Impact of Corporate Social Responsibility

This assignment explores the impact of Corporate Social Responsibility (CSR) on business performance. Students are required to analyze various academic sources and real-world examples to understand the complex relationship between ethical business practices, financial success, and stakeholder value. The analysis should draw upon research findings regarding the influence of CSR on brand reputation, customer loyalty, employee engagement, and ultimately, profitability.

New Advance in Business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
Business organisation is a group of individuals that work together to achieve their aim
and targets. Vision is the most important attribute that has to be developed by business
enterprises so that a directional flow is gained for organisational activities and strategies.
Characteristics of vision helps in determining orientation of a company. Corporate social
responsibility (CSR) is one such approach which is used by companies to attain sustainability.
This report will help in understanding the concepts and dimensional aspects of CSR.
Be it TESCO or Microsoft, the purpose behind inculcating CSR in the business
functioning is to develop an approach which tends to be more profitable and fruitful for not only
the company but for all the stakeholders related to it. All the implications, advantages,
disadvantages and the effects that CSR can have on strategies and outcomes of company's
actions have been elaborated in this report. The impact when business enterprises function with
corporate social responsibility is also assessed in the following report. This shall help in
enhancing knowledge regarding the influence and changes which global businesses have
experienced due to industrialisation.
CSR
Responsibility is a term that defines accountability of a person or a group towards a
subject. When businesses are concerned, the essence of responsibility remains the same but area
of application differs. For instance, the marketing head of TESCO has to fulfil his responsibility
of delivering the best marketing strategies which shall help in extracting more profits. On the
other hand, the responsibility of a ground staff employee is to complete the task that has been
assigned to him for the day. Considering the organisation as a whole, responsibility differs.
Company is accountable to meet the expectations of employees and clients simultaneously so
that business objectives are will be met effectively (Lindgreen and Swaen, 2010). The operations
of a company have a direct impact over the society and communities which are a part of its
external environment.
For example:, Dell being is one of the largest software and hardware production company
companies when it comes to computers and laptops. This company has a social responsibility
towards the clients and customers that are purchasing or investing their money in the
organisation by some means. Hence, arises the concept of corporate social responsibility
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(Schneider and Schmidpeter, 2012). It is an approach which helps companies in understanding
the impact their decisions and actions can have on citizens or stakeholders. It is a form of self-
regulation which is developed to bring in corporate conscience. Being a regulatory mechanism,
CSR helps in serving products and services with a humane meaning. This can be understood
better with support of an example provided ahead.
Red Carnation Hotel is amongst the top branded hotels in UK. It has three star and five
star hospitality facilities. The responsibility of the organisation is to deliver efficient services to
customers with affordable and standardised pricing. When corporate social responsibility
concept is involved in its functioning strategies then firm's responsiveness towards customers
increases (Carroll, 2015). They have to look after the fact that organisational goals are not
accomplished unethically for earning more profits. No exploitation is said to exist when CSR is
implemented.
Henceforth, it is essential to understand that there is deep routed link between ethical
functioning, sustainability and corporate social responsibility. All these concepts have equal
contribution in developing positive corporate image of a company. The essenceEssence of
corporate social responsibility is based on the initiatives and actions that a corporation plans for
the benefit of the society without concerning about profit loss (Aguinis and Glavas, 2012). The
size or turnover of the company are not considerable when while implementing CSR. The
assessment of effects on environment or social well beingwellbeings or as well as on national
economy are some matters of concern when a company adopts corporate social responsibility
approach.
Comparing CSR with business ethics and sustainability
Business ethics are certain standards or policies which have to be followed by
organisations for developing an ethical governing structure. It is important to have business
ethics in functioning so that unfair practises are will be prohibited. The variability of these ethics
differs from one level to another but core essence of this attribute remains the same for all
individuals working in a company (Gainer, 2010). Also referred as corporate ethics, business
ethics are like rules and regulations which every person working in the company has to follow. It
helps in developing morale approach towards implementation of strategies. Various issues and
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problems that arise in the business environment can be resolved by using these rules. Legalising
a system is beneficial for both; the company and its stakeholders (Barnea and Rubin, 2010).
What would be a situation where resources won't exhaust and the business cycle will
continue to exist? This case is only possible when sustainability is achieved. Endurance of
systems to survive for prolonged periods without affecting external or internal environments (El
Ghoul and et. al., 2011). Any business organisation can achieve sustainability when its activities
and operations do not affect the ecology, economics or culture adversely. On the other hand,
sustainable competition is a situation where a company gains a position at which its customer
share and profit margins are not hindered by any external influence. Being an idealistic approach,
this concept helps in safeguarding consumers from the exploiting practises of business
enterprises (Bénabou and Tirole, 2010).
