#CsrStrategies

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Corporate Social Responsibility: A Strategic Tool for Business Innovation and Sustainability

In the evolving business landscape, Corporate Social Responsibility (CSR) has transformed from a compliance requirement to a strategic driver for innovation, market exploration, and sustainable growth. Today’s companies view CSR as a vital component of their business operations and sustainable strategies. The focus is no longer limited to legal obligations but extends to building goodwill, gaining customer trust, enhancing brand recognition, and achieving operational efficiency.

Read more at https://www.cyberswift.com/blog/corporate-social-responsibility-a-strategic-tool-for-business-innovation-and-sustainability/

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Boost Your Business Impact with a Trusted CSR Consulting Firm

Looking to enhance your company’s social responsibility efforts? A CSR consulting firm helps businesses develop and implement effective CSR strategies that align with their values and regulatory requirements. From sustainability initiatives to community engagement, expert consultants ensure impactful and compliant CSR programs. Partner with a reliable CSR consulting firm to drive positive change while strengthening your brand reputation and business growth.

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[excellence-12]

CSR: Excuses or Explanations

In 2014, India became the first country to create a statutory obligation for companies to spend a part of their profits on Corporate Social Responsibility (CSR) initiatives. The rationale for this was that companies should give back to society. Schedule VII of the Companies Act, 2013 (the Act), lists the permissible activities which can be undertaken by companies to fulfil their CSR responsibilities.

Over the years, there have been several amendments made to the provisions relating to CSR. Initially, the CSR provision was introduced in the Act as a Comply or Explain (COREX) provision. In case a company was not able to spend the mandatory minimum amount on CSR, it could explain the reason(s) for the shortfall to their shareholders, through the Board Report. Over the years, the COREX approach has been abandoned, and if a company is not able to spend the minimum mandatory amount, it has to give the reason for the shortfall, and the amount of shortfall has to be deposited in a separate account called the Unspent Corporate Social Responsibility Account. This amount then has to be used for activities relating to CSR in the following year.

Spending less than the minimum required amount on CSR is perceived as an indication that the Board and the CSR Committee are giving inadequate attention to this responsibility of the company. While the reasons for this are valid in some cases, some reasons seem more like excuses. Where companies undertake projects where the spend is spread across multiple years or where companies release amounts for CSR based on completion of a phase of the CSR project, and this results in an unspent CSR amount, it seems to be a valid reason. This is because the company is trying to spend money on projects that are either value adding or sustainable. There were also some Covid lockdown related delays, or delays due to factors outside the control of the company, such as change in Government policy or natural calamities, which are genuine reasons for not spending the mandatory amount.

As against this, there are various “reasons” given, the genuineness of which is questionable. Some of these include

Lack of proper projects

Inability to have the required infrastructure to deliver a project

Under utilisation of funds in identified projects

Ongoing discussions with NGOs for new projects

Operational constraints

Activities not covered under the relevant section of the Companies Act, 2013

It is considered a good practice for CSR Committees to hold 2-3 meetings in a year so that they can assess the status of various CSR projects of the company. In the case of companies which have not fulfilled their responsibility towards CSR, the shortfall could have been avoided if CSR Committees had insisted on midcourse corrections. These could be in the form of finding new projects, changing the implementing agency, or increasing the number of focus areas, if the company is unable to identify projects. The provision for transferring the unspent amount of CSR to the designated account was presumably introduced since a number of companies would give reasons for shortfall, and not spend the amount in subsequent years.

Companies derive considerable benefits from society for carrying out their business activities. It is only fair that they consider society as an important stakeholder for their operations, and do not take the CSR responsibility lightly.

Source: https://excellenceenablers.com/csr-excuses-or-explanations/

[veztaco]

Consumerism: To buy or not to buy! 

by Denisse Baqué What is that emotion after buying on Black Friday, after sales and promotions? Satisfaction or Guilt? After buying different items one after the other, do you feel like you are buying things that you do really need?

Consumer spending has become part of our society values, as unfortunate as it sounds, statistics show there are more shopping malls than schools in the United States of America, a person holds more than 4 different credit cards and there are more Televisions plus other electronic devices than real people at homes.

Consumption is inevitable, however, in our today society it is very relevant to differentiate between the concepts of Consumption and Consumerism.  According to the dictionary, Consumption is defined as the action of using up a resource, on the other hand the protection or promotion of the interests of consumers is the definition of Consumerism. In simplify words Consumption is a natural act and Consumerism is the set of tools that make consumers to buy more.

Consumption is part of life therefore it generates waste, although within a healthy society this waste can be easily handled in order not to harm the environment, Consumerism on  the contrary keep consumers chained to a bad habit and goes beyond consumption, generating an incredible amount of waste difficult to handle while strongly harming the environment and our society.

