Corporate Social Responsibility (CSR) is a concept with a growing currency around the globe. It has been developed tremendously through enormous practices of large number of business organisations throughout the world. The CSR automatically encompasses the corporate world of business. At present, companies worldwide are increasingly paying attention to CSR in their business approaches by attempting to address social issues, and engaging themselves in not-for-profit community welfare activities.
Business and society need to work in harmony towards mutual advantage.
The recognition of this need is reflected in the increased attention being paid worldwide to the concept of CSR. Companies can incorporate CSR in their business approach by attempting to address social issues and by engaging community welfare activities that yield no financial return. Such an approach can not only help mitigate some of the rough edges of the market economy, but also be rewarding to business through improved ethical standards, reputation and social legitimacy.
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