Facilitators & Bottlenecks of Corporate Social Responsibility

Corporates are experimenting with various areas in CSR apart from what is stated in their vision statements. They are also collaborating with NGOs, local self-government bodies or the government to ensure better reach, better strategy formulation and inputs from the government. It is vital for a company to view and focus CSR as a source of competitive advantage rather than a practice of philanthropy. CSR is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. Underdeveloped resources for implementation have created huge gaps and have increased the cost for CSR implementation. Besides, there are also no generally accepted standards for measuring the success of the array of community development programs that are now in place, according to the author.