A secret Marketing Strategy?

Indeed sales have an important impact on consumer behavior and this is the part where big corporations enter the game, technically speaking 2 out of 4 Ps of Marketing play a crucial role: Price and Promotion especially on sales.

It is not a secret, the information is out there, from reducing the price, the eternal 2x1 until the massive email marketing and the colossal digital campaigns with social media included, companies around the world know the importance of a strong Marketing strategy especially when it comes to increase sales for the holiday season, for this reason, companies try many ways to catch potential clients with new offers to make them buy more of their products.

Chaos Theory applied to our planet.

How can we hope for a sustainable future when our current society is putting more value on material things and possessions?  It is not consumption which is destroying our planet,  it is the harmful and careless life model implanted in our heads, consumers are daily exposed to the brainwashing, to the culture of buying more and throwing more.

That being said, probably next time it will be easier to be a mindful consumer, simply because mindless consumption gives as result a Compulsive Consumption, generating:

-       More waste.

-       More debts.

-       Less Freedom, financially and psychological speaking.

-       An increase in materialistic ideals.

And the Environmental Impacts are several too, including:

-       Misuse of Resources, our planet is working hard to generate and provide all the natural resources needed to live a plenty life, why do we need to abuse and explode it?

-       Let go of the myth that consumption is about population, which is a lie, the most populous regions in our planet use less resources than all the developed or wealthiest nations.

-       A huge number of corporations coming from different industries are responsible for Environmental Impact leading to more deforestation, land degradation and more water contamination.

What to do?

1.     Dig deeper, there is more to live than owning material things.

2.     Ask yourself, do I really need to buy this? Do I need more than this?.

3.    Say no to fake and massive promotion, especially advertising via Television, internet, phone or any other way.

4.     Say no to products harmful for the environment, especially if these are on sale for some reason.

5.     Escape the mean cycle, buying compulsively can be the beginning of you becoming a shopaholic.

By quoting John Daido Loori in his book The Zen of Creativity “in a society like ours that assures us that more is better, it is not easy to trust that we have enough, that we are enough” therefore the need to think on the consequences and put on mind the chain reaction and the kind of results our purchases might have: are they being harmful to someone and the environment? Consumption is indeed part of life and it is necessary, what is not really necessary is consumerism. Our wants and needs are different from one another and on a different level of priority, learn to differentiate that there are needs to be covered and wants that may need to be satisfied  however, is that really necessary?  

REFERENCES:

National Geographic. 2004. As Consumerism spreads, earth suffers, study says. Retrieved from: http://news.nationalgeographic.com/news/2004/01/0111_040112_consumerism.html

Becoming Minimalist. 2016. 9 Intentional Ways to Challenge Consumerism in Your Life. Retrieved from:

http://www.becomingminimalist.com/less-consumerism/

Global Issues. 2005. Effects of Consumerism. Retrieved from:

http://www.globalissues.org/article/238/effects-of-consumerism

Conservation Economy. 2010. The problem isn’t consumption, it’s Consumerism. Retrieved from: http://www.conservation-economy.org/the-problem-isnt-consumption-its-consumerism/

Zen Habits. Breaking free from Consumerist Chains. Retrieved from: https://zenhabits.net/free/

La Tribune. 2009. Bernard Stiegler: Le Consumérisme a atteint ses limites.  Retrieved from: http://www.latribune.fr/actualites/economie/france/20090723trib000402565/bernard-stiegler-le-consumerisme-a-atteint-ses-limites.html

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Key Benefits of Hiring a CSR Consulting Firm for Your Business Success

Want to maximize your company's social impact? Discover the benefits of hiring a CSR consulting firm to develop a strategic and effective corporate social responsibility plan. From ensuring regulatory compliance to enhancing brand reputation and driving sustainable growth, CSR experts help businesses create meaningful change. Stay ahead in corporate responsibility with the benefits of hiring a CSR consulting firm and build a better future for your business and society.

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Exploring Corporate Social Responsibility in India: A Step Towards Sustainable Growth

Corporate Social Responsibility in India has evolved into a crucial business practice, encouraging companies to contribute positively to society. With the introduction of the Companies Act, 2013, India became the first country to mandate CSR spending for eligible firms, reinforcing its commitment to sustainable development.

Many corporations actively engage in CSR initiatives, focusing on education, healthcare, environmental sustainability, and rural development. These efforts not only enhance brand reputation but also foster long-term societal impact. As Corporate Social Responsibility in India continues to gain momentum, businesses are increasingly integrating ethical and socially responsible practices into their core strategies.

Stay informed about CSR trends and initiatives shaping India's corporate landscape!