Corporate social responsibility (CSR) is an essential topic that is receiving increasing attention from organizations. Corporate world focusing on Corporate social responsibility because CSR is highly associated with good corporate governance. Organizations have a large, positive or negative, direct or indirect influence on every party in society. Society is part of CSR because in society there are various particular parties and the organization's main goal is to satisfy all parties they contract with. The Organization’s main aim is to create economic and social value to their organization, for a shareholder, it might be to increase wealth, or for the government to decrease unemployment and increase Gross Domestic Product by high volume production of an organization. Thus, the role of organizations in balancing the interacting benefits or expectations of each party is crucial for both society and the business environment. According to Flavia Thomé, Triple Bottom-Line, “CSR role of corporations in the larger social and environmental contract is key in preserving an ideal equilibrium of confidence and responsibility”. Organizations may choose to engage in actions where their products or activities are linked to a wider social or environmental good. For example, Food products manufacturers joined hands with Govt schools, NGOs by supplying Food. On the other hand, responsible actions should be recognized as not just necessary, but a business imperative. It is good business to understand the role that your organization plays in the broader society and to leverage your resources in order to manage and satisfy your stakeholders. Keeping CSR at the periphery of the business model will go some of the ways towards improving stakeholder relations and reestablishing much needed trust. Corporate social responsibility principles are considered important starting points in improving business operation.
Companies that understand and implement the social responsibility strategy into their business core are able to anticipate changes through their CSR practices. The current crisis made shareholders rethink their business strategies and to consider the environment and social responsibilities important practices for the society and economic system. The CSR benefits have received increased attention from researchers, scholars and international organizations bodies such as Civil Society Organisations, technical experts, academics, international organizations, and other stakeholders. Corporations use CSR practices as a strategy to strengthen their relations with employees, investors, suppliers, government and customers. Corporate social responsibility practices as a long–term and sustainable business strategy regardless of any financial and or/economic downturn. The financial crisis has shaken many companies and caused losses and damage. However, in these uncertain situations, the crisis had brought not only threats but opportunities as well. The financial crisis can be a good indicator of socially responsible business activity. It highlights if companies connected their CSR practices to their core business in a responsible way or they fall victim to cost-cutting measures. Corporate social responsibility practices do not positively affect only financial performance but also the company's good reputation and differentiate the company from competitors through their goods and services.
Innovative Financial Advisors Pvt. Ltd (Fiinovation) is a leading research and advisory firm that offers expertise in the corporate social responsibility (CSR) and sustainability domain. Fiinovation’s main aim is to provide funds to other NGOs and working on their Corporate Social Responsibility activities. Due to Covid-19 pandemic fiinovation provides many funds to other NGOs and also working on their own projects to go to affected areas and provide help. Fiinovation visits many affected areas and provides direct relief. Fiinovation provides its services to both corporations and civil society organizations (CSOs) in carrying out field research studies, forging alliances, designing CSR policy of corporations. Fiinovation talks about many major problems such as waste management, rain harvesting, open defecation, disaster management, rural tourism, how to achieve universal health coverage in India, affirmative action and CSR for promoting livelihood for women, how to redefine CSR sector, gender equality, how CSR makes your startups most impactful, survival on streets, drugs impact on health, manual scavenging, CSR for agriculture development, antenatal care, female participation in agriculture in India. fiinovation has done many successful projects, the following mentioned projects in their fiinovation projects. Fiinovation family bridges the gap between the NGO and the companies and gives proper guidance to invest in the CSR activities which will benefit the society. They primarily focus on practise areas like health, education, livelihood skills and environment. Fiinovation’s main aim is to provide social services to the society. Fiinovation CSR activities are appreciated by many corporates and the Fiinovation news about their latest projects is also covered by well-known media channels like ANI News and economic times. In February 2017 Fiinovation and Uflex Ltd jointly awarded for Best Environment-Friendly Projects and the title of the project was Natural resource conservation & optimization of ecosystem services’’. The Fiinovation team always focuses on how their Fiinovation CSR activities make impactful for developing nation India. They mainly focus on social problems. Fiinovation believes action speaks louder than words. They have mentioned their work in Fiinovation Blogs that explains how solving social problems is their first responsibility. Fiinovation CEO Dr.Soumitro Chakraborty and his team are working for new upcoming projects and are also honoured with many awards for their work. We can contact Fiinovation through their social media sites like Facebook, Twitter, Linkedin as they keep transparency about their work.
Following are the Links:
Fiinovation Delhi NGO address: 24/30, Ground Floor, Okhla Industrial Estate, Phase III New Delhi – 110020, Delhi, India
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