Importance of CSR for Businesses

This report discusses the importance of corporate social responsibility for businesses and its impact on brand recognition, competitive advantage, market share, and employee engagement.

PERSONAL AND
PROFESSIONAL
DEVELOPMENT

Table of Content
INTRODUCTION...........................................................................................................................1
Importance of CSR for Businesses-.............................................................................................1
Challenges of Corporate Social Responsibility...........................................................................2
CONCLUSION................................................................................................................................4
TASK 2............................................................................................................................................4
REFLECTIVE JOURNAL..............................................................................................................4
Description...................................................................................................................................4
Feelings........................................................................................................................................4
Evaluation....................................................................................................................................5
Analysis........................................................................................................................................5
Conclusion...................................................................................................................................6
Action Plan...................................................................................................................................6
PERSONAL DEVELOPMENT PLAN...........................................................................................6
REFERENCES................................................................................................................................9

INTRODUCTION
Corporate social responsibility is a concept of management to communicate with society
and support environmental worry. This report discusses different impacts of corporate social
responsibilities to which helps to achieve organizational objectives effectively. Report also
explains the importance of Corporate social responsibility on business to increase their potential
in performing activities and achieving objectives effectively.
Importance of CSR for Businesses-
Improved brand recognition-
CSR policies positively impacts company performance in business world and enhances
brand recognition globally by strong performance levels in delivering their duties towards
environmental factors. Customers have preference for products and services where company lays
importance towards building eco friendly devices (Colucci, Tuan and Visentin,2020). Companies
by building strategies to incorporate CSR policies enhance its strong position and deliver high
growth customer segments in market share. Strong brand image enables companies to posses
high market share value among consumers worldwide and increase its reach globally to bring
change in society and environment as whole.
Advantage over competitors-
CSR policies enable companies to gain competitive advantage among other competitors
in business world where climate issues are high concern areas. Organizations by contributing
towards betterment of society in its functioning enhance the operational structure to large extent
which will enable to gain competitive edge. Customers have high preference for companies
services where their purchase can significantly contribute to betterment of society on global
level. Companies by partnerships with charitable communities build strong relations to enhance
its positive impact on society betterment (Kumar, 2020).
Large customer segments in market share-
CSR policies have high impact on increasing customers segments market share as by
promoting their policies and advertisement campaigns companies can influence customers to
great extent. People have lately become aware about how environmental issue has become an
integrally important concern for world as whole, which makes them conscious regarding their
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purchasing behaviours Customers are highly influenced by companies who work with CSR
policies and strongly emphasis in bringing change in environment.
Greater market share value-
CSR policies enable companies to construct strong brand image for itself due to which
financial reports of company enable shareholders and investors to invest in company. Companies
by indulging in environmental friendly strategies such as reducing carbon footprints and
encouraging afforestation near factories and production areas enhance its market value
(Preuss,2020).It has become imperatively important for companies to perform their social duties
and built working stricture where it is responsible towards environmental factors.
Increased employee engagement- CSR policies implementation encourages employees to
contribute their ideas and skills in bringing change towards working structure. Companies can
enhance employees skills in developing environmental friendlily products and services by
conducting seminars and campaigns. This will boost their morale levels to work extensively hard
in contributing highly towards environmental factors and enrich society with their actions. CSR
policies increase employee engagement largely as companies give platforms to showcase their
ideas and how they can involve themselves to enhance their position in society by contributing.
Global recognition through environmental friendly practises-
Corporate Social Responsibility has emerged as one of the most important business
practise for companies to develop in highly competitive business world where it is highly
important to attain success with long term growth (Zeisel, S., 2020).CSR policies are crucial
element for organizations where environmental betterment and strategies to cope up with
changing climate criss is given high relevance. Establishment of strategies to enhance company
working performance towards society will enrich how company performs its duties on global
level.
Challenges of Corporate Social Responsibility
Corporate social responsibility is very important to improve efficiency of society by
contributing in different ways. However, businesses also faces many issues and challenges in
implementing successful corporate social responsibility activity and it can also impact the
reputation or goodwill of company. Business has to identify all the issues and obstacles to ensure
effective future of the company in market and also increase market share. With effective
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implementation businesses also has to ensure maximum exploitation of all the opportunities to
increase market share and brand value effectively.
Lack of Vision
Many business organization are efficient in adopting CSR but it is not enough as it should
also portray company's vision in doing it. Vision helps to motivate society to understand the
motive of company and which increases the value of company. The company also has to
understand the effective message which helps business to encourage society to believe in
company.
Lack of Transparency
Transparency increases trust and it is very important for companies to reveal their
financial transparency which helps to attract more customers and investors to company. AS
many companies do not feel to be more transparent with their stakeholders and it decreases the
efficiency of CSR and impact growth of business negatively.
