Corporate Social Responsibility in Business: Importance and Strategies

This report discusses the importance of corporate social responsibility in business and the strategies that can be implemented to contribute positively towards society while generating revenue. It includes insights from a student-led seminar and academic journals. The report emphasizes the need for businesses to focus on social and environmental concerns while generating profits and highlights the benefits of following CSR activities. It also discusses the challenges faced by organizations and the policies that can be developed to eliminate illegal activities and misconduct. The report concludes by emphasizing the need for businesses to become accountable towards the world and improve their sustainability rate.

Social Responsibility of
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART A...........................................................................................................................................1
Preparation..............................................................................................................................1
The seminar discussion...........................................................................................................2
Short reflection.......................................................................................................................3
PART B............................................................................................................................................3
synthesize your learning about CSR overall..........................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Businesses have to contribute their efforts to environmental and social concerns so that they
can sustain for longer period of time. Corporate social responsibility is a main part of every
business as it is management concept which develop strategies and policies for the betterment of
society. It improves business operations which assist them in enhancement of revenue generation
along with improves interaction with their customers, clients, employees and other stakeholders
(Bahta, Yun, Islam and Ashfaq, 2020). Businesses provide volunteering or support nature by
providing charities so that they can serve society in better manner. This report will include SLS
topics which summarises principal ideas taken from seminar. All the company based materials
and academic journals are used in this report which assisted in learning about the topic. This
report will also include the learning about corporate social responsibilities which need to be
undertaken by organisations. Significant aspects of corporate social responsibilities are discussed
in the student led seminars are involved in this report.
MAIN BODY
PART A
Preparation
Organisations have to focus on social factors along with generating profits earned revenues
accordingly. Each and every business have to develop policies which can contribute positive
efforts towards the growth of society as well as their business. It is important to have some
awareness about the behaviour of customers so that organisation can develop products and
services according to that. It is required that legal factors should be considered during the
procedure of providing deliveries so that organisation can eliminate and reduce threats and
difficulties (Beji, Yousfi, Loukil and Omri, 2021). In order to satisfy the requirements of
customers organisation can develop strategies which can attract them in appropriate manner
without harming any social factor. Utilisation of available resources should be focused by
management so that they can save natural resources to the great extent without any wastage.
Sustainable policies should be developed so that organisation can survive in the respective
industry for longer period of time which will establish their positive brand image among the
targeted audience.
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Organisations who plans their activities according to corporate social responsibilities expect
higher gains according to other organisations who does not follow CSR activities. It can be
analysed that all the current market and social trend should be considered in appropriate manner
so that customers and stakeholders get satisfied easily (Dmytriyev, Freeman and Hörisch, 2021).
There are large number of benefits included in following the functions related to corporate social
responsibilities as it provides better knowledge of local, national and global issues. Company can
establish their positive image by resolving those issues with the help of proper planning and
understanding of the relevant functions.
The seminar discussion
The main problem which organisation faced was whistleblowing which affected their brand
image and financial position. There were various elements such as discrimination, financial
misconduct and use of illegal activities are undertaken by some of the individuals which should
be reported on priority basis (Matten and Moon, 2020). All the malpractices should be minimised
and eliminated from an organisation so that they can carry out smooth operations in effective
manner. Due to increase of illegal activities or fraud searches corruption, misconduct and many
more organisation faces several challenges on regular basis. Organisations can use Public Interest
Disclosure Act 1998 in regards to protection from wrong and illegal activities at their workplace.
The illegal activities and misconduct should be eliminated by developing effective policies
so that it provides positive outcomes. Group members and individuals expresses their ideas
regarding inappropriate activities which are quite beneficial for overall growth of an
organisation. They have suggested different policies and procedures which can contribute
positive efforts towards minimising illegal activities which may damage the image of
organisation (McWilliams and et.al., 2019). Some of the relevant steps should be taken by an
organisation in order to alter the operations which are inappropriate in order to generate
revenues. The views of individuals are positive in context to commencement of positive
activities which suggested that they should focus on corporate social responsibilities.
Organisations have to ensure that they serve people and society in appropriate manner so that
they can survive in their respective industry for longer period of time without getting into any
negative situations.
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Short reflection
This seminar was quite knowledgeable and beneficial in order to understand the importance
of corporate social responsibilities in organisations. I have developed knowledge for various
activities which can easily serve society without involving huge cost and capital. Organisations
can utilise their available resources in potential manner so that they can contribute in managing
the natural resources which are difficult to source (Rendtorff, 2019). I have analysed that
different issues and problems can be resolved in appropriate manner by focusing on corporate
social responsibilities which are positive factor and adds effective value in an organisation. In
order to achieve objectives and goals there are number of his strategies to be altered according to
the current market trends so that business can established their positive image in market.
I have analysed that moral responsibilities of all the employees and management of an
organisation should be followed so that their stakeholders can be satisfied easily. All the legal
policies related to cultural, social and economic factors should be undertaken in appropriate
manner so that it promotes the growth of an organisation. Needs and demands of customers are
highly important which should be analysed by organisations as it regulates the profitability in
best possible manner. I have identified that illegal activities should be stopped by organisation in
order to survive in industry. Necessary steps can be taken by management so that they can
formulate plans and procedures according to the requirements which can support the ethical
functioning in effective and efficient manner.
