Proposing a Welfare Framework for the Society and Local Community Stakeholders

Abstract

In India, society and social welfare has always been an important part of business and its broad objectives. From Merchant Charity to Corporate Citizenship, Corporate Social Responsibility (CSR) has undergone a lot of change over the past many centuries. Whatever be the nomenclature, the objective remains the same—ensuring the welfare of the society and local community as an important stakeholder of an organization. While many companies use CSR as a strategic tool, many others undertake CSR activities for genuine altruism. In both cases, CSR can be a very powerful tool for inclusive growth—the need of the hour. In this article, an attempt has been made through a mixed method study of proposing a Society and Local Community Welfare Framework. The quantitative data is gathered through an Executive Perception Survey wherein 400 responses from 125 organizations were gained and statistical analyses of the same were undertaken by the author. The qualitative data was gathered through personal interactions with senior management executives from nine eminent corporate organizations across industry categories. The framework and its major components are thus based on empirical data of practices as existent in corporate India today. Thus, the framework could be considered as a working model of CSR in India.