Social Engagement: A means to Brand Building

Abstract

Corporate Social Responsibility (CSR) is a norm and a buzzword in today’s business world. With the advent of the COVID-19 it has gained more prominence, and taken different forms and structure. Thought the Companies Act 2013 makes it mandatory to spend 2% of profit earned, bigger organizations are going beyond these requirements and creating a brand for themselves in the market. This has made organizations move form merely contributing to the society to gradually engaging to the societal concerns thus giving scope to the emerging concept of Social Engagement. By making a presence in the market by contributing in terms of rural development, educational purpose, hygiene and health and many other forms, bigger organizations are an important helping source to the societal development. This paper makes a broad attempt to understand and evaluate the current status, nature and scenario of CSR or Social Engagement in India. Further the study probes into identifying the best companies listed in Bombay stock exchange (BSE) and (NSE) National stock exchange in terms of CSR contributions. Identifying the companies has further advanced in finding the major areas of contribution. Education and skill development, hygiene and health improvements, and rural transformation are the key and major focus areas which major companies work on with respect to CSR. The last section of analysis of this paper makes an earnest analysis of the concept of CSR in terms of a qualitative Model known as ABCD Model. The analysis in the study reveals many advantages and benefits by CSR related initiatives to the Organization. Thus, it is evident and generally could be concluded that Social Engagement is a way towards building a better brand for an organization.