Corporate social responsibility was developed on the basis of these two concepts. In order
to develop an insight over the comparative study between CSR, business ethics and
sustainability, an example can be taken. Thomas Cook is a renowned organisation in travel and
tourism sector. The transition of individual preferences of customers from travel expeditions to
enclave tourism have led organisations to develop different marketing strategies. Thomas Cook
company in this globalising world has shifted its focus from earning profits to achieving
sustainability. Hence, the organisation changed its functioning strategies and revised the basic
rules and regulations which were earlier established. Moreover, the company has increased its
participation in awareness programs that will help to reduce the impact of enclave tourism.
From the above example, it is understood that Thomas Cook company developed a
corporate social responsibility towards the ecological disturbances that have been a result of
degrading activities during travel expeditions. The changes in business ethics and as well as in
rules and regulations have improved internal environment while a new approach towards
sustainability is visualised through aims aim and objectives (Kim, Park and Wier, 2012). The
business ethics of a company helps help in binding organisational activities with ethical
functioning. However, corporate social responsibility is used as an approach through which
sustainability can be obtained.
Current status of CSR in UK/ comparison with other countries
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Time has witnessed that major economic changes in functioning of a country have been
due to influence of activities of large business organisations. Industries like oil refineries,
mining, agricultural sector, manufacturing enterprises, etc. have had a deep impact over the
environmental balance of Earth (Kim and et. al., 2010). Despite of the fact that these activities
have bought in large scale economic growth but, continuous depletion of resources has created a
situation currently where great danger to human life is estimated. Henceforth, a need to develop
corporate social responsibility amongst industrialists was recognised and so, the concept was
introduced (Orlitzky, Siegel and Waldman, 2011).
UK being a nation with great ecological diversity and beautiful landscapes, is considered
as amongst the top 5 powerful economies in the world. The country is a part of the OECD i.e.
Organisation for Economic Co-operation and Development. This collaboration works with an
aim to promote policies that are oriented with economic and social benefits of individuals across
the globe. UK being a part of this convention has developed legal structures which companies
have to follow (Brammer, Jackson and Matten, 2012). The essence of corporate social
responsibility lies in the actions that company plans to take for the welfare of the people and
society in which it has been operating. The country has made its export-import regulations more
strictstricter. This has helped in reducing illegal activities like tax dodging, terroriststerrorist’s
activities, unfair taxations, etc.
Emergence of CSR can be dated back to 1930s in the era of Great Depression.
Companies were held irresponsible towards employees and the society which led to such brutal
effects on innocent individuals (Lai Andand et. al., 2010). Since, then, major developments in the
strategic approach towards functioning of a business took place. Different perspectives towards
management and operations were obtained and their orientation towards sustainability was
aimed. UN upholds Earth Summit that involves participation from all the nations across the
world. UK has also been participating in this programme so that ecological disturbances that
have been caused to the environment due to industrial activities; can be controlled (Servaes and
Tamayo, 2013).
This is an example of corporate social responsibility that the country has taken for
welfare and benefits of its citizens and the Earth. There are different goals for sustainability
defined in this Summit which shall help in eliminating poverty and support in stimulating
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sustainable growth and development. When While comparing with other countries, the level of
economic growth that UK has achieved is remarkable. Apart from this development, the country
has also evolved with the concept of sustainable tourism (Jackson and Apostolakou, 2010). The
use of renewable energy and encouragement of corporate social responsibility amongst various
multinationals are some strategic steps taken by UK for achieving sustainability. The
countryCountry stands at a good position in the world when implementation of CSR is
concerned.
CSR in business models and their relationships with stakeholders
Stakeholders are the individuals that hold some interest in the functioning of a company,
majorly focusing on profits and investments. There are different types of stakeholders which
include employees, shareholders, customers, investors, partners, etc. Business models are
developed with a motive to provide maximum benefits to stakeholders and shareholders.
Consumers' perspectives towards business organisations has evolved overtime (Kang, Lee and
Huh, 2010). Individuals do not want to get exploited or cheated for their investment in the form
of purchase which is made. This perception has influenced companies to adopt a strategy that
helps in delivering effective products and services. Corporate social responsibility is one such
approach through which consumer satisfaction can be achieved. Brand loyal customers are
formed created when products and services provided by an organisation are consistent in quality
and pricing. If their specific needs or expectations are not fulfilled then individuals shift their
focus to other companies (Ali and et. al., 2010).
