CORPORATE SOCIAL RESPONSIBILITY (CSR)
The report takes a close look at understanding the concept of Corporate Social Responsibility in today’s world. The role of Corporate Social Responsibility is elaborate in nature and everyday its scope is expanding because the business organizations have implemented programs according to the ethical standards that benefit both the community and the companies. The final result is reflected through consumer satisfaction and attaining sustainability in business procedures that immensely benefits the companies and all its functioning. The real life examples of CSR give more context to the subject showing its attainability.
In the world of fast pacing business ventures, everyday umpteen organizations are rising and fighting with each to retain their market position. The businesses are always impacted by the external factors and create an influence on them as well. All the actions implemented to run and progress in a business directly or indirectly causes an effect on its surroundings. The heavily competitive market has forced business organizations to undertake measures that negatively impact some of the resources that are essential to human survival in various ways. In order to make a difference the concept of Corporate Social Responsibility was designed which has been adopted by almost every organization as a strategic management plan.
Role of Corporate Social Responsibility
Corporate Social Responsibility is the commitment of the business organizations voluntarily made towards making the community a safer place. The corporate practices mainly aim at improving the social, environmental and economic sphere of the respective places which in turn actually positively impacts the global environment and economy, as pointed out by Kavaliauskė & Stancikas (2014). Sustainability has become as wide perspective that the companies are focusing and trying every hand at making their practices a sustainable one. The outcome of such practices is not just beneficial for the community, but also contributes in making the business a successful venture. When sustainable development can be achieved for both the sides, every company is thus attempting to work towards achieving the same, as stated by Golob et al. (2019).
Importance of Corporate Social Responsibility for business organizations
The business organizations have several stakeholders one among which is the provider of resources. Every company is in requirement of resources that comes from the society. Thus, the community becomes an essential factor on which the companies depend for their resources. Corporate Social Responsibility programs take care of the society, the employees and most important of all, the customers, points out Kavaliauskė & Stancikas (2014). Attempting to cause betterment to the society ultimately attracts customers and encourages the employees to work towards the objectives of the company. At the same time, retention of quality employees is ensured for long-term growth and development of the companies. When the companies start to make positive impact on the society and environment, its entire programming is influenced thereby benefitting the economic domain as well, as commented by Waldman, Kenett & Zilberg (2007).
With the advent of technology the world has acquired faster pace. However, the latest reports speak for the adversities that the society is facing due to a number of factors that are somehow impacted through the technological advancement. The problems have grown bigger everyday which made the intervention of Corporate Social Responsibility a compulsion in the companies, as opined by Golob et al. (2019). Once the CSR programs yielded to give success, the companies easily utilized every possible means to implement the latest strategies to build these programs and execute them. Therefore, at present organizations are making profits for them and also contributing to the bettering of the community which has been devastated by the industrial revolution. Thus, companies are now aiming at creating a sustainable structure that has considerably added to strengthening consumer trust and loyalty towards the brands and build long-term relationship.
Benefits of Corporate Social Responsibility
The financial bottom-line and shareholder return on investment are the main factors that drive the business organizations to succeed in their sphere, as remarked by Księżak (2016). The concept of Corporate Social Responsibility as a newly introduced aspect gained much popularity and counted as an alternative priority boosting the organizations to grow further simultaneously taking responsibility of the concerns that impact the entire community and thereby a potential influence for the companies as well.
The benefits of CSR are the positive impact that it places to act ethically considering the social and environmental concerns. Abiding by the standard practices ensures that the companies can mitigate chances of detrimental instances to the business which is a common scenario. The services benefit the community which in turn adds value to the organizations in the long run, observes Waldman, Kenett & Zilberg (2007). The ultimate objective of any organizations is to deliver best services to the customers to increase public value. CSR is that medium which maximizes public value to the utmost level by making a difference in the society.
Moreover, the best places to work with are the ones having a sound CSR wing that effectively generates ideas and executes them in compliance with the social and environmental safety norms. Robust framework of CSR attracts the positive attention of employees, who become pillars of a strong foundation, as observed by Księżak (2016). Companies maintaining CSR are the best in providing a work life balance to their employees. This helps in personal and professional development and encourages the employees contribute their best in achieving the work goals. It promotes growth and support for the employees that gradually enhance the entire performance of the business, remarks Golob et al. (2019).
Real life examples of Corporate Social Responsibility
The biggest search engine that the world is aware about, Google, was among one of the first to get exposure as an organizations working for good. They are not limited to one or a few CSR ventures, but contain umpteen efforts at making the world a better place. The Google Green concept is the effort of the corporation to use resources efficiently and support the use of renewable power. The project witnessed a drop of an average of 50 percent in power requirements that actually impacts on the bottom line (Environment | Google Sustainability, 2019). The success of Google speaks for itself that they are contributing more to the society than handling costs and profits.
Another hit example is of Starbucks which put a great show to the world in terms of its CSR through diversification of their workforce and employing more youths of the society. Their aim is to hire twenty-five thousand veterans by 2025 to help the section of the society to get a job for them. Moreover, Starbucks has joined with the UN Refugee Agency intending to reach refugee candidates and hire them approximately aiming at a number of ten thousand refugees by 2022 (Corporate Social Impact, 2019).
Charity is a common step taken by most of the organizations to provide support to nonprofit organizations. Companies are also closely focusing on using sustainable resources for their business operations like Lego which is on the verge of investing $150 million over the next fifteen years to deal with issues such as climate change and waste management. Their packaging scheme has been revised investing in an alternative method of sourcing 100% renewable energy within 2020 (Lego, 2019).
The paramount importance and relevance of Corporate Social Responsibility is an undeniable fact in today’s world. It is not possible for a business organization to grow without including CSR activities. It is more crucial for the big organizations as the functions are way elaborate and involves a vast support of resources. Thus, a successful company demonstrates their interest in causing good to the wider expanse addressing social, environmental and economic issues that intricately bind the operation and performance of these organizations. The ultimate impact is reflected on the growth of the organization in terms of its profit margins through attracting the consumers in a positive manner.
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