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Corporate Social Responsibility - Assignment

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Added on  2021-02-19

Corporate Social Responsibility - Assignment

   Added on 2021-02-19

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CORPORATE SOCIALRESPONSIBILITY
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INTRODUCTIONCorporate Social Responsibility is a responsibility in which companies manage theirbusiness processes in order to produce an overall positive impact on society by performing socialactivities (Frynas and Yamahaki, 2016). Present study is based on The London Clinic. It is aprivate healthcare organisation located in central London, which is one of the largest privatehospital in London. Project report comprise of definition of CSR, description of changingattitudes to CSR. It includes benefits of CSR to employees and impact of CSR on supply chain,business performance and marketing strategy. A review of The London Clinic CSR policy isbeen done. Lastly, report contains impact of changes in CSR policy in business performance.LO 11.1 Definition of Corporate Social Responsibility the London Clinic has received has ben in negative publicity because of some CSRissues Corporate Social Responsibility Corporate Social Responsibility is a self-regulatory business model that helps a companyto be more accountable and responsible towards stakeholders and the society. Practice ofcorporate social responsibility is often called corporate citizenship. Companies have to beconscious about the kind of image they are portraying in the society, considering each andevery aspect such as social, economic and environmental (Nicoli and Komodromos, 2019).Periodically company should ensure that it is enhancing the society and having a positive andinspiring effect on the society , instead having a negative impact on the society.In healthcare corporate social responsibility refers to an ethical obligation which isrequired to be fulfilled by hospitals and other organizations in order to do something beneficialissues like delivering of quality health care to everyone who is being entitled to the organizationor hospital. 1.2 Background and changing attitudes towards CSRCSR emerged in 1970's in USA when the Committee for Economic Developmentdeclared a social contract between society and business in 1971. the social contract was framedon the notion that business is functioning because of public consent, therefore the business isunder an obligation to serve the society. It is often called license to operate thereby contributing
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towards society also rather than just having sole motive having profits. The very early CSRadopters were big organizations such as Johnson & Johnson, Hershey in first half of the 20thcentury.At top end CSR has fantastically improved . Today the investment in social responsibilityhas improved and has grown to $ 13 trillion global industry. Energy efficiency saving contestsare being held between the big energy users. The theory has changed that maximizing profits isthe best possible outcome for the society. CSR is growing very rapidly nowadays and is amongstthe strongest in last on hundred years. A survey was made in 2018 by global tech Ricoh ofattitudes towards CSR in 24 countries on 2550 business owners. Around 56% complyingenvironment regulations helped them out as an enabler of success, where two third consideredsustainability as an success factor for their businesses.1.3 Regulatory framework for CSR Corporate governance based on UK law ,unless otherwise stated as at 1st February 2010.UK Corporate Governance Code is not directly linked to Corporate social responsibility but thereare few recognitions that duties of companies extend even beyond than just solely towards itsshareholders (Amos, 2018). Values and standards are are to be laid down by the respectivecompany's board to have an clear understanding of its obligations towards its shareholders andothers.According to the Turnbull guidance , it makes clear that risk assessment should not onlycover financial risks but also those risks which are related to health, safety and environment,business probity and reputation issues. As per the companies act 2006, the pressure is beingadded to the directors of the organization that they have to regard community and environmentalissues when they are considering their duty to promote the success of the companyfrom the point of view of organization, it have several benefits for the company too. Actsare being mandatory to follow, so the company can promote its products and services in such away that it shows the use of CSR which can be used in marketing Turnbull Guidance lays that risk assessment should not only be restricted towardsfinancial risks but should also extend to matters considering safety, health, reputation businessprobity issues , safety etc.. The Companies Act 2006 has made new inclusions where directorsare required are required to show concerns towards community and environmental issues inaddition while considering their duty towards success of the company. The British Insurers
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