CSR is a medium through which business enterprises take initiatives in returning the
obligations they have acquired by accessing resources in a particular society or community.
When implemented in the business models, CSR has helped business enterprises to gain
innovation in their functioning. Sedentary working styles leads lead to demotivation amongst
employees and their interest levels to wards work decreases. As a result, there is a deficiency of
innovation and creativity. In order to procure a strong position in the global markets, companies
have to keep on working with strategies that help in building innovation in the working style of
employees (Mirvis, 2012).
Leaders can use CSR for developing employee interest and satisfaction. Google is one of
the best examples for understanding the contribution of corporate social responsibility in
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business models and their impact over stakeholders. The campus that has been developed as the a
business centre of the company is not a mundane building or skyscraper (Ioannou and Serafeim,
2010). Every facility that an individual requires to sustain a living has been provided in the
campus itself. This has motivated employees and their inner conscious to provide exemplary
services without compromising in skills and talents. Every strategic step that company takes for
the benefit of employees plays a vital role in the economic and social development. If they are
satisfied then profitability is improved which in turn results in the increased retention.
The differenceDifference a company can create in fiercely competitive markets by using
corporate social responsibility as a tool can be witnessed in the form of response that is gained
by stakeholders (Hopkins, 2012). When strategies are in favour of consumers, employees and
society as a whole then the probability of success is maximised. Different types of CSR realised
for different beneficiaries are environment-focused CSR, community based, charity based and
human resource based. Since, organisation or an enterprise is aiming to gain profits by using
community and environment resources, then it is the duty of this organisation to return back the
favours in some form or the other (Visser, Matten, Pohl and Tolhurst, 2010). Starbucks is one
such company that has gained a remarkable reputation in the world due to its CSR activities.
Environmental leadership and more economic accountability are some of the measures which are
taken by Starbucks to improve product’s quality and display corporate social responsibility in the
market.
Advantages and disadvantages of CSR for companies and general public
Corporate social responsibility when developed in the working structure of a company
will help in improving the corporate image of the company. Consumers and external
stakeholders develop a positive image towards a brand or business when great quality products
and services are delivered with CSR (Green and Peloza, 2011). Policies and legislations that are
developed by organisation for personal benefits when extend to be beneficial for other sections
of the society then definitely individual perceptions for the company will change positively.
Employee retention is an important factor in deciding the working of an organisation. If their
satisfaction levels are met efficiently then better outcomes and productivity is obtained (Inoue
and Lee, 2011).
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Commitments are very significant in business functioning. Corporate social responsibility
helps in developing this commitment towards individuals who have been giving their services to
the company in some form or the other. Employee retention power increases when organisation
fulfils its commitments and promotes social well-being of workforce (Minch, 2011). The purpose
behind CSR is achieved when compassion, some amount of empathy, appraisals, incentives and
celebration activities are implemented for employees. Their willingness to work and grow with
the firm will increase.
Apart from these advantages, another significant benefit that is gained with CSR is
generation of cleaner and greener environmental (Hilson, 2012). There are organisations that
have developed strategies to implement environmental corporate social responsibility. It can be
use of ozone-friendly products or renewable sources of energy like solar power and hydroelectric
power, etc. These activities reduce the negative impact that generally industries have on the
environment. Positive corporate image when gained through CSR activities helps in developing
platform for positive publicity (Arendt and Brettel, 2010). Every organisation requires
advertisement platforms and publicity in some form or the other so that consumers and potential
customers will become aware about the products and services. The good deeds which are
performed by the company using corporate social responsibility approach help in gaining
positive publicity.
The disadvantages that arrive with such an efficient approach of working are shifting
focus, certain implications over company reputation and increase in cost of production. It would
be incorrect to state that focus or orientation of objective is changed when CSR policies are
implemented (Juščius and Snieška, 2015). Organisations have to disclose all their shortcomings
and eliminate the products and services which violate or hinder corporate social responsibility
approach. This automatically reduces the profit orientation of the company. Moreover, reputation
of the firm is harmed when negative factors or weaknesses are disclosed. Since, quality of the
products and services have to be best in class and in accordance with ecological balance, the cost
of production increases. As a result, product pricing shall increase and significant decline in
customers will be experienced by the enterprise. Hence, application of CSR must be appropriate
and strategically planned (Luc, 2017).
