Impact of COVID-19 on societal wellbeing-CSR approach

Abstract

Companies that have been working since years with the sense of responsibility, was not just creating value for shareholders but also by incorporating social & environmental concerns in their strategies & they plays a more responsible role. Corporate social responsibility related to the organization’s regulatory, ethical and purpose-led commitment to its stakeholders. With the pandemic having a significant impact on the world’s economy and with recovery taking longer than anticipated, organizations need to revisit their priorities, operate differently and manage resources frugally. These trends, approaches and perspectives are important as corporate social responsibility takes a new turn in the post COVID-19 world. This paper will focus on understanding how CSR has worked towards the societal aspect of well-being during the COVID-19 situation. The breakthrough of COVID-19 & its impact on the society led to creating of major imbalance in the areas of Environmental aspect, Economic aspect & societal well-being. When companies came forward to extend their support & help the needy in the time of crisis and by introducing COVID-19 Health Insurance Policy in India.