Global Journal of Management and Business Research, G: Interdisciplinary, Volume 23 Issue 1

Golden Win-Win Situation Created by CSR Omansh Agarwal Abstract- The purpose of this paper is to open a window to a perspective of CSR, in which, due to CSR a win-win situation is created and to simultaneously disprove some misconceptions or false perspectives regarding CSR. In this paper, to support the perspective, examples of some interviewed companies are taken as case studies and a survey is executed to make some points. This paper provides examples and information regarding the benefits of CSR in a more broader and commercial/economic manner as well as philanthropic and ethical manner at the same time, hence disproving false perspectives towards CSR. Keywords: CSR, consumerism, profit margins, corporate engagement. I. I ntroduction SR, for those unaware, CSR is an abbreviation of corporate social responsibility. According to Jason¹, "Corporate social responsibility is a self- regulating business model that helps a company be socially accountable to itself, its stakeholders and the public." Further, he mentions that by CSR activities, companies can be conscious of the kind of impact they are having on all aspects of society and environment. In 2022 alone², AdEx (advertising expenditure) stood at 1,26,818 crore rupees in India, similarly, in FY (financial year) 2020-2021 total amount spent by the total sum of 18012 companies on CSR in India was 25714.75 crore rupees. This data clearly shows us the importance and value of AdEx over csr from the perspective of the corporates in terms of multidimensional growth. The purpose and aim of this paper is to open a new window of perspective, which shows how to create a golden win-win situation for majorly 3 parties- 1) businesses 2) community/society 3) end consumers or customers depending on the business model, along with spreading the awareness of csr to promote corporates for social contributions and to utilize CSR as a marketing strategy, encouraging the public to make a decision to buy the product which has a firm social background, and to analyze csr's benefits. This idea of a golden win-win situation evolves the profit for all three parties, hence the name. The profit mentioned is not only monetary to any or all the parties, but in different forms. For the community/society, this profit correlates to the welfare, upliftment and empowerment of the less privileged, needy sections not only includes financially weak sections but also for example mentally challenged or racially discriminated sections etc. Author: e-mail: omansh41@gmail.com It is a general perception towards CSR activities led by corporations that the Philanthropy done by them is only increasing their revenue rather than actually doing any actual philanthropic work. The same was the idea of Friedman³ in a 1970 New York Times magazine article in which mentioned that the only "social responsibility of business" is to "increase its profits." He also concluded in his book that "if charitable contributions are to be made, they should be made by individual stockholders or individual employees rather than the corporation itself, the reason being is the instrument who own it and the corporation should not make it as it prevents the individual stockholder from deciding how to dispose his/her stocks by their will. In this paper, we will be discussing Friedman's perspective regarding social responsibility of business, although rather taking it in a negative sense, we will be taking it in a positive sense and further proposing the "golden win-win situation". Discussing further, in contrast to Friedman's perspective, there is another equally common perspective that CSR activities by businesses have no economic or monetary benefit. This perspective is heavily supported by the survey mentioned below in this paper which we shall analyze later. This perspective is also countered and showed how businesses can do good through CSR activities and still generate additional revenue, again creating a "golden win-win situation", following this will be the showcase and elaboration on the evidence which backs this idea proposed. II. E mployee E ngagement Employee engagement shows us the enthusiasm and motivation of the employee in their work and workplace, higher levels of employee engagement usually means higher productivity and effectiveness of the employee towards their job and satisfaction towards the cause of their respective company. From an employer's perspective, the purpose of employee engagement is the maximum outcome, based on the resources invested in employees, which is similar to job satisfaction by employees. Analysis of a survey by Shachi ⁴ and others, shows that 58.6% of employees think that CSR makes them feel better about the work they do, in addition, 70% of HRs felt that the employees involved in CSR are better engaged at work. Adhering to the analysis done by both, we can see the indirect relation between CSR and productivity and how it boosts it and finally helps in the monetary growth of the company. C 45 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( )G © 2023 Global Journals