There are other laws as well providing for the security of workers against the contingencies of sickness, maternity, employment injury and death, provident fund and pension for employees.

An organization is also driven to implement CSR initiatives due to the pressure of maintaining a high governance index, that is, an obligation to report its CSR activities and outdo its strategic cluster as far as reporting is concerned.
A customer-driven CSR strategy is all about satisfying the customer by studying customer behaviour and perspectives. According to Stone (1975), the legal circle encompasses two responsibilities: the first one is to follow law and the second one is to follow the spirit of law, that is, to abide by the law through socially appropriate considerations (considered autonomy). The concentric circles model of CSR has been adopted from a statement issued in 1971 by the Committee for Economic Development (see Figure 3). As a result, it also becomes an externally non-sustainable model. The quotient of philanthropy is embedded within the very core of the 3C-SR model.

But a paradigm shift has taken place and now the two are merged into a single venture. Had there been more of reporting, there would have been more competition among the organizations of similar kind.

Thus, importance is given mainly to economic responsibilities. However, it is obvious that moral, social and ethical services also require a financial backup without which such services would not be possible. It should also be ascertained as to which outdoes the other, if no commonality exists between the two. At Don’t Panic, we don’t just talk the talk – we’re busy walking the walk too. It would, in fact, not be out of order to suggest that holistic development can be sought through CSR. There are numerous ways to do this, from giving your employees paid leave to specifically help out at a local charity or initiating a drive to solve the homelessness situation in the community. Government of India has, therefore, imposed restrictions, but the system is not yet foolproof as failure to adhere to the regulations does not incur penalties. In the context of India, the government has fixed the amount to be spent on CSR and has delineated a broad spectrum of activities in which enterprises can invest. The stakeholder model is an add-on to the liberal model where, apart from the economic responsibilities, an organization also needs to take care of other issues like trust and satisfaction of the stakeholders. In the stakeholder model, the two indices—social and environment—have been determined to be moderate, because the definition of stakeholder seems to vary. The idea is examined in all the available forms and interpretations and is analyzed on the basis of the nine parameters, which again helps in gauging the specific parameters that are addressed by the idea. CSR can encompass a wide variety of tactics, from giving nonprofit organizations a portion of a company's proceeds, to giving away a product or service to a worthy recipient for every sale made. A moderate version of this is the statist model of CSR, which exacts a range of CSR investment based on the profit that remains after tax deductions. Source: Adopted from, Committee for Economic Development (1971). Even before the concept of modelling CSR initiatives according to priorities or liabilities or even responsibilities came into the picture, Ackerman proposed his model that was laid down in three phases (Ackerman & Bauer, 1976). In such cases, public pressure can prove to be a very influential tool to decide on the commitment of the enterprise.

Enron, Union Carbide, Global Trust Bank, etc. The social responsibility of business firms should be reflected in their policies with respect to environmental protection, pollution control, conservation of natural resources, rural development, setting up industrial units in the backward regions, employment of the socially handicapped and weaker sections of the community, and providing relief to victims of natural calamities. Although corporate social responsibility is a very broad concept that is understood and implemented differently by each firm, the underlying idea of CSR is to operate in an economically, socially, and environmentally sustainable manner. Perhaps, this is how the statist model would get consolidated, because of the addition of attributes like more refined regulations, penalties or reporting initiatives. Generally, corporate social responsibility initiatives are categorized as follows: 1. Thus, it is externally sustainable. In this day and age, achieving success in business is about more than just having a healthy bottom line. During the selection process, the scope was limited only to the generic models, not the ones compiled to suit certain specific preferences of an industry. The environment index has also been determined to be moderate.
With regard to external sustainability, the model qualifies as the best of its kind due to its high social and environment quotients, which translates to high attractiveness and acceptance. In, A three-dimensional conceptual model of corporate performance, The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. It has low social and environment indices as well as a low attractiveness due to the existence of its evolved successors. In this way, it would also outdo the cluster in every other way because better reporting standards do attract and invite investments. These responsibilities refer to obligations which are right, just, and fair to be met by corporations. The key to implementing an operations-driven CSR strategy is to become a leader in facing issues that affect the success of the goods and services that the company offers. CSR investments under particular heads of activity, thus, cannot be decided beforehand, at least by the government. In the case of the concentric circles model, the governance index as well as the quotient of social index is high, resulting in an efficient, implementable and sustainable model. Types of corporate social responsibility. Login failed. India is the first country to have legislated CSR, knowingly or unknowingly including the best elements of all these models, and there is no doubt about the success it has garnered till now. If this sounds like something that you should focus on, consider investing in alternative energy sources and actively working towards a greener approach in your operations. In other words, ethical responsibilities consist of what is generally expected by society from corporations over and above economic and legal expectations. Thus, meeting economic responsibility is the first-layer of responsibility and also the basis for the subsequent responsibilities.

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