Corporate Social Responsibility- Need or Burden?

What is the business of business? Should businesses attempt to solve societal ills? Or should businesses merely maximize shareholder wealth? The debate on the Corporate Social Responsibility rages on! Today, CSR is entering a new era in India as companies comply with new legislations and respond to the expectations of society.

To give students an enlightened perspective on this hot topic, Enactus Somaiya Social Cell organized a panel discussion on “Impact of CSR in Economic Downturn” in the recently concluded Samavesh, 2013.

Today, in these tough economic times, will companies continue to act in a socially responsible manner? Or will the CSR activities be the first one to face the axe? Can the companies turn CSR expenses into strategic opportunities? These were some of the important questions discussed by the eminent panellists who were Mr. Pradeep Talpade- Ex CEO, L&T charitable trust, Mr. Murali G – CIO of Star Union Dai-ichi Life Insurance and Mr. Kaushal Mehta- Director, Protoninfosolutions Ltd.

The discussion opened on a lively note with the panellists defining CSR in a radical manner, drawing from their own professional experiences. The students were exposed to a whole new perspective as the panellists discussed CSR from the point of view of corporates. They were refreshingly upfront in saying the companies will always want to gain a strategic advantage through their social investments. This justifies the expenditure of the company and encourages them to take up more initiatives.

The panellists significantly emphasized on CSR simply being a profitable and responsible way of doing business. When looked at from this perspective, then the CSR activities would simply be unaffected by the economic upheavals. The highly debated new Companies bill which makes CSR mandatory for corporates was also discussed with fervour. The panellists were of the opinion that the bill can be an advantage to both the company and the society, if taken in the right spirit.

One of the points that the students lapped up with pleasure was regarding the growing plethora of opportunities in the field of CSR. The idea being that corporate social responsibility will soon be a job market in itself! The enlightening panel discussion ended with the panellists urging all the young and budding managers to be socially responsible entrepreneurs by making social responsibility a part of their daily life and everyday decisions.