Question

I need finance management project about any topic from 800-1000 words

Answer 1

Corporate social responsibility (CSR) refers to business practices that involve initiatives

society

I. Financial responsibility:

A company must assume its economic responsibilities in terms of reasonable returns for investors, fair remuneration for employees, goods at fair prices for customers, etc. Respect for financial responsibility is, therefore, the first layer of responsibility and also the basis for subsequent responsibilities. The fact is that financial responsibility is

essential for all societies to survive in time.

ii. Legal responsibility:

The legal responsibility of commercial companies requires that companies respect land law and the rules of the game, the laws are the codification of what should and should not be done in society. Respect for the laws is the prerequisite for any company to be socially responsible.

iii) Ethical responsibility

These responsibilities refer to obligations that are fair, fair and equitable for companies to fulfil them. Simply following the law, procedure, and rules and regulations does not always make business ethical or good. The conduct of companies that go beyond the law and contribute to social welfare is called ethics.

iv. Philanthropic liability:

Donate to charities, build recreational facilities for employees and their families, support educational institutions, support arts and support activities, etc. they are examples of philanthropic responsibilities assumed by corporations. It is important to note that philanthropic activities are the wishes of companies, which society does not expect.

TOP CSR STATISTICS

• $17.8 BILLIONTHE AMOUNT THAT CORPORATIONS GAVE TO CHARITIES LAST YEAR.

• 55%OF CONSUMERS ARE WILLING TO PAY MORE FOR PRODUCTS FROM SOCIALLY RESPONSIBLE COMPANIES.

• 65%OF FORTUNE 500 COMPANIES OFFER MATCHING GIFT PROGRAMS.

• 93%OF THE WORLD’S LARGEST 250 COMPANIES NOW PUBLISH ANNUAL CSR REPORTS

• SOURCE: DOUBLE THE DONATION RESEARCH

IMPORTANCE OF CSR

For the company improves the public image The public image of a company is at the mercy of its social responsibility programs and consumer awareness of these programs. Remember that consumers feel good about institutions that help the community. Cleaning up your public image increases employee engagement. Employees love working for a company that has a good public image and is

constantly in the media for positive reasons. Happy employees almost always equate to better production. Improve customer relationships A strong corporate social responsibility framework is essential to build and maintain trust between the company and customers.

FOR EMPLOYEES

• POSITIVE WORK ENVIRONMENT

When companies exhibit philanthropic behaviour, they are more likely to provide employees with a positive workplace. As a result, employees feel engaged and productive when they get to work every day.

• Encourages professional and personal growth.

When employees dedicate their time and money to worthy causes, they develop professionally and personally. DRIVING FORCES BEHIND CSR

1. Transparency: companies can no longer hide things. What companies do for better or for worse will be known almost instantly.

2. Knowledge: with all the information that we can find today, consumers will be able to access the files of these companies and when shopping among products of a similar nature, they will be able to choose the one with the best CSR.

3. Globalization: which is the cooperation of people, companies and governments of different nations to come together and create a plan for our future so that we can support life here on our planet for as long as possible.

4. Sustainability: There has recently been a big problem in the world, with such a large population that we have crossed the sustainable threshold of many of our trusted natural environmental systems. This is a major problem for us and some of these companies that rely heavily on these environmental systems for their activities and are under great pressure to reduce and demonstrate that they are doing their best to be environmentally friendly, to Him good of our future.

TATA OF STEEL (GOOD CSR)

Tata Steel believes that the main objective of a company is to improve the quality of life of people. Tata Steel will provide its resources, within its means, to maintain and improve a healthy and prosperous environment and to improve the quality of life of the inhabitants of the areas in which it operates. "

-B. Muthuraman, Vice President, Tata Steel.

1. Tata Steel believes that a company must contribute to the communities in which it operates. As such, Tata Steel dedicates 5 to 7% of its after-tax profits to CSR initiatives, such as environmental sustainability and social development.

2. Tata Steel's CSR policy focuses on education, health, rural development and sports.

VOLKSWAGEN (CSR FAILURE)

The Volkswagen case is above all an absolute failure in terms of corporate social responsibility (CSR). The company deliberately tried to devise a way to bypass emissions control, a scheme known at the highest level, to give it a

advantage over your competitors

The case of Volkswagen, on the other hand, shows that we have to reinvent CSR. The people who run these departments should be responsible for the actions of your company.