Corporate Social Responsibility and Competitive Challenges for Business

Mankind?s greatest challenges in this century will be to ensure sustainable, just and balanced development in all spheres of life. The need of the current and future generations cannot be met until and unless there is mutual respect for natural systems meeting international standards that would protect core social and environmental values. In this context, the role of business sector is increasingly recognized and its role has become too critical in today?s? scenario. of business sector. Hence it is obligatory on the part of society in the interest of the business sector to address various small issues and resolve it to make things effective in its day to day affairs. Its understood and proved beyond doubt that business can flourish only when the communities and ecosystems in which they operate are healthy and conducive. This broad strategic context helps us to explain the growing appetite among business sectors worldwide for authoritative information, company examples and also do advice on their corporate social responsibility (CSR). In the past it was found that Corporate Social Responsibility was fond only with handful of industries emerging to show case their concern and execute their responsibility. However today is seen that these handfuls that had emerged in the past have made an impact on the majority of them across the globe and has made it possible for many to practice and ensure that a major portion of their funds are assigned for Corporate Social Responsibility and its activities. What was found to be rear view and abysmal in practice has become the most common preference and importance for large global firms to demand that their vendors, associates, suppliers comply with Corporate Social Responsibilities covering major codes of conduct covering social environmental and cultural practices. This is the new paradigm shift in business landscape facing small, medium as well as large sized enterprises in developing countries. Are they ready? Is the question we need to answer in the days to come. Today, many challenges exists for these organizations in the implementation of Corporate Social Responsibilities. For small and medium organizations, overcoming these challenges has become a necessary condition to enter the global marketplace while for the large organizations it is not only necessary to overcome these challenges to remain and compete at the global level but also to gain and sustain the good brand image and corporate image among the common man is also equally important. Therefore, an attempt is made to put these aspects and focus in presenting views while we keep discussing these challenges that are multi faceted and suggesting possible interventions and strategies to convert such these ongoing challenges into opportunities for growth and sustenance of corporate entities.