The Corporate Social Responsibility is a voluntary commitment of an organization or corporate or a business setting to involve in corporative practices economic, social, environmental criteria and actions that are set apart from the legislative requirements and possess relation to a wider range of stakeholders who influence everyone through their activities.
The Corporate Social Responsibility has been provided with the duty of defining the specific roles and responsibilities for business-related activities which are entirely opposite to the fact that it vindicates business. The primary function of the CSR is to assign a definite role to business and has to take care of the fact that the businesses are functioning within the realistic edges like the involvement of business with activities that helps the business to expand their markets, increase their profits and so on.
A comprehensive Corporate Social Responsibility system in an organization covers all the elements like stakeholder analysis, comprehensive strategy design that includes a marketplace, societal, workplace and environmental dimensions; activation programs and measuring & reporting etc., all that is required for its methodical working.
It is important for the companies to possess an efficiently working Corporate Social Responsibility system. The area of concern for a company having a CSR is the tasks or the steps that a company is required to follow for yielding maximum business value. CSR is newer technology introduced in an organization or in an industry or a business setting and thus not many people are properly aware of proper methodologies or the steps that need to be followed for development of a strategical CSR.
There are many benefits that the company gets through the use of a strategical CSR which are discussed in detail furthermore.