Thursday, September 24, 2009

New Age Corporate Social Responsibility

The concept of new age CSR is changing. Corporations have never been more interested in supporting their communities. With open source marketing and successful collaborations, this seems to be a promising era for corporate social responsibility. Based on a survey by LGB Research Institute (a non-profit organization), business organizations are using untapped non-cash resources for initiating good work.

It was great to learn that companies are not only getting involved in providing in-kind donations but new sustainable products are also being introduced to the consumers. The emphasis is on establishing partnership with non-profit enterprises, taking non-profit accountability and measurability into serious consideration.

The new age concept of corporate social responsibility goes beyond just writing checks. Collaboration with social enterprises is being done to generate impactful programs. In order to gain strong brand recognition, several new age firms are integrating corporate social responsibility initiatives to their capabilities. From orphanage construction and promoting health camps to conducting rehabilitation camps, corporations are making significant contributions to the society.

I recently read about Entergy Charitable Foundation’s contribution of 355,000 dollars to the Teach For America movement. With this effort, the foundation’s total investment in this cause has reached 1.3 million dollars since 2002. I feel that the involvement of corporations in developing communities should be CEO driven. Only when the top management shows optimum commitment towards good work, societal and environmental interests can be achieved.

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