The term CSR stands for corporate social responsibility and is highly important for judging a company’s performance from social, economic as well as political angle. Corporate social responsibility is the contribution undertaken by big companies as a part of their social investment strategies through philanthropic programs. In fact, CSR is a key element which the decision makers keep in mind while framing the company’s public policy as it helps to develop a sustainable business.

In this globalised world, companies have started to launch new CSR initiatives as that helps them to have sound management and business values. Through CSR initiatives, companies can improve their business relations with stake holders and investors and can expand their business horizons worldwide. Though CSR programs do not help the companies to have direct cash returns, but what they gain is trust and loyalty of customers. It’s definitely a good policy for the multinationals to have public support as that help to develop a good brand reputation and reach out to market segments which were unexplored before. Although the effect of CSR programs depends on the scale of the organization, but if the program is launched properly it gives a huge impetus to the business owners.

Corporate communication is another effective tool which helps the multinationals to have better contacts with the investors, stake holders and agents of business. It links domestic and international business houses and this opens new channels of business for them.

The purpose of HSE management is to provide better working conditions for the company employees, contractors and visitors. It is important for the companies to follow proper safety as well as environmental norms so as to ensure proper facilities to their staffs.

Overall, Corporate social responsibility is a business model adopted by companies to encourage community growth and development. It’s the commitment which the multinationals and corporates make to improve the conditions of common mass, the society at large as well as the planet.