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Importance of Corporate Social Responsibilities

Added on - 08 Dec 2020

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BUSINESS INTRODUCTIONTable of ContentsINTRODUCTION-.........................................................................................................................3MAIN BODY-.................................................................................................................................31)Key issue that organization is facing.......................................................................................32)Importance of Corporate Social Responsibility.......................................................................43)Brexit impact on Marks and Spencer group Plc......................................................................5CONCLUSION-.............................................................................................................................6REFERENCES-...............................................................................................................................6
INTRODUCTION-Business is a type of activity that involves producing and selling goods or services. There aredifferent forms of business like, sole proprietorship, Limited Liability Company etc.Marks and Spencer belongs to retail industry. It was founded in 1884 by Thomas Spencerand Michael Marks.MAIN BODY-1)Key issue that organization is facing.Recently, Marks and Spencer is facing the problem of a sharp decrease in its sales. There is adecline in the sales of the clothing products of the company. As per the financial statements ofyear 2017-18, profit before tax of the company has fallen by 62%. Company has planned to shutdown three main clothing stores in coming next four years(Doh, 2015).It will increase the cost to the company by £150million. The management team of company willset up a strong business plan to revive the business of the company. To revive the business,company has to make changes in the organizational structure. Changes were also to be made inthe culture of the company. To support all these changes, company has to invest huge amount onemployment of new employees and on other facilities of the company.As per scientific management theory of Taylor, Marks and Spencer should divide entire projectin small tasks and each employee should be given a particular task to perform. Management teammust review the performance of their employees that, whether they are performing their jobeffectively or not. Company must implement a proper strategy in the company to bring change inthe structure of the organization. Human Resource Manager should allocate the work betweensupervisor and employees so that, all the conflicts can be resolved. Company should employemployees of different cultures so that, cultural diversity can be promoted in the organization.And they will help the company to improve the profits (Mason, 2016).2)Importance of Corporate Social Responsibility.
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