Lack of Effective Communication
Communication is also a major challenge which is faced by companies as they are not
able to communicate and deliver proper message to society about their CSR due to language
barriers and lack of information. This impact sales and growth of company and also impact the
success of CSR of business. Communication gap also increases the misunderstanding in the
society which impacts the goodwill and brand value to decreases its market share drastically.
Lack of Education in employees
Efficiency of employees in organization is very essential as it helps to provide better
innovative e ideas and techniques to motivate society about CSR. As inefficient employee are
major challenge of business as they do not have skills and knowledge to understand the
importance of CSR. This reduces organization culture and increases employees turnover in the
organization.
Lack of Participation of Social groups
Social groups are also against the objectives of the company as it is impacting their lives.
This also creates a negative impact tin the success of CSR of company.
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CONCLUSION
This report concludes that CSR has many benefits and challenges and it is very essential
for businesses to develop effective strategic plan by understand all the market factors.
Companies also has implemented different strategies which helped integrate with customers and
increase their brand value effectively. CSR helped business organization to achieve their
objectives by attracting more investors and satisfying all stakeholder effectively.
TASK 2
REFLECTIVE JOURNAL
Description
I was assigned to make a report on corporate social responsibility which help to increase
the success of business organization and achievement of their goals. At the beginning I
researched about what is the meaning of CSR and what is does to the business organization. I
also understood that it is very difficult for managers to increase efficiency in CSR activities due
to lack of skills and knowledge and decreased the overall opportunities of business organization.
This helped me to understand that it is very important for me to develop some specific skills to
increase efficiency of my learning process and gain better experience after completion of their
report (Guraya and Chen, 2019). I also analysed that it is very essential for me to develop
effective personal assessment which will helps to me to gain understanding about all my
strengths and weaknesses to develop my personal development plan effectively.
Feelings
I think by making project on corporate social responsibility It helped me to learn that
interpersonal skills are more important in doing any task (Guraya and C. I feel that It is very
important to learn communication skills, team work skills, research skills, problem solving skill
and time management skill. When I was making this project I was feeling ineffective as I was
not able to use my computer to research the information, and I was not able to finish my task on
time due to lack of effective time management skills. I feel that it is very important for me to
develop personal development plan and understand my strengths to achieve my opportunities to
become more successful. While I was making this project I also felt that managers has to become
more effective in understanding the procedures in learning their personal skills as they also face
many challenges to achieve success of CSR.
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Evaluation
In making the report I analysed that communication skill is very important to deliver the
message to society in corporate social responsibility of business organization. As it helps
company to develop effective vision to influence society and improve education level and
awareness of customers (Boehnke, 2017). I am more attentive in understanding the importance
of all the skills as it can increase the efficiency and can be used in my career. From the report I
also learned that managers have issues in leading effective corporates social responsibility due to
lack of proper skills and knowledge which has impacted their organization with decreased
market share and profitability. In the future, I will also be working in any organization and I will
be liable to increase the efficiency of my organization for that I need to develop effective
learning process. This also provided brief understanding to me that I am potential if am confident
in doing my work. As self assessment is also part of learning process and I have to be more
effective. While making CSR report I also faced issues in making issues to plan my work
according to time and it makes me more confused. I have to ask my friend to help me in making
schedule so that I can be achieved my task in time.
Analysis
I think the reason my project was completed successfully as I was able to divide my work
properly and I have good communication with my friends which helped me refer some
textbooks. I also used internet to gather more information about my CSR project as it is very
effective source foe me to learn from all over the world. I loved working on this project as it
helped me to learn something new and innovative which can help me in the future. From this
report I also learned different management tools and models to achieve effective leadership in
my future. Corporate social responsibility also help to uplift society and help to solve
environmental concerns effectively. Being part of this report also helps me to become more
innovative and open-minded and learn and implement the knowledge to increase personal
experiences (Fontaine, 2018). CSR also increased my interpersonal skills and improved my
writing skills effectively. From this report I have also learned that it is very essential for
managers to understand all then factors before taking decision which will helps them to increase
their potential and also increase opportunities to grow in their career. I have to learn team work
skills as it is very essential for managers to understand each other in a team to achieve objectives
effectively. Team, work skills also helped me to learn that it improves coordination and increase
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shared values of team members of a team. I have learned that I am more effective in
communication skills and weak in technological skills. I am able to self assess ,myself to gain
skills about all the factors which are important in my career. I have also learned that it is very
essential for me to develop effective [personal development plan to achieve all the skills and
knowledge to increase my opportunities in the future.
