Introduction:

Corporations around the world are struggling with a new role, which is to meet the needs of the present generation without compromising the ability of the next generations to meet their own needs. Organizations are being called upon to take responsibility for the ways their operations impact societies and the natural environment. They are also being asked to apply sustainability principles to the ways in which they conduct their business. Sustainability refers to an organizations activities, typically considered voluntary, that demonstrate the inclusion of social and environmental concerns in business operations and in interactions with stakeholders. It is no longer acceptable for a corporation to experience economic prosperity in isolation from those agents impacted by its actions. A firm must now focus its attention on both increasing its bottom line and being a good corporate citizen. Keeping abreast of global trends and remaining committed to financial obligations to deliver both private and public benefits have forced organizations to reshape their frameworks, rules, and business models. To understand and enhance current efforts, the most socially responsible organizations continue to revise their shortand long-term agendas, to stay ahead of rapidly changing challenges. In addition, a stark and complex shift has occurred in how organizations must understand themselves in relation to a wide variety of both local and global stakeholders. The quality of relationships that a company has with its employees and other key stakeholderssuch as customers, investors, suppliers, public and governmental officials, activists, and communities is crucial to its success, as is its ability to respond to competitive conditions and corps-rate social responsibility (CSR). These major transformations require national and global companies to approach their business in terms of sustainable development, and both individual and organizational leadership plays a major role in this change. Organizations have developed a variety of strategies for dealing with this intersection of societal needs, the natural environment, and corresponding business imperatives. Organizations can also be considered on a developmental continuum with respect to how deeply and how well they are integrating social responsibility approaches into both strategy and daily operations world-wide. At one end of the continuum are organizations that do not acknowledge any responsibility to society and the environment. And on the other end of the continuum are those organizations that view their operations as having a significant impact as well as reliance on society at the economic, social, and ecological levels, thus resulting in a sense of responsibility beyond the traditional boundaries of the organization. Most organizations can be placed somewhere in between.

What is Corporate Social Responsibility?

While there is no universal definition of corporate social responsibility, it generally refers to transparent business practices that are based on ethical values, compliance with legal

requirements, and respect for people, communities, and the environment. Thus, beyond making profits, companies are responsible for the totality of their impact on people and the planet. People constitute the companys stakeholders: its employees, customers, business partners, investors, suppliers and vendors, the government, and the community. Increasingly, stakeholders expect that companies should be more environmentally and socially responsible in conducting their business. In the business community, CSR is alternatively referred to as corporate citizenship, which essentially means that a company should be a good neighbor within its host community. The business case for CSR will differ from firm to firm, depending on a number of factors. These include the firms size, products, activities, location, suppliers, leadership and rep-mutation (i.e., of the sector in which the firm operates). Another factor is the approach a firm takes to CSR, which can vary from being strategic and incremental on certain issues to becoming a mission-oriented CSR leader. The business case for CSR also revolves around the fact that firms that fail to engage parties affected by their activities can jeopardize their ability to create wealth for them-selves and society, and increase the risk of legal or other responses. Taking into account the interests and contributions of those one affects is the basis for ethical behavior and sound governance. CSR is essentially a strategic approach for firms to take to anticipate and address issues associated with their interactions with others and, through those interactions, succeed in their business endeavors. There is growing consensus about the connection between CSR and business success.

Why Every Company Needs a CSR Strategy:

The topic of corporate responsibility has been captioned under many names, including strategic philanthropy, corporate citizenship, social responsibility and other monikers. As the names imply, each carries with it a certain perspective on the role of business in society. Regardless of the label, for now the dominant paradigm underlying corporate social responsibility or CSR is centered on the idea of creating shared value. The role of business, according to this model, is to create value for its shareholders but in such a way that it also creates value for society, manifesting itself as a win-win proposition. In one fell swoop the idea aims to unite the critics of CSR from the left and the right, for the notion of CSR has had the dubious distinction of being criticized by both sides of the ideological spectrum. Civil society advocates question corporations fundamental motivations for CSR, asserting that corporate programs to fund social and environmental programs are nothing more than public relations campaigns to boost their brand reputations, often disproportionately to the Effort itself. This dismissal of CSR resides in a fundamental distrust of a corporations legitimate intentions to do anything more than increase its profits. On the ideological right, critics reject the role of CSR in a capitalist society where the primary responsibility of business is seen as creating financial returns for its shareholders and the larger economy. A companys value, according to these critics, resides entirely in its ability to generate financial wealth for its shareholders, and any social or environmental initiative that does not simultaneously create profit for a company is deemed to be a waste of corporate resources.

