Corporate social responsibility (CSR), defined broadly as “a commitment to improve (societal) well-being through discretionary business practices and contributions of corporate resources,” occupies a prominent place on the global corporate agenda in today’s socially conscious market environment.
More than ever, companies are devoting substantial resources to various social and environmental initiatives – ranging from community outreach and neutralizing their carbon footprint to socially responsible business practices in employment, sourcing, product design, and manufacturing.
A growing body of academic research attests that:
# A company’s positive record of CSR fosters consumer loyalty and, in some cases, can turn customers into brand ambassadors and advocates who may be willing to even pay a premium to support the company’s social policies.
# CSR may offer a competitive advantage in attracting, motivating, and retaining talented employees and socially responsible investors.
Considering the significance of a CSR program and the critical role that it plays in business strategy, we aim to see that we:
1) Our CSR activities fit into our business strategy
Banswara Syntex fully evaluates how the activities fit within the business strategy as well as the ability of stakeholders to naturally perceive such congruence.
2) Emphasize CSR commitment and impact to foster consumer advocacy
Our CSR communication strategy adequately emphasizes and documents the long term commitment by the company and the concrete impact of its CSR activities.
3) Seeks credibility through the support of independent agencies
Stakeholders tend to perceive the company as more self-interested than other non-corporate sources; consequently, they judge the representation of a CSR activity by in-house marketing and publicity experts as less reliable than the documented report by a reputable external source.
4) Encourage employee and consumer word-of-mouth
Employees, in particular, through their social ties, may have wide reach among other groups of interest in the company. In addition, today, the power of consumer word-of-mouth has been greatly magnified given the popularity and scope of social media platforms such as blogs and social networks.
5) Select social initiatives with high issue support
Stakeholder engagement in the design and implantation of CSR strategy will result in initiatives with high support.
The 2013 companies act brought the formalization of spending of corporate’s towards their social responsibility.
2019 marks 6 years of the roll out of this policy for Banswara Syntex with the vision to be a corporate leader in providing high standards of community living wherever we operate.
We have undertaken many projects covering the goals set out in the Government of India CSR policy of ensuring environmental sustainability, improving health, promoting education for the public of Banswara and surrounding villages in a sustainable and measurable way.