Effects of CSR on company's marketing strategies, reputation and overall public perceptions
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Marketing is one of the most important function of a company. It helps in advertising
products and services of the company to the consumers through innovation and creativity. With
developments in technology and machinery, consumer perceptions for products and services
have also changed (The impact of corporate social responsibility on business performance – can
it be measured, and if so, how?, 2012). The use of internet for communicating with customers
and clients across the globe has changed the dimensions of marketing. The impact of corporate
social responsibility over marketing strategies can be assessed in the form of changing sales and
perseverance of customers towards the company products. For instance, TESCO adopts
corporate social responsibility approach in its marketing strategies and delivers realistic
informations regarding the products. Since, no fake advertising is involved, ethical practises are
initiated. Consumers will be attracted to such truthful way of advertising (Business Ethics, 2017).
An overall positive impact is experienced due to CSR on the marketing strategies.
Reputation of the company is dependent on the strategies and decisions it takes for the
employees and the customers. The attribute like reputation, image or public perceptions are
totally dependent on company's marketing activities (Lindgreen and Swaen, 2010). There is a
great influence experienced by individuals when it innovative marketing strategies are used. For
instance, IKEA has been the leading furniture brand in UK and other European countries. One of
the major components for its success is use of innovative marketing strategies. There has been
rigorous advertising of its USP that is ready to assemble furniture. People have experienced that
the way company presents its products has attracted them to spend money without even thinking
twice. Hence, it is conveyed that marketing strategies are important in defining and forecasting
the profitability of the company (Schneider and Schmidpeter, 2012).
When corporate social responsibility principles are applied to the functioning of the
company then more ethical practises have to be followed. The reduction in corrupt practises
helps in building good corporate image of the company. Hence, the overall public perception of
organisation is changed positively.
Implications of CSR on company performance
There are different processes involved in development of a business from an idea to
actual functioning organisation. Performance is an attribute that helps in understanding the
outcomes which are obtained due to specific decisions or strategies. It is important to analyse
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performance of a company so that necessary changes can be realised and introduced in the
current structure (Carroll, 2015). The best example to understand implications of CSR on
company performance is Thomas Cook group. The organisation has been working in the travel
and tourism sector since decades. The shifting orientation of the company from profit earning to
achieving sustainability has caused major changes in travel and tourism sector.
The organisation has taken various steps for safeguarding local ecology and surroundings
from the illegal practises and activities of degraders (Aguinis and Glavas, 2012). This has
improved the social image of the company and enhanced its reputation in global markets.
Company performance has improved after inculcation of strategies that are oriented with CSR. It
is significant that when individuals working in a firm are happy and more willing to explore
promotional opportunities; then their efficiency levels are increased. Regular trainings, appraisals
and incentives are some of the management techniques applicable with corporate social
governance. Individuals perceive company as a medium of growth rather than just a source of
earning (Gainer, 2010). In this competitive world, growth and development are important
parameters which every person wants to inculcate in their career.
The responsibilities which are classified under corporate social responsibility are ethical
governance, follow up for legal system, economic benefits and certain philanthropic duties.
When a business enterprise takes all these duties and portrays specific role in enhancing the
social well-being of the company then business performance is enhanced (Barnea and Rubin,
2010). It is important to understand that fulfilment of corporate responsibilities is not
compromised with profit margins or economical status of the company. If proper economic
growth is not ensured, then chances of global developments are minimised. The scope of
enhancement in performance is reduced and overall business functioning is disrupted. This can
result in decline in the position of the company in competitive markets (El Ghoul and et. al.,
2011).
The objective of achieving sustainability and competitive advantage helps in guiding
business activities. Performance is also measured by the speed or rate at which business
objectives and goals are achieved (Bénabou and Tirole, 2010). Aforementioned advantages of
the CSR depict that profitability and productivity of the company is increased when employees
are satisfied. Hence, targets and objectives can be accomplished faster. This depicts that positive
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implications are experienced by business organisations in terms of performance when CSR is
applied strategically.
Driving forces for companies
There are different types of driving forces which can be demonstrates in corporate social
responsibilities. They are as follows:
Enhance affluence: CSR becomes very relevant that is enhances economies and
stability. Thus, it gives the greatest attention to CSR in developed countries (Morgeson, Aguinis,
and Siegel, 2013). Stability and security provides luxury choices with social responsibilities.
Hence, it assists to fulfil basic needs of customer.
Ecological sustainability: CSR is also driven on sustainability through eliminate
wastage, pollution and natural resource depletion. As results, it controls over fuel the CSR
discussion and heighten expectations for proactive corporate actions. After this, the best interest
of the company is also protects for future and long term availability of resources.
Globalization: Globalization is considerable impacts which increase wealth and power
of multinational companies. In addition to this, it also leads question which decrease authority of
the nation state especially in developing areas (Farooq, Payaud and Valette-Florence, 2014).
