Dear Readers,

Ethics is that bedrock from which the spring of doing good to the society sprouts. Ages ago, it was said that business of business is doing business. It does not hold good any longer. A business cannot survive and prosper if the society fails. Both share an umbilical cord.

CSR aims at creating shared value (CSV). The creation of shared value is based on the belief that corporate success and societal good are interdependent. A business needs a healthy, educated, motivated workforce, sustainable resources and enabling regulatory environment to compete effectively. For society to thrive, profitable and competitive businesses must be developed and supported to create income, wealth, tax revenues, and opportunities for philanthropy. Globally, corporate entities are engaging with their key communities through innovative technologies, ethical business practices, committed employees and their families to assist underserved and disadvantaged and inspire a positive change.

Any developmental challenge can be accomplished by a bottom up and collaborative approach by all stakeholders such as corporations, government, civil society and community. Globally, organizations have been able to make meaningful and sustained impact by involving communities in their sustainability journey. The 2014 Edelman Trust Barometer shows that public’s expectation of business has changed and that business can make a profit while delivering value to society by adopting innovative CSR practices that benefits people, communities and strengthen the business.
Including CSR as a part of the new Companies Act, 2013, the Indian government has commenced a serious, structured and project-driven approach which can bring in an impactful shift from one-time philanthropic and charitable acts to long-term sustainable ventures of social and economic wellbeing. In passing this law, the government has paved the way for corporates not only to bring in their resources but also capacities and skills that enable social change in ways that are beyond the capacities of both government and the civil society.

Successful enterprises of tomorrow will be those that lead and create value both inside and outside the walls of the company.

Sanjiv Tare
Editor

Continue Reading>>eSPIRIT – Oct. to Dec. 2014