7 Strategic Steps to Fulfill Social Responsibility

CSR Strategies: Corporate Social Responsibility for a Competitive Edge in Emerging MarketsWith the given understanding that businesses have a key role of job and wealth creation in society, CSR is generally understood to be the way an organization achieves a balance between economic, environmental, and social imperatives while they address the expectations of the shareholders and the stakeholders. Companies of late see CSR as an integral part of the long term business strategy. Now a days lots of companies are taking it seriously for good of business. Very briefly, the following strategic steps should be taken by a firm to fulfill its social responsibility.
1) Assessment of economic and social impact
2) Assessment of social environment
3) Appraisal of the firm’s policies and practices
4) Formulating objectives and strategies
5) Developing operational plans and programmes
6) Monitoring social programmes
7) Summary of the outcomes and performance