Dr Roy of Birla Institute of Technology and –Md. Musharraf of Bangladesh SHRM on CSR and business sustainability at NIPM NATCON2016, Mumbai

Key Learnings

  • Corporate Social Responsibility is the continued commitment of the business to be ethical. Many business across world, particularly this part of the world, are not ethical.
  • CSR should encompass internal and external stakeholders of an organization and the community at large. CSR started for philanthropic work and still it remains philanthropic in many countries and organization. Many countries have not formulated legal framework for CSR.
  • Business has obligation towards its stakeholders. Business should improve quality of life of the people internal and external to the organization.
  • Caring environment: business should promote ecological development because business across the countries creates lots of pollution.
  • Transparency and Accountability in Business Practices: There should be transparency and there should be some kind of accountability towards community and country.
  • If the business does not have profit, then it is very difficult for CSR for sustain. Business has to perform well to be able to undertake CSR seriously. CSR needs money. Business performance and CSR performance are complementary to each other.
  • CSR leads business impacts on brand and reputation which intern results in better business performance.
  • There are studies which shows that company’s CSR performance is directly related to the level of employee engagement. Business goodwill now a day depends on how much you are doing CSR activities. CSR will bring the brand of the company and its product. CSR has direct impact on financial performance.
  • If Sustainability, Accountability, Transparency, environmental protection, human rights etc. are taken care of, we will have the happy world.
  • India Govt mandates 2% profit as contribution towards CSR initiatives. Many PSU and private companies are spending more than 2% leading the CSR initiative/ activities.
  • Bangladesh does not have a legal framework like India for CSR. However, banking sector in Bangladesh is doing lots of CSR activities. The banks are rated based on CSR performance in Bangladesh.

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