Corporate social responsibility amount can be used in social and environmental development. Education is one of the most important aspects of social development. A corporate decides it’s CSR spending itself, and it is totally voluntary how it wants to spend a mandatory section of CSR in accordance with its business strategy and market pressures. Here is an article on CSR In Different Countries-Career Counselling.
The government provides support to corporates in CSR through tax exemptions, endorsements, award schemes, corporate training, and certification system, thus increasing corporates’ market competitiveness. Studies also show that investing in Corporate Social Responsibility also increases a company’s market valuation and thus leads to indirect benefits. Know more details on Study Abroad at a Top Ranked University Across the Globe.
Corporate social responsibility is not a new concept for corporate business around the world. CSR changed the perspective of doing business in society. Companies should give back to society which has helped them to earn a profit. Under Corporate Social Responsibility, companies can contribute to social and environmental causes. Many companies have applied the concept of CSR to their business.
CSR Laws And Career Counselling In Different Countries
India
India is the only country where it is compulsory for companies with a net profit of Rs.5 crore, the minimum net worth of Rs.500 crores and Rs.1000 crore turnover has to contribute 2% of their profit in CSR. Within section VII under the companies Act 2013, The CSR spending highlighted community development instead of a corporate building.
Regarding career counselling, Corporate Social Responsibility Laws do not explicitly mention career counselling, however, some companies have started investing in programs for career counselling. In India, only 1.3 % of CSR goes into career counselling and 17% of companies eligible for CSR actually spends in Career counsellin
Europe
European countries are highly active in CSR activities. Germany and Denmark are the most active European countries in CSR spending. Though most of the amount goes in business promotion and the very little amount goes to education and career counselling. In fact, Germany and India have collaborated on this and have made a 3-year program to promote CSR funding in skill development and career counselling.
Similarly, in 2009 Denmark mandated CSR reporting by all the companies with total assets of more than 19 million Euros or revenue of more than 38 million or having more than 250 employees. There is not much information about the companies investing their funds for career counselling but the government has set up a CSR Centre of excellence which is supposedly one of its kind in the world. Know more details on Study in Europe – Colleges, Courses, Eligibility, Cost & Visa Details
Canada
European countries are highly active in CSR activities. Germany and Denmark are the most active European countries in CSR spending. Though most of the amount goes in business promotion and the very little amount goes to education and career counselling. In fact, Germany and India have collaborated on this and have made a 3-year program to promote CSR funding in skill development and career counselling. Similarly, in 2009 Denmark mandated CSR reporting by all the companies with total assets of more than 19 million Euros or revenue of more than 38 million or having more than 250 employees. There is not much information about the companies investing their funds for career counselling but the government has set up a CSR Centre of excellence which is supposedly one of its kind in the world. Know more details on Study in Canada – Colleges, Courses, Eligibility, Cost & Visa Details.
United Kingdom
As per the governing documents, there is no part of the UK Corporate Governance Law that is specifically related to CSR, however, there is a recognition where the companies’ duties extend beyond shareholder value. The companies Act 2006 of the country, however, expect the company directors to regard their duties towards the community and the environment. Companies in the UK spend only 0.5-1% of their pre-taxed profit on CSR. 50% of companies in the UK agrees to spend the amount on social development and 25% agrees on environmental development. Although, not very clear in the laws, but it is worth mentioning that several corporates have taken Corporate Social Responsibility measures such as helping candidates with their professional profiles, helping them to connect with recruiters etc.
Components Of CSR Spending In Education
The primary spending companies need to focus on areIn a study conducted in 2016 among Indian companies, striking revelations were found out regarding spend of CSR money on career counselling. The study was conducted over 250 BSE listed companies.
India has mandated the spend on CSR for a particular set of companies and this makes them liable to invest in several social areas. Education is the sector that receives the highest funding from the country-wide CSR investment. However, it is disappointing to know that not much out of it goes to career counselling. Some of the reasons relate to less visibility of results, less awareness and less understanding of how it takes place. Although several companies provide funds for infrastructure, yet the basic necessity of career counselling gets neglected by the corporate as well.
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