Corporate Social Responsibility (CSR) | Assignment
Added on -2020-02-05
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Running Head: CORPORATE SOCIAL RESPONSIBILITY1Corporate Social ResponsibilityName of StudentInstitution AffiliationDate of Submission
CORPORATE SOCIAL RESPONSIBILITY2Corporate Social responsibility (CSR) is voluntary commitment of business to have theircorporate practices economic, social and environmental criteria beyond legislative requirementsand related to a wide range of stakeholders. CSR is not necessarily generalized approach to goinggreen but it is basically a business strategy that takes time to evolve. A detailed CSR programwill include stakeholder analysis and a comprehensive plan that will include the workplace,marketplace and environmental dimensions. CSR will involve understanding the context andissues that can be continuously applied and progression realized within the company. It aims atmaintaining the desire to do better as an organization and at the same time establish the structurefor the intended organizational impact (Du, Bhattacharya & Sen, 2010). The demands andexpectations of CSR have various impacts on different business fields. The paper will highlightthe role of CSR in business and point out the limits of the concept.The main attributes that define a company’s essential character reflect an evolution in personalityof the corporation. Corporate identity is a reflection of what the company represents rather thanwhat the firm may advocate (Du, Bhattacharya & Sen, 2010). Various companies haveestablished corporate identity through branding which is now the focal point for their success andcompetitive advantage. An organization’s pyramid of CSR will begin with the economicresponsibilities and then goes on with the legal, ethical, and discretionary roles. CSR isincreasingly becoming necessary because of the changing environment within which thebusiness operates. CSR can be an approach of matching corporate operations with the societalvalues and ethical behavior is a requirement for a strategic CSR. A company ethical behavior isthe mirror image of its culture, shared set of values and guiding principles that are rooted in theorganization.
CORPORATE SOCIAL RESPONSIBILITY3 A company’s track record in terms of CSR accounting is effective when appropriate CSRmeasures are included in the organizations internal and supply-chain activities. CSR requiresaccountability by leaders, individuals, organizations, stakeholders and customers. The aspectsthat influence the effectiveness of corporate accountability are multiple and highlyinterconnected. The establishment of CSR strategy is a significant aspect of a companycompetitiveness and need to be led by the organization itself. The firms have policies andprocedures in place which integrate social, environmental, and ethical and consumer concernsinto the activities of the business. For many organizations the general objective is to attain apositive impact on society as a whole and maximize the creation of shared value for owners ofthe business, employees and stakeholders. An honest adoption of CSR needs reformulation of corporate purpose culture which encouragesemployees to consider how the firm may be able to do better in the global market. CSR policiesneed to be adopted with simulating and permitting change to prevent soft outcome in terms ofCSR impacts. Sustainability is equally important and many businesses adopt a strategicapproach to their CSR policies since they increasingly benefit from across their business. CSRallows firms to demonstrate their values, engage their employees and communicate with thepublic about their mode of operation and the choices they make for a sustainable future. CSRconcept helps pave way for partnerships between businesses and the civil society which arebased on similar objectives and shared actions to deliver impact-driven results. CSR is turning out to be a mainstream as forward –thinking companies embed sustainability intothe core of the business operations to come up with a shared value for business and society.Sustainability is significant for people and business success as well. It is observable thatcommunities are struggling with problems that are global in scope and multifaceted. CSR is
CORPORATE SOCIAL RESPONSIBILITY4representation of policies, practices and the initiatives that a company commits to governthemselves with honesty and transparency. Corporations need tom protect their brand and theycan achieve this by having a clear understanding that social media plays a key role in shapingpublic perceptions. Current consumer climate doesn’t not allow firms to be in business for the sake of makingprofits. Consumers may rely on firms for provision of goods and services, but rather competitionallows customers to make decisions which are based on how good corporation is doing outsidethe workplace and the positive impact they have to the community. An organization’s publicimage lies squarely to the social responsibility. Studies conducted shows that consumers wouldrefrain from transacting business if there is no corporate social responsibility in plan. A firm thatis involved in the activities of donating funds or goods to the community, consumers are, likelyto use their goods and services. Similarly, a firm that is greatly concerned in ensuring that itsmaterials used in products are environment-friendly goes a long way in the public image.The extend of positive media coverage a firm receives have a significant effect on the firm’soperations. The activities undertaken by a firm is a reflection of its corporate social responsibilityvalues. The positive benefits a company extends to the community receive more media coverageand the public develops a positive perception towards the firm. The media will too covercorporations that take talke part in activities that impact the community negatively. Mediavisibility is useful when it highlights positive light in a particular organization. Employees aremore willing to work for firms that have good public image and which the media covers for thepositive reasons. Corporate giving initiatives that increase the positive effect of corporations arevital to nonprofit firms since they receive monetary donations and volunteer time. Matching giftprograms has a positive impact to the employee engagement for firms that offer the programs.
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