Card Csr
2010
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Card Csr
CORPORATE SOCIAL RESPONSIBILITY (CSR)- SOME THOUGHTS
Business is an economic, cost effective, financial and profitable activity to earn revenues for the owner and social responsibility is helping community without any expectations. Business is expected to create means and market, create and generate employment innovate and produce a sufficient surplus to sustain its activities and perk up its competitiveness. Society is expected to afford an environment in which business can build up and flourish, allowing investors to earn returns. Milton Friedman, Nobel laureate in Economics, once asserted that the sole aim of a business should be the maximization of shareholder’s value. Social Missions, according to him, are the accountability of individual social organizations and the Government. But, the depiction today is relatively diverse.
Trade depends for its survival and long term prosperity on society providing the resources; people, raw materials, services and infrastructure. To convert raw materials into profitable goods or services it needs these inputs from the society. While society provides the means of exchange, trained man power, legal and banking systems, social infrastructure like road, schools, hospital etc., business provides products and services, direct and indirect employment, income generations in terms of wages, dividends, taxes, interest etc., Neither the business can survive without society nor the society without business. Their existence, welfare and growth totally depend on this mutuality.
In the words of J.R.D.Tata “The formidable challenge of the present time demanded the involvement and identification of organized industry with the life and problems of the people of community”. So, every business enterprises owe great obligations to the society in which it operates and from which it derives its sustenance.
Social Responsibility refers to value –oriented decisions and behaviour of management of a business towards the society. The business owes responsibility towards the segment of the society such as shareholders, employees, consumers, suppliers, creditors, competitors, dealers, Government and the Community. A fair share of return must be made to these segments by the management. So as to strike an equitable and proper balance between the interests of the people who are affected by the activities of the business or who are the cause for the legitimate existence of the company.
Corporate social responsibility is neither the brain child of a single person nor of a single organization. There has always been an ethical perspective to the business strategies practiced all over. There are several moral ethics organizations have been following for several decades. One such ethical perspective is the desire to offer help, being conscious of the fragility of the environment we are living in.
Every firm is so dependent on its social environment that it can neither survive nor grow without full social acceptance and approval of all the constituents of the environment in particular, society at large, and the Government in general.
Corporate social responsibility is the obligations of the employer of the company to pursue those decisions or to follow those lines of action, which are desirable in terms of the objective and values of our society. (Bowen)
The World Business Council for Sustainable Development in its publication “Making Good Business Sense” by Lord Home and Richard Watts says “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the community and society at large”.
Business for Social Responsibility (a Global Non-profit Organization) defines Corporate Social Responsibility as achieving commercial success in ways that honor ethical values and respect people, communities, and the natural environment”.
Frooman (1997) defines Corporate Social Responsibility as “an action by a firm, which the firm chooses to take, that substantially affects an identifiable social stake holder’s welfare”. The main aim of the concept is to bring together all the sectors, (public, voluntary and business) and work together to eliminate the old idea that economic and environmental issues are in conflict.
Carroll (1991) defines Corporate Social Responsibility as a pyramid, comprising of economic, legal, ethical and philanthropic responsibilities.
Thus, CSR may be described as the obligation of companies to protect and enhance the norms and values held by the society within which it operates.
From the above definitions, it is found that, the concept is a significant one and has been gaining magnitude among the corporates as society plays a prime role in influencing the recital of the company. Some of the companies have been criticized in journals newspapers either for being irresponsible or for using CSR as a trump card in alliance with NGOs for gaining reputation. Indian companies while gaining special privileges from the society are supposed to have a greater responsibility towards the society.
It is felt that, the mutual obligation of any human being is to stretch hands, when others struggle. The companies, flourishing with huge resources with the contribution from the society have the same mutual obligation as they are run by human beings. When, every company is keeping pace with changing times and marching ahead to excel in profit, their corporate behavior must be studied in order to know to what extent they serve for the social purpose besides making profits.
Against this Background, as a part of social commitment, It is clear that, corporate managers should make decisions based on a set of principles influenced by the values, context and culture of the organization. What constitutes good corporate citizenship will evolve with the changing circumstances of a company and must be tailored to meet these situations. Implementing Corporate social responsibility structures are important but instilling the right culture, that is to say, social Culture is the Most Essential one.
About the Author
Dr.R.SRINIVASAN is a Post graduate in commerce and Management. He received his doctoral degree from Alagappa University in 1997. He currently teaches financial management and Research Methodology Subjects in Post graduate and Research Department of Corporate Secretaryship at Bharathidasan Government College for Women (Autonomous), Pondicherry University, Puducherry. Before Joining BGCW, he was teaching in SNR College, Coimbatore, Sindhi college, Chennai& T.S.Narayanasamy College, Chennai for eight years. He was with the industry for a short term at Salzar Electronics Pvt. Ltd, Coimbatore. He has about 20 years of teaching experience and having research experience of 15 years. His interests are in Accounting and finance, Capital Market, Quantitative Methods. He underwent the Faculty Development Programme at Indian Institute of Management Ahmedabad during 2000-01. He has presented 20 papers in national and international conferences and has published twenty papers in the areas of Finance and Human resource Management in National Journals. Co-authored a book titled, ‘Investors Protection, published by Raj Publications, New Delhi He has delivered lectures in contemporary finance topics at Pondicherry University. He is involved in consultancy projects for Godrej Saralee, Chennai in the areas of Statistical Applications. He has supervised a number of research projects in the area of corporate finance and Human Resource Management. He is the Board of examiner in corporate Secretaryship and Management for the past two decades.
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How long should a credit account be open before requesting the APR% to be lowered?
We recently had a financial advisor come to our work, to discuss IRA accounts. It came up that people who are in debt can call their credit card companies & after being turned down by the CSR & requesting a manager (he said this happens every time), that you can request your APR% to be lowered. He said that "loan" companies won't do this, but most credit card companies will (well, the supervisors will, he said that the CSR's aren't allowed to negotiate or offer a supervisor, you must ask for one). At the time, I didn't think to ask him what the least amount of time is that an account should be open, before attempting this. Does anyone know? Thanks!
I know for a fact many people ask for credit limit increases RIGHT AFTER being approved for a card when you talk to a supervisor. In terms of the APR, it doesn't hurt to ask right away especially if you talk to a supervisor. If you want to play it safe, wait 6 months after having paid your card as agreed.
Bottom line though: never hurts to ask!
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