Corporate Social Responsibility and its Impact on Businesses

This report discusses the extent to which corporations take Corporate Social Responsibility seriously and its impact on businesses. It covers the strategies that companies can adapt to improve their CSR, benefits of CSR for businesses, and examples of companies following CSR.

Business law ethics

INTRODUCTION
In business law various provisions are given for ruling the business conduct. It examines the role
of various business activities and all its aspects relating to ownership and management. Business
ethics on other part are legal ethics which focus on procedures of various legal institutions such
as court procedures, employment law, consumer law, torts, international law and many more. In
business law an arrangement is made in which companies need to integrate with social and
environmental matters in their business operations and how their impact on the society, the
concept of this management is known as Corporate Social Responsibility. This assignment will
cover the report on Corporate Social Responsibility and to what extant corporations takes CSR
seriously in the business environment.
Part 2(Report)
Discuss the extent to which corporations take Corporate Social Responsibility
Seriously.
It has been observed that nowadays almost all companies has involved Corporate social
responsibility as part of its operations. This is the part of company's profit that is expensed every
year. Company by following this expects positive outcome in a way like to produce a desired
product, setting the fair prices and ensuring that equal wages are distributed to the workers of
company. From the ethical point of view the aim of CSR is to bring on the social reforms.
Organisation that are working in the form of venture tends to share the information with the
customers that are more valuable to the company and hence it provides a sense of trust with the
people they are working. It also came the view that investors that are working for the community
has small amount of profit. The objective behind implementing the CSR in company is to
develop the social ideas. Its been seen that people are becoming aware about the concerns like
sustainability and the objects that affect the surrounding (Castelo Branco 2021). In order to
consider company as social friendly and environment friendly, CSR is considered as opportunity.
In positive sense CSR provides the positive impact to the organisation. Also in order to create the

charitable image it partners with the non profit form of organisation. By following CSR in an
appropriate way it helps the company not only domestically but also globally and an ability to
engage with the customers that is beneficial for the company. CSR helps the company in
building social image that simultaneously helps the company to enhance its brand image and
gain popularity so that it can promote the brand. Employees therefore like to works at a place
which is environment friendly. CSR creates a good atmosphere to work for the workers as it
builds innovative and friendly culture (Ramdhony and et.al 2022).
In order to create the favourable impact socially on the environment, companies are required to
adapt certain strategies- Philanthropy- this strategy is directed towards getting better of business performance by
investing money or the equipments or by making a deal with the initiatives of community
and by supporting employees. Improving operational effectiveness- it has been observed that company is not working
the motive of profits or increased revenue but also for the initiatives of sustainability that
might decrease the use of resource waste that in return reduces the cost. In order to
enhance the reputation company is often into investments in employee working condition
and health care
 Transforming the business model- With the aim of introducing a business, it requires
stakeholders ability to convert the business ad adapt appropriate strategies that benefits
the company.
The benefits of corporate social responsibility for the businesses are as follows: Improves public image: The consumers often assess the reputation and public image of
the company before buying or deciding to buy. Therefore, it is on the part of the
company to maintain there reputation by showing that their brand is committed to assist
others and the outcome of which is more favourable to consumers (Felício Samagaio
and Rodrigues 2021). Brand awareness and recognition: The companies are more serious about their brand
recognition in the market, therefore they adopt the model of corporate social
responsibility and embrace the ethical practices in their business operations (Xue and
Basioudis 2022). The marketing of these practices is being done to make people aware
about the culture of their brand which automatically increased their brand awareness.

 Cost savings: little creative changes in order to embrace and promote sustainability,
such as avoiding plastic packaging or very little use of packaging will reduce the cost of
production (Manzaritavacoli and et.a2021). Customer engagement: Companies should make marketing of their CSR model and how
they embrace sustainable system. The companies who are more serious about their
brand image will make efforts to create customer engagement by doing marketing. Employee engagement: same as, customer engagement it is essential for a business to
ensure that its employees are familiar with the model and culture of corporate social
responsibility. The application of CSR strategies in a business has proved that the
employees genuinely enjoys in working for their company which makes a good image
of the company in the eyes of general public. Moreover, by showing that how a
company is committed towards the human rights and their values makes them more
attractive in the business area.
 More benefits for employees: By affirming the CSR model by the businesses provides
range of benefits its employees, this brings positivity and established healthy
relationship between employer and employee . The employees personally like to
volunteer in various organisation's events. They tend to develop personal and
professional growth (Sharma 2019).
The companies who maintains good Corporate Social Responsibility have a higher return
then those how do not have good ratings. For implementing CSR, it is not necessary how large or
small a company is, whereas the efforts of the company to implement Corporate Social
Responsibility shapes the identity of the company. As per the data, there are nearly 59 percent of
consumers who are of the opinion that businesses are responsible for social good. However, there
are 52 percent of business corporations who actually do not have proper CSR strategy set out.
There are various companies which are following CSR model, such as Coca-cola company who
has adopted the CSR policy known as 5x10, which aims to employ five million women in
developing states by 2020 in the both the operations bottling and distribution roles. This
initiative has provided benefits to the women community at large, the company also claimed to
to provide better access to health care and education to its workers.

The CSR was implemented by the visa providers with the view to offer financial
opportunities to the people who dwell in the developing regions around the world. The
companies are partnered with local government and non profit organisations to reach at the
people who pervious did not have access to benefits of banking and financial services. It was
found by the Gate foundation that such services provides support to the low income people and
manage their financial needs by establishing connectivity at global level.
At small scale, there are various enterprises which functions at small level knowns as B
Corporations have implemented CSR into their businesses. They have threefold objectives :
planet, people and profits. In this 'B' refers to benefits which represents the corporations in terms
of B corps. These enterprises requires to meet the strict standards on the social and
environmental performance within the legal framework.
As the rapid growth of consumers, it is quite typical for the companies to consider their
corporate responsibility status. Implementing the policy of social responsibility is necessary fro
the companies to attract many market segments. Considering the Millennials, which are tech-
savvy, they aim to research critically in order to find companies ethical record and labour
practices. It being done because it is believed that it is the moral and legal duty of a company to
make world a better place (Yasser and et.al 2020).
Employees involvement is associated with the company's Corporate social Responsibility
reputation. As per the recent survey conducted by Deloitte, it was observed that nearly 70
percent of millennials recognised that a company's objectives towards social responsibility infuse
dedication and commitment to work in this behalf. Thus, the corporate responsibility model is
lot more than any business direction. Where the businesses want to remain relevant to the current
generations and who wants to help people around the world together with increasing the growth
in business and generate revenue (Yuan and et.al2020). This objectives and goals of a company
can effectively be achieved embracing the model of Corporate Social Responsibility.
CONCLUSION
From the above relevant extract it can be concluded that, how a business law plays
significant role in governing several factors of business related activities. Business law is a wide
learning which is a collection of various rules and regulations in the form of legislation. It is a
branch of civil law which consists of several laws and legislations such as, company law,
employment law, tax law, insolvency law and many more to regulate the business conduct and

its faculties.. In part one, the relevant case laws and legislations is also discussed in reference to
the specific performance. Whereas , the other part is on the Corporate Social Responsibility and
its impact on the company while embracing this model in their business and to what extend the
corporation take the corporate social responsibility seriously.

REFERENCES
Books and Journals