Faculty of Management Studies organized a webinar on Countdown to Corporate Careers -Towards Greater Social Consciousness on May 26, 2021, as part of its Countdown to Corporate Careers initiative. The keynote speaker was Ms. Devdatta Mulchandani-General Manager-Creating Shared Value at Hyundai Motors. The FMS department was represented by Dr Farhat Mohsin and Prof Gautam Srivastava.
The entire discussion showcased how CSR has transitioned to creating shared value for its stakeholders. Organizations’ have transitioned from merely looking at profits and philanthropy which is short-term to looking at building a sustainable business by integrating it into its business goals, strategy, and operations.
Their intent is moving from being passive and reactive to being active and strategic thereby creating a win-win for all its relevant stakeholders. The laws related to CSR have become much more water-tight in the last decade and have moved from being voluntary to mandatory.
As per Ms. Devdatta, the concept of CSV has started gaining traction recently with the intent of creating shared value for its stakeholders. As we transition to a more complex and uncertain ecosystem, all stakeholders namely government, NGOs, suppliers, vendors, clients, media, shareholders, community, etc. have a stake in the long-term sustainability of the corporation. However, she confessed adoption of CSR initiatives has been slow due to multiple challenges both within and outside the organization.
Her presentation was highly engaging and had the students in complete attention. The webinar ended with a never-ending volley of Q & A followed by the vote of thanks by Dr. Farhat Mohsin.