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Corporate Social Responsibility - GSK

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Added on  2020-10-17

Corporate Social Responsibility - GSK

   Added on 2020-10-17

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Corporate Social ResponsibilityModule Tutor:Student Name:Student ID:Submission Date:1
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Executive SummaryThe report is based on corporate social responsibility strategy and for this report,“GlaxoSmithKline PLC” (GSK) has been selected. In this report, every detail is clear out basedon GSK and the corporate social responsibility strategies have been also enlightened of thecompany. From the report, it is acknowledged that there are six core characteristics of CSR andthose are described according to GSK company. In this report, it is also justified that GSK putsup a lot of effort to make a good relationship with its stakeholders. GSK provides more emphasisto its employee as GSK doesn’t want to see its experience and skilled employee to switch toanother company. According to the GSK CSR strategy, it is acknowledged that for providing abetter, healthier, and long life in the future, GSK is working on that. Saving people, providingpeople a good life is one of the ultimate aims of GSK company. In the education sector, GSKprovides a lot of effort. Various scholarship program every year is organized by the company. Inthe recommendation segment, various strategies are proposed regarding CSR. GSK needs toemphasize more on saving the environment and that’s why it should focus on reducing pollutedgas and carbon from the environment. Reusable sources and recyclable wastes are recommendedin the proposed CSR strategy and a lot more.2
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Table of ContentsExecutive Summary.........................................................................................................................2Introduction......................................................................................................................................4Theories and Framework.................................................................................................................5Core characteristics of CSR.........................................................................................................5Carroll’s CSR Pyramid................................................................................................................7Stakeholder theory.......................................................................................................................9Three – Domain Model of CSR.................................................................................................10CSR strategies of “GlaxoSmithKline PLC(GSK)”........................................................................12Recommendations..........................................................................................................................15Conclusion.....................................................................................................................................17References......................................................................................................................................183
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IntroductionGlaxoSmithKline PLC is more known to all as “GSK”. It’s a global healthcare company. Theretwo segments where this company is based on and those are pharmaceuticals and Vaccines.Additionally, GSK also produces a big range of both prescription medicines and also vaccinesproducts. The ultimate goal of this company to get the spot of number one in the world’s mostinnovative, best performing, and also trusted health care companies. Mainly GlaxoSmithKlinePLC provides focus on three priorities and that’s are Innovation, Performance, and trust. Besidesdoing business this company has a very good reputation in the subject of corporate socialresponsibility (Brundin et al., 2020). As this report is based on corporate social responsibility sothe primary aim of this report to recognize the corporate social responsibility and strategy ofGlaxoSmithKline PLC. GSK believes that corporate social responsibility is one of the integralparts of the business. It is true that around the whole world, GSK has a significant contribution toits products such as medicines, vaccines, and consumer health care. There a lot of contributionsare found regarding GSK in the aspect of the welfare of society. In 2012, the company for thefirst time introduced in the united states a national initiative designed in terms of betterunderstand regarding the barriers and figure out the opportunities for building healthiercommunities. In the aspect of education, GSK provides opportunities regarding scholarships forevery college student who fights the difficult circumstances in their individual life. To inspirethem and provide them a better future, GSK offers this kind of welfares. In this report, it is goingto discuss the corporate social responsibility strategy of GSK, and the proposed strategy will bementioned and narrated too.4
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Theories and FrameworkCore characteristics of CSRFig1: Core characteristics of CSRSource: (Crane et al., 2018)VoluntaryGSK also participates in volunteering to create a shared cultural value for its employees which isgoing to encourage them to participate in more community works and skill-based volunteering(Dyczkowskaa et al., 2018). Legal actions are maintained and also maximization of shareholders'wealth is the main objective of GSK.Managing externalitiesThe company has taken many initiatives like recyclable wastes, paper packaging, reduce carbonemission, and many more for steps for keeping a good environment (Mackenzie, 2017).Additionally, there are also some activity deals with externalities like workers' rights, a goodrelationship with stakeholders, a reduction of pollution, etc. These are well performed by GSK.5
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Multiple stakeholder orientationInternal and external stakeholders are oriented by GSK based on power, legitimacy of the claim,and urgency (Smith, 2018). Different approaches are taken for internal stakeholders and externalstakeholders of GSK. Training on communication skills, stakeholder research, good relation andso one is implemented of stakeholder orientation.Social and economic alignmentGSK balances different stakeholder interests promptly and it is one of the core features of thecompany. CSR maybe try to go beyond on a narrow focus on shareholders and profitability. ButGSK believes in the sense of conflict with profitability (Adams et al., 2018). GSK is moreconcerned with CSR orientation and focuses more on social and economic responsibility thanother activities.Practices and valuesCSR is a particular set of practices of business and also strategies that are involved with socialissues (Adams et al., 2018). GSK practices in CSR initiatives for communication or collectivisticscouting through traditional values and cultural practices of the local communities in society.Beyond PhilanthropyCSR of GSK is a sustainable investment in the community. The company thinks that CSR is apart of its business and it is more than philanthropy (Khan et al., 2019). Through effective CSRoutreach, the company able to find out the extraordinary opportunity to redefine the way to makea change in the world. 6
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