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CORPORATE SOCIAL RESPONSIBILITY

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INTORDUCTION

            In the era of cut throat competition organizations are focusing on the CSR activities that help them to gain the competitive advantage and increase the social image of the organization in the market. CSR activities assist the organization to raise the customer’s base for the organization and maintain the social image of the organization. In Australia government binds the organization to perform the Corporate Social Responsibility in order to develop the country in better and effective way. The current study identifies the importance and benefits of CSR activities for the development and growth of the organization.

MEANING OF CORPORATE SOCIAL RESPONSIBILITY (CSR)

            Corporate social responsibility is the activity that is done by the organization in order to develop the society or for the welfare of the country. The government of Australia design the rules and regulations to bind the organization to perform the CSR activity. These activities are focused to contribute for the sustainable development of social, economic and environmental factors in the country (Bae and Kim, 2013). The CSR activities encourage the organization to keep the social factors in mind in order to get in touch with the more customers and increase the profit margin of the organization. CSR activity is also attached with the development of employees at the work place that help the management to maintain effective relation with employees. Human rights also followed by the management in order to promote the CSR activities at the work place. National and multinational organizations are focusing to protect the environment in order to create the awareness about the pollution and deploying the resources. Before commencing the business government sign the MOU with the organization that their first priority is to protect the environment (Weber and Fehre, 2016). CSR activity is the most preferable activity for the organization in order to promote the services and products of the organization.

BENEFITS OF CSR ACTIVITY TO THE ORGANIZATIONS IN AUSTRALIA 

            CSR activity is the most competent activity to promote the services in the market and it create positive image of the organization in the market. Under this activity management can easily create the social image of the business and attract the new customers towards the organization. It is a kind of facility for the organization to promote the overall services of the organization and maintain the output of the organization (Chen and Hung-Baesecke, 2014). CSR activities provide various benefits to the organization in order to gain the competitive advantage. It also helps the management to retain the new clients towards the organization. One of the biggest advantages of CSR activity is promote the services of organization at very nominal rates. Top management does not need to invest heavy money on the advertisement and promotion of the product. CSR activity also helps the management to get in touch with the clients of the organization. For instance hospitality industry of Australia provides free consultancy services to the visitors that help them to promote the services of the organization and also help the tourist (Amiraslani.et.al.2017). It can be said that in the present era CSR activity is the medium to save the cost of branding and promotion for the organization and increase the market value of the organization.

            It also assists the management to identify the problems faced by the customers after purchasing the products. It also reduces the risk of loss for the organization because management can easily analyze the factors that affect the business in very significant manner. It also helps the management to gain the competitive advantage. A CSR activity also aids the management to win the trust of the customers in order to maintain the brand value of the organization (Supanti.et.al.2015). In order to maintain the brand value in the market business needs to identify the efficiency of the business and create the service benchmark in order to maintain the overall value of the organization. Bing Lee is the multinational e-Commerce organization that is focused to perform the CSR activity to create the brand value of the organization in new location and to increase the customer base for the organization. It also helps the management to improve the productivity of the organization and increase the profit margin of the organization in better and effective manner. Woolworths is also a multinational organization that has sound customer base but management of the organization is focused to perform the CSR activities in order to maintain the brand value of the organization. Corporate Social Responsibility is the liability of the business and it also helps the management to win the trust of the clients. The activity also provides financial benefit to the organization and also reduces the monetary burden from the organization (Costa and Menichini, 2013). The government of Australia provides rebate to the organization which is performing the CSR activity that is good for the balance sheet of the organization.

            Top management act as liability for the CSR activity but it can be said that when bunch of organization take the initiative to protect the environment than they can easily get the resources which they want to produce the products and services. In order to raise the output of the organization management needs to conserve the environment in order to get the regular supply of resources. CSR activity is the best ad effective platform for all the organization in Australia to raise the profit margin and to compete in the market (Lee.et.al.2013). For the welfare of the business management needs to perform the CSR activities and also focus on the employee’s development.

CONCLUSION

            It has been concluded that CSR activity is the most essential element in the current market that helps the organization to gain the competitive advantage and to raise the output of the business. The current study identifies that CSR activity provides various benefits to the organization and also helps the management to win the trust of the employees over the organization. It also helps the management to gain the competitive advantage and also identifies that with the help of this activity management create the positive identity of the business in the market.

REFERENCES

Books and Journals

Amiraslani, H., Lins, K., Servaes, H. and Tamayo, A., 2017. A Matter of Trust? The Bond Market Benefits of Corporate Social Capital during the Financial Crisis. working paper, London School of Economics, University of Utah, and London Business School.

Bae, J. and Kim, S., 2013. The influence of cultural aspects on public perception of the importance of CSR activity and purchase intention in Korea. Asian Journal of Communication, 23(1), pp.68-85.

Chen, Y.R.R. and Hung-Baesecke, C.J.F., 2014. Examining the internal aspect of corporate social responsibility (CSR): Leader behavior and employee CSR participation. Communication research reports, 31(2), pp.210-220.

Costa, R. and Menichini, T., 2013. A multidimensional approach for CSR assessment: The importance of the stakeholder perception. Expert Systems with Applications, 40(1), pp.150-161.

Lee, E.M., Park, S.Y. and Lee, H.J., 2013. Employee perception of CSR activities: Its antecedents and consequences. Journal of business research, 66(10), pp.1716-1724.

Supanti, D., Butcher, K. and Fredline, L., 2015. Enhancing the employer-employee relationship through corporate social responsibility (CSR) engagement. International Journal of Contemporary Hospitality Management, 27(7), pp.1479-1498.

Weber, F. and Fehre, K., 2016, January. The effectiveness of combinations of CSR talk and action as strategies for (re) gaining legitimacy. In Academy of Management Proceedings (Vol. 2016, No. 1, p. 17689). Academy of Management.

 

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