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What are CSR initiatives? Why do businesses participate in CSR initiatives?

former_member816253
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What are CSR initiatives? Maharatna businesses like BPCL also engage in a significant amount of CSR. Why do businesses participate in CSR initiatives?

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former_member816253
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Corporate social responsibility is a type of business aimed at social accountability and positively impacting society. Some ways a company can embrace Corporate Social Responsibility include taking environmentally friendly and eco-conscious decisions, promoting equality and diversity at the workplace, treating employees with respect, giving back to the community, and ensuring business decisions are ethical.


CSR evolved from voluntary decisions by individual companies to mandatory regulations at the regional, national, and international levels. However, many businesses choose to go beyond the legal requirements and incorporate the concept of "doing good" into their business models.


There is no one way for a company to embrace CSR, but one thing is sure: for its practices to be perceived as genuine, they must be integrated into its business operations. In the current socially conscious environment, employees and customers value working for and spending money with companies that prioritise CSR. They are capable of detecting corporate hypocrisy.


A company should examine its values, business mission, and core issues to determine which initiatives best align with the company's goals and culture. The company can do this internally or hire a third party to do it for them.


Reviewing the United Nations' 17 Sustainable Development Goals is a good place to start CSR activity. While most businesses can benefit from goals like Good Health and Well-Being or Gender Equality, specific goals like Sustainable cities and communities, Affordable and Clean Energy may be relevant to specific industries like energy providers like BPCL, which is actively working on various factors to contribute to achieving sustainable development goal. They also have a separate CSR Department, which keeps monitoring the progress of all the activities. The CSR committee regularly visits the plans and their effects