P A R Y & Co
P A R Y & CO

Management Best Practices

Corporate Social Responsibility has been understood in terms of accountability as where corporate are feeling that they are responsible for the impact their actions have on several stakeholders. CSR is about how corporate place their business ethics and behaviour to balance business growth and commercial success with a positive change in the stakeholder community. The basic motive of CSR is to increase the company’s overall impact on the society & stakeholders.

Corporate Citizenship, similar to its CSR Concept, is focusing on the membership of the corporation in the political, social & cultural community, with a focus on enhancing social capital. Notwithstanding the different terminologies & nomenclature used, the focus for the companies today should be to focus on delivering to the basic essence and promise of the message that embodies these key concepts - CSR and Corporate Citizenship. The four key principles defining Corporate Citizenship are:

  • Minimize harm
  • Maximize benefit
  • Be accountable and responsive to key stakeholders
  • Support strong Financial Results

CSR involves a commitment by a company to manage its role in society in society – as producer, employer, customer & citizen in a sustainable manner. This commitment can include a set of voluntary principles – over & above applicable legal requirements that seek to ensure that the company has a positive impact on the society in which it operates.

Corporate should understand that CSR is not only a pure management directive but it is something that is central to the company and has to be embedded in the core values and principles of the corporate. It has to utilize things at which corporate are good; it has to be something that takes advantage of the core skills and competencies of the companies. It has to be a mandate of the entire organization and its scope does not simply begin and end with one department in the organization.

For the successful execution of CSR the Corporate should adopt a long term approach rather than sticking to short term interventions, involving the companies and employees in the long- term process of positive social transaction. A clearly defined mission and a vision statement combined with a sound implementation strategy and a plan of action firmly rooted in ground realities and developed in close collaboration with implementation partners, is what takes for a successful execution on CSR.