Cultural differences are added in complexity of CSR as expectations of behaviour that can be
nary according to regionally. With increasing of power can also enhance responsibility and
globalization so that needs can be filter with strategic decisions through CSR lens. It ensures
optimal outcomes for diverse stakeholders.
Free flow of information With the help of internet and other electronic items, flow of
information has shifted at back side to stakeholders. In three types of group such as consumers,
NGO and general media, it can be determines. Thus, especially it accesses and affordable
communication technologies with permanently changes (Peloza, Ye and Montford, 2015).
Power of the brand: Brand of products and services are most important and focal point
in these days. It makes corporate success and healthy outcomes which are depends on public
perception and corporation outcomes. Thus, CSR is easily protects honestly which assist to
enhance brand and after it as well.
Hence, CSR is determines very important aspect to develops forces and it brought
continue development of promotion of products and services (Morgeson, Aguinis, and Siegel,
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2013). These five forces are assist to make greater responsibilities which considers important
part at workplace.
Hindrances for companies to take more CSR
Many organizations perform corporate social responsibilities in order to provide benefits
to the society. There are some practices that are performed by the business organization such as
environmental efforts, ethical labour practices and so on. For example, some of the companies
such as Starbucks are following these practices and they made this as their core concept. Along
with this, there is one more company named as Toms shoes who are also performing the CSR
activities. They follow the guideline that if customer will purchase one pair of shoes the they will
donate one pair of shoe to a child. There are some of the barriers for the companies to follow
these CSR activities and these are:
Lack of awareness: Many small business enterprises are their in UK who perform these
corporate social responsibilities but due to their lack of knowledge they will not be able to get
success. Sometimes managers cannot understand the need and demand of their customers and
their employees so CSR activities will not be implemented in an efficient manner. So, business
organization should understand the importance of these activities so that they can improve their
growth in the market (Kim, Park and Wier, 2012). For example, if an enterprise developed these
programs and they are not aware about these then they will not be able to provide benefits to the
society.
Lack of human resources: Some companies are performing their operations at a small
scale and they have less number of employees at their workplace. So they will not be able to
implement their corporate social responsibilities. In order to perform these practices, they have to
focus on the recruitment and selection of the workers.
Lack of strategic vision: It is important to create a vision and mission for the objectives
of the organization that are made by the top management. The higher authority have to perform
their activities in a manner so that they can achieve success in the future. Companies cannot
achieve their goals and profits due to the weak relationship between CSR and financial
performance of the enterprise (Business Ethics, 2017).
High regulatory standards: There are some legislative laws and rules that are made by
the government so that performance and environmental safety can be improved continuously.
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For example, shipping industries are the one that are highly regulated and they are more
concerned for the environment and their safety (Arendt and Brettel, 2010). So organization can
perform corporate social responsibilities in order to increase their profits and their value.
Competing code of conduct and multiple requirements: There are many customer who
have different needs and demands. Organization have to offer quality products and services to
their consumer so that the firm will be able to fulfil their expectations. Expenses of the enterprise
are increased so they will not be able to implement these activities.
Cost: There are many organization that are perform their business at small scale so they
will not be able to increase their profits. The cost is get increased so they will not be able to
invest on corporate social responsibilities.
These all are the barriers of corporate social responsibilities and due to these they will not
be able to increase the profits. Along with these, there are some more obstacles such as they are
not focusing the objectives such as to increase profits, to generate more revenues and so on.
Along with this, these programs can increase the cost of production of the firm so they will not
be able to attain competitive advantage in the market (Minch, 2011). Companies will not be able
to convince their customer as due to the CSR activities they are not fulfilling the goals of the
overall firm. Further, companies reputation is also get decreased as per the polices of CSR
activities they have to disclose their limitation and due to this they will not be able to build a
trust with their customers.
CONCLUSION
The detailed description of corporate social responsibility and its implications over the
functioning of a company have been discussed in this essay. It can be inferred that adopting this
approach of governance is a good option for enhancing reputation but unplanned decisions
regarding CSR can lead the organisation in serious troubles. There are certain parameters which
need to be analysed and examined for fulfilling the aims and objectives of organisations. Global
brands in UK and all over the world are focusing in developing techniques and strategies which
are aligned with CSR so that sustainability in competition can be achieved. This assessment
consists of information regarding existence of corporate social responsibility in UK. The impact
and forces which are involved in driving CSR related changes in an enterprise have also been
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demonstrated. The barriers that arrive while approaching stakeholders through CSR have also
been discussed in the essay to develop a broader insight.
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