Conclusion
From the report of CSR I had gained much information about what is social responsibility
and why business had to follow it. It helped to learn importance of interpersonal skills and social
skills to achieve effective career. I have learned that making a project provides knowledge to
develop personal factors. I also learned the process of learning while making project and
improving the quality (Hughes, Kinder and Cooper, 2019). Communication skill also helped me
to develop better report and improve the efficiency. I had also learned that It is very essential to
be sincere and time managed in doing my task as reduces stress and depression. Report helped to
understand that how CSR impact the brand value due to lack of effective skills and knowledge in
their workforce.
Action Plan
In my next project I will be more effective in researching and solving all the problems by my
own. As it will reduce my time to new report and also improve my quality of thinking. I will
perform a self-analysis in regular time interval to understand my potential to achieve effective
learning. I will also learn technological skills by and improving the communication and
researching techniques to improve the efficiency. I will be more confident and effective in
promoting and understanding other people to gain effective team work skills.
PERSONAL DEVELOPMENT PLAN
Skills Activities Measures Time frame
ICT Skills I will increase the
efficiency of information
and communication
technologies skills by
reading technical skills
I will measure my ICT
skills by taking piratical
and online exams which
will helps to gain
understand my practical
1 Month
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and watching online video
lectures to learn more
effectively. I will also
improve this skill by
gaining using computer
more often.
and theoretical skills
effectively.
Team Work
Skills
I will try to learn this skill
by observing my leader
and mentor who is more
effective in managing
team. This will provide me
experience about
managing the team
effectively. To further
understand this skill I have
to become more social
with everyone to
understand their behaviour
and lead them.
I will ensure the rate of
participation of myself in
team to achieve common
objectives. I will observe
the behaviours of my team
members which help me
to understand the factors
to become effective in
team management
effectively.
2 months
Research Skills By setting up effective
schedule can help me to
divide my time effectively
and research better on
every aspect to gain more
information without any
stress. Writing down all
the information will help
me to accumulate all my
research and link it
properly to give me
I will follow effective step
by literature reviews. Field
testing will also help to
measure my knowledge
and understand my
inefficiencies to develop a
proper plan.
5 months
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increased knowledge
effectively.
Problem Solving
Skills
I will play more puzzle
and logical games to
improve my problem
solving skill. I will also
indulge in physical
exercise which help me to
become fitter and keep
myself active to think
effectively. By keeping
journals also helps me to
solve problems and
increase my efficiency to
solve problems
effectively.
I will measure my
problem solving skills by
accepting different
challenging tasks. I will
also test that I am more
creative or not as
innovative and creative
ideas can only be there if I
have effective information
about skill.
10 months
Time
management
I need to learn how to
work on one project at a
time and avoid multitask. I
can also learn to how to
handle my stress in
managing time and
becoming more efficient.
I will track my time of
completion of project. I
will also motivate myself
to be more effective in
becoming more punctual
and finishing my tasks
writhing deadline. This
will help me to measure
my time management
skills effectively.
4 months
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REFERENCES
Books and Journals
Boehnke, K.F., 2017. When personal becomes professional. Science. 357(6352). pp.726-726.
Colucci, M., Tuan, A. and Visentin, M., 2020. An empirical investigation of the drivers of CSR
talk and walk in the fashion industry. Journal of Cleaner Production. 248. p.119200.
Fontaine, S.J., 2018. The role of reflective practice in professional development. The Veterinary
Nurse. 9(7). pp.340-347.
Guraya, S.Y. and Chen, S., 2019. The impact and effectiveness of faculty development program
in fostering the faculty’s knowledge, skills, and professional competence: A
systematic review and meta-analysis. Saudi journal of biological sciences. 26(4).
pp.688-697.
Hanks, J., 2017. Continuing Personal and Professional Development. In Exploratory Practice in
Language Teaching (pp. 191-213). Palgrave Macmillan, London.
Hughes, R., Kinder, A. and Cooper, C.L., 2019. Personal and Professional Development. In The
Wellbeing Workout(pp. 255-259). Palgrave Macmillan, Cham.
Kumar, R., 2020. The Five Strategic Building Blocks of Mandated Corporate Social
Responsibility (CSR). In Mandated Corporate Social Responsibility (pp. 25-43).
Springer, Cham.
Preuss, L., 2020. Tracing the Global Diffusion of Corporate Social Responsibility: The Example
of Business in the Community’s CSR Framework. In Non-market Strategies in
International Business (pp. 131-149). Palgrave Macmillan, Cham.
Zeisel, S., 2020. Is sustainability a moving target? A methodology for measuring CSR
dynamics. Corporate Social Responsibility and Environmental Management.
27(1).pp.283-296.
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