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Corp Social Responsibility - Prevalent Form of Philanthropy

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Corp Social Responsibility - Prevalent Form of Philanthropy Corp social responsibility - prevalent form of philanthropy Dec 26, 2010, 01.41am IST In November 18, 2008, Rick Wagoner of General Motors, Alan Mulally of Ford and Robert Nardelli of Chrysler used their luxurious corporate jets to fly down to Washington DC for a common cause—seek $25 billion of taxpayer's money to avoid bankruptcy in the auto industry. The media coverage was immense, making the auto majors a butt of ridicule and widespread dressing down. A little more than two years later, President Obama hosted a meeting with Warren Buffett and Bill and Melinda Gates at his Oval Office to discuss the 'Giving Pledge' project, national economy and creation of jobs. The meeting, despite being a private affair, found ample space in the US media, punctuated with all-round applause and appreciation. The difference between the two meetings is evident: while the former trio is unabashedly self-serving, the latter humbly self- effacing. And no other times were more appropriate to bring out this contrast to public opinion than the last few weeks of 2010—an year for which Time magazine considers Mark Zuckerberg as the person of the year for changing "how we all live our lives". Incidentally, Zuckerberg, the creator of Facebook, has also signed the 'Giving Pledge', a commitment to give a majority of one's wealth for philanthropic efforts. He has pledged half his wealth. Social responsibility is more than just a cause; it's an inherent sense of responsibility to the society. 'Giving back to society' is no longer just the realm of non-government organizations who struggle to fulfill their cause. Most organizations today realize the importance of building sustainable and trustworthy relationships with the community at large. In my opinion, a true sense of social mission and purpose must come from within. The adage— Give a man a fish, you feed him for a day; teach a man to fish, you feed him for a lifetime, distinguishes charity from philanthropy. Times have seen organizations across the globe giving special attention towards the development of their employees and their families for a better quality of life, along with a strong focus on community development. However, the giving patterns have recently shifted from simple charity to support multiple causes through individual or institutional giving. Today, corporate social responsibility (CSR) is the prevalent form of philanthropy worldwide, with varying levels of organizational involvement and multi-location programs. Most companies have an organized approach to be socially responsible and CSR initiatives have become an integral part of their corporate strategy with sizeable budgets and teams. Organizations are strategizing their donations along with forming partnerships with non-profits and government bodies to pursue social goals. There are focused donations of products, knowledge, services and employee volunteer efforts et al. From family resources being used for social development to companies viewing their programs as strategic social investments ensuing measurable outcomes and tangible impacts—philanthropy has indeed come a long way. Year 2010 saw a sudden jump in the individual giving when forty of the wealthiest families and individuals in the United States signed the 'Giving Pledge', in June. This year, 57 businessmen— including Buffett, Gates, Barron Hilton, George Lucas, Michael R Bloomberg and Zuckerberg— have signed the 'Pledge'. Business groups and individuals like Tata group, Azim Premji, Anand Mahindra and Shiv Nadar made significant contributions to the education sector in both India and abroad. Thomas Friedman's The World is Flat demystifies the globalisation phenomenon. Without doubt, India will ultimately be a strong partner on the global stage when pitted against nations like China due to our inherent personalities and a democratic way of functioning where even the smallest person has a say. The power to drive and co-create new solutions lies in the hands of our nation's youth. They must harness their collective enthusiasm and success towards bettering the society around them. But integrity and honesty must be the two pillars that we focus on for a stable future. Often the achievements of a child are attributed to the environment at home. The same needs to be extended to the society when one is successful, and this for me, is 'inclusive' growth. Try and give back as much as you can to the society that has been the catalyst in your growth. In India, every small contribution of time or effort counts for a lot. The root to deal with major social issues and offering new ideas for wide-scale change can only be through the youth and India with its three potent advantages—population offering scalability; vast pool of talent contributing the right expertise; and a growing young population has a distinct advantage over others. About 60 percent of our nation's population is under the age of 30, with 250 million youth at an average age of 24. Empowering the youth is the way forward. In times to come they will act as the biggest change agents in all areas including social upliftment. But, in order to ensure that these advantages are sustainable, we need to collectively focus on social responsibility. Keshav R Murugesh Group CEO, WNS Global Services (The author is involved in an initiative called SIFE (Students in Free Enterprise, www.sifeindia.org), which gives students an opportunity to collaborate with businesses to work for community development and create a win-win partnership for the society at large.) The Economic Times Accessed Jan. 1, 2016 http://articles.economictimes.indiatimes.com/2010-12-26/news/27620757_1_social-responsibility-organisations-csr .
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