeholders.

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Iohnson, 5., Vaele, 4., and 5cen/ie "., *2CC2+, 6!orporate "ocial#esponsi$ility: ; "ur%ey of 4lo$al !ompanies6 in "umati #eddy edited!orporate "ocial #esponsi$ility !oncepts and cases VoLl, !7; ni%ersityPress, 8ydera$ad.

Iones, T., *?H+, 6nstrumental "taeholder Theory: ; "ynthesis of Ethics and Economics6, ;cademy of 5anagement #e%ie&, V C?.2C, pg KCK K3A.

ee$le, I. and D. )ro&n *2CC2+. The )usiness !ase for !orporate !iti/enship.


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!orporate "ocial #esponsi$ility: !oncepts and cases, Vol.?. ". #eddy.8ydera$ad, !7; ni%ersity Press: pg 3?2.

Corporate Social Responsibility a New Way of Doing Business..FINAL

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