Corporate Social Responsibility and Sustainability in Deterrence
Added on 2020-03-23
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Running head: MANAGEMENT THEORY Management TheoryName of the Student:Name of the University:Author note:
1MANAGEMENT THEORYTable of ContentsIntroduction......................................................................................................................................2Discussion........................................................................................................................................2CSR Efforts of Woolworths.........................................................................................................2CSR Efforts to Ensure Environmental Sustainability..................................................................3CSR Efforts to Improve Community Well-being........................................................................3CSR Efforts to Ensure Employee Well-being.............................................................................4CSR and Stakeholder Interest Conflicts......................................................................................5Conclusion.......................................................................................................................................7Reference List..................................................................................................................................9
2MANAGEMENT THEORYIntroduction: The importance of Corporate Social Responsibility in determining the sustainability of acompany cannot be overrated. The idea behind implementing CSR activities, is that a businessorganization cannot be guided by profit motive only, and rather it should choose to conductbusiness in a responsible way, so that it does not harm the interest of any of the stakeholders(employees, shareholders or consumers), nor does it harm the interest of the community, it isserving. Thus, it is expected that an organization should carefully evaluate the impact of itsbusiness activities on the stakeholders, communities as well as the environment, it is conductingbusiness in. While in some countries, the engagement o a company in CSR activities in anintegral legal requirement for conducting business there, in case of CSR, the obligation isexpected to extend beyond the statutory obligation to comply with legislation and seesorganizations voluntarily taking further steps to improve the quality of life for employees as wellas for the local community and society at large (Tai & Chuang, 2014). The engagement of anorganization in moral, ethical and philanthropic activities has become an important part of thebusiness strategy of many organizations, and this is exactly the reason why most of thecompanies issue a CSR report, that offers an elaborate idea of the company’s social, non-financial activities. This report intends to carefully analyse the importance of CSR practice in anorganization, how reputed Australian organizations like Woolworths implement and benefit fromCSR activities, and finally to evaluate the various perspectives of the stakeholders regarding theincorporation of CSR activities in business. Discussion: CSR Efforts of Woolworths:
3MANAGEMENT THEORYFounded in the year of 1924, Woolworths has emerged to become one of the mostrecognized Australian companies with extended interest in retail trade in Australia and NewZealand. Apart from the implementation of effective business strategies, Woolworths has beenable to sustain its brand recognition, because of its increased engagement in CSR efforts. Themanagement authority of the company has always been aware that its organizational successcannot be measured only in terms of profitability and growth, but it is to be gauged in terms ofthe well-being it brings in the society. The company has incorporated CSR activities as part of animportant business action, and has eve announced the recent Corporate Social ResponsibilityStrategy 2020, that announced the company’s decision to implement 20 sustainability goals thatit intends to accomplish by the end of 2020 (Devin & Richards, 2016). CSR Efforts to Ensure Environmental Sustainability: One of the most important aspects of its CSR strategy is its collaboration with thesuppliers, service providers as well as operations, so as to innovate sustainability plans to ensurea healthy planet. Accordingly, the company has already stopped offering its customers freeplastic bags, so as to stop contamination of the environment by the non-biodegradablesubstances. On the contrary, the consumers have been advised to bring in their own carry bags,or they can buy more durable bags at 15 cents per piece from the retail stores of Woolworthsonly (Santos et al., 2013). Further, the company has also funded its own awareness raisingcampaigns to make the consumers aware of the importance of quitting plastic bags, and lookingfor alternatives. The company has also invested to reduce the food wastes going to the landfill,and has even reduced its carbon emission by 10% (Klettner et al.,2014). CSR Efforts to Improve Community Well-being:
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