This viewpoint is founded on stark delineations between the spheres of responsibility and influence of government, civil society and the business sector. According to this argument, if each sector did what it is supposed to do, a prosperous and just society would flourish with optimal allocation of resources. Further exacerbating attacks from the left and the right is the utter lack of metrics to evaluate the efficacy of CSR programs. For a sector driven and evaluated by its measurement of financial returns and investments, the lack of any agreed-upon measuresto quantify the social or environmental return of money spent on CSR seems to run counter to corporate ethos.

CSR implementation framework and corporate governance:

A well-designed CSR implementation framework integrates economic, social and environmental decision making throughout a firmfrom the board of directors to front-line officials and supply-chain partnersand is therefore intimately connected with effective corporate governance. A properly governed firm can reap optimal benefits for itself and its shareholders, and in turn for those who are affected by the firms activities. At all levels of a firm, inadequate direction and control of its activities and assets can jeopardize its very ability to operate.

This guide proposes an implementation framework comprising six key tasks .In recognition of the fact that firms are at different levels of sophistication and development with respect to CSR, it is understood that firms may choose to forego a particular aspect or task when it has already been undertaken. The framework is intended to help boards of directors, CEOs, managers, employees and others assess a firms effects on society and the challenges and opportunities associated with taking these impacts into account in decision making and business activities. As understood here, a firms CSR approach should be an integral part of its core business objectives and strategy. Just as importantly, it is also part of a wider trend towards exploring ways to ensure that the individual and collective activities of the business sector advance progress towards internationally-agreed challenges, and create an environment where business is itself sustainable.

The Challenges of Crafting a CSR Strategy:

The differing motivations for corporations to undertake initiatives in the three respective CSR theatres, and the wide variations in how the programs are managed in each theatre, underscore the challenge for corporations in crafting a unified CSR strategy.

While this may not be representative ofa universal sample, we surveyed 50 CSR managers, who attended an executive education program in 2011. They reported 168 significant CSR initiatives at their respective companies roughly divided 40 percent in Theatre 1, 40 percent in Theatre 2, and 20 percent in Theatre 3. As might be expected, the motivation for the program and the expected benefits that their companies hoped to derive were very different in the three CSR theatres. See Table 1.

Conclusion:
According to the emergent literature, there is a growing awareness that business needs to manage its relationship with the wider society. Corporate leaders are responsible for their corporations impact on society and the natural Environment beyond legal compliance and the liability of individuals. To the Novice, this annotated bibliography offers a short but nevertheless deep introduction to the field. More experienced leaders can gain new perspectives on how to grow in their approach to sustainability and how to develop innovative business models in accord with the triple bottom line. CSR is becoming a leading principle of top management and of entrepreneurs. The number of observations in research in this field clearly delineated models, leadership competencies, accountability, and structure of partnerships as well as organizational

challenges and limitations and ethics. Organizations can reexamine their pattern of behaviors in the TBL framework and begin their journey toward a sustainable approach that is integrated into their business strategy.

Reference: 1. Article on Corporate Social Responsibility: An Implementation Guide for Business By Paul Hohnen 2. Article on what Corporate Social Responsibility by Zynia L. Rionda, MPA 3. Why Every Company Needs a CSR Strategy and How to Build It by Kash Rangan, Lisa A. Chase, Sohel Karim Web resources: http://ec.europa.eu/enterprise/policies/sustainable-business/corporate-socialresponsibility/index_en.htm http://www.csreurope.org/