Business, growth and making profit are not the sole activity of the corporate sector rather taking the responsibility of the society is considered another ethically vital dimension added to their function. Companies now focus on three essential P's: People, Planet and Profit. Many reputed companies indulge in social responsibility concerning education, health, employment, environmental issues which need attention and support. With well devised policies and structured programs such problems are taken care of. This leads to creation of a bond between people and the corporate. People are benefited with such initiatives, so also companies gain reputation and brand image in the process.
Though the concept of corporate responsibility is embraced by almost all companies worldwide; yet some outstand by becoming highly ethical entities like Cisco Systems, UPS, Walt Disney, and Microsoft. These are the companies known for their best corporate social responsibility initiatives. In Asia, Singapore, Hong Kong, India and Thailand are the nations with good practices. Indian conglomerates such as ITC, TCS, Wipro, Infosys, Tata Motors, and Hero Honda have initiated effective measures ensuring development of rural and backward areas. Government undertakings are also exhibiting their interest by spending huge sum of money on such proposals. Government and corporate together are trying to take the nation forward with their efforts of social responsibility.
No doubt companies are realizing their responsibility, but critics opine that corporate social responsibility is just an excuse in order to stay away from tax net. Moreover increasing reputation and image can also be another possible reason for such generous activities. Days back Cadbury's in England and Tata's in India made efforts to help people. May be that commitment today, is called responsibility towards the society. What is required is the intention to serve which should not be colored with any sort of profit motive. The problem pertaining to India is there are no well defined policies on social responsibility. Again, there is no council or committees operational for evaluating, monitoring and measuring programs made by the company. Hence benefit does not percolate to the people evenly. Lot is said little is done. India needs to take necessary steps in this respect. Steps can be creation of awareness programs on social responsibility. Secondly, a structured committee can be set for evaluation purposes. Thirdly, rewards (in the form of incentives) can be given to companies who have implemented their programs successfully.
India had some exceptional and exemplary figures that had the commitment, responsibility and the urge to perform. From various names one name is of JN Tata, the well known industrialist who had that great vision which visualized the progress of Indian nation. Finally gave the country the largest steel manufacturing industry, best educational institutes, world class hotel chain and many more to count on. He was rightly called a 'strategic philanthropist' who brightened the future of the country with his endeavors.
Lastly, the focus of business does not limit itself to increasing profits but should go beyond the tangible and ensure corporate value. Or else it would just end in an 'Enron Story'.