PART B
synthesize your learning about CSR overall
Corporate social responsibility refers to the programs and functions which can create
positive culture in an organisation. It is important to convey all the rules and regulations
regarding corporate social responsibility so that all the employees can follow them in order to
achieve their objectives and goals in appropriate manner. Organisations should involve
themselves in providing safeties and charities so that they can serve society along with focusing
on the generation of profits (Tuan, Rajendran, Rowley and Khai, 2019). Organisations can also
involve their customers and clients in order to understand their behaviours so that they can
provide services according to their needs and demands. It is important to maintain the interaction
with society so that they can know how to contribute in maintaining proper balance which is
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required. Large number of organisations utilise their waste materials by reusing and recycling so
that they can contribute welfare towards society. This helps them in getting large number of
investments from shareholders as organisation can establish appropriate brand image. Ethical
practises and operations are promoted so that problems and challenges can be eliminated which
is positive factor in order to generate revenues. Organisations who involve corporate social
responsibilities in their operations can attract large number of customers in effective manner
which directly add value.
The student led seminars can involve practises which are related to corporate social
responsibilities so that organisations can easily involve them in their operations. Some of the
guidelines like protecting environment from harmful chemicals are adopted by organisation so
that they can reduce pollution and negative effects in best possible manner. They can increase the
participation of their employees and workers towards making the environment healthier and safer
for all. This can directly increase their financial stability and performance which is essential for
better growth and expansion (Verk, Golob and Podnar, 2021). Organisations can reduce their
carbon footprints so that they can reduce negative impact during their production and
manufacturing procedures. It is important to focus on charitable activities which maintains
growth of organisation as well as of society. Labour policies and wage rate should be planned
according to the governmental policies so that they can satisfy the demands of overall workforce.
Volunteer work is important so that proper contribution can be involved in activities regarding
the growth and improvement of the society.
Businesses have to identify their objectives so that they can develop policies according to
the functions and operations which they have to carry out. In this manner they can formulate best
corporate social responsibilities which can provide benefits to overall society and organisation.
All the values mission and vision of organisation should be undertaken so that corporate social
responsibility practices become clearer in front of the employs and management. It is important
to provide training to all the employees and the members regarding practises which have to be
followed by them. It suggests them how to carry out operations which can provide them positive
outcomes of without facing any problems and issues.
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CONCLUSION
From the above report it can be concluded that organisations have to focus on maximising
the value of their shareholders and stakeholders. The operations should be carried out in the
manner which can generate revenues as well as contribute positive efforts towards the society.
Policies and a strategy should be designed in appropriate manner which promote well-being of
overall environment and society. Adopting corporate social responsibilities can minimise the
negative impact of various operations which is beneficial for all the stakeholders. It is essential to
become accountable towards the world so that organisation can improve their sustainability rate
in a proper manner. This report discussed about the principal regarding the seminar which was
based on corporate social responsibilities of businesses. All the arguments related to this are
undertaken so that it can analyse the quality of this contribution of business. It shows how this
seminar influence the behaviour of an individual. Different learning is about corporate social
responsibility is discussed in this report which will further help organisations.
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REFERENCES
Books and Journals
Bahta, D., Yun, J., Islam, M.R. and Ashfaq, M., 2020. Corporate social responsibility, innovation
capability and firm performance: evidence from SME. Social Responsibility Journal.
Beji, R., Yousfi, O., Loukil, N. and Omri, A., 2021. Board diversity and corporate social
responsibility: Empirical evidence from France. Journal of Business Ethics, 173(1),
pp.133-155.
Dmytriyev, S.D., Freeman, R.E. and Hörisch, J., 2021. The relationship between stakeholder
theory and corporate social responsibility: Differences, similarities, and implications for
social issues in management. Journal of Management Studies, 58(6), pp.1441-1470.
Matten, D. and Moon, J., 2020. Reflections on the 2018 decade award: The meaning and
dynamics of corporate social responsibility. Academy of management Review, 45(1),
pp.7-28.
McWilliams and et.al., 2019. The Oxford handbook of corporate social responsibility:
Psychological and organizational perspectives. Oxford University Press.
Rendtorff, J.D., 2019. The concept of business legitimacy: Corporate social responsibility,
corporate citizenship, corporate governance as essential elements of ethical business
legitimacy. In Responsibility and Governance (pp. 45-60). Springer, Singapore.
Tuan, L.T., Rajendran, D., Rowley, C. and Khai, D.C., 2019. Customer value co-creation in the
business-to-business tourism context: The roles of corporate social responsibility and
customer empowering behaviors. Journal of Hospitality and Tourism Management, 39,
pp.137-149.
Verk, N., Golob, U. and Podnar, K., 2021. A dynamic review of the emergence of corporate
social responsibility communication. Journal of Business Ethics, 168(3), pp.491-515.
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