Corporate Social Responsibility (Csr) Research Paper

Pages: 10 (3346 words)  ·  Bibliography Sources: 10  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT:

[. . .] They are also responsible for reducing the cost of production that is being borne by the society generally known as social cost. In addition to that the organizations are also responsible for increasing the efficiency of the labor force at the local level. ("On principles of," 2006)

Development of personnel: The organizations are responsible for making a decent investment in the human resources. In addition to that, the organizations should provide their employees with handsome remuneration, bonuses and compensation benefits, promotion prospects, training opportunities, job security, healthy working environment and employee empowerment. ("On principles of," 2006)

Health and Safety Measures: the organizations should health and safety measures that are in addition to those that are already being introduced by the laws. ("On principles of," 2006)

Management of Environment and Resources: The organization should restrain from performing those actions that might have a negative or harmful impact on the society and the environment.

Restructuring in a Socially Responsible Way: The organizations should conduct and reconstruct the business in a way that is accepted by the community and society and that is in alignment with the norms of the society. ("On principles of," 2006)

Providing Support to the Local Community: The organizations should help the local community in all possible ways so that they can enhance their economical, financial and developmental abilities. ("On principles of," 2006)

Approaches for Implementation of Corporate Social Responsibility (CSR)

When the process of implementation of Corporate Social Responsibility (CSR) comes into question, then there are different methods that are being designed to answer this question. Implementation of Corporate Social Responsibility (CSR) means that the organizations should work in alignment with the laws and regulations. It also implies that organizations are held responsible for stakeholders, the environment in which they operate and the future generation. The organizations shall try to motivate their stakeholders such as, employees, customers, partners, suppliers and government etcetera. They should also work to ensure that the environment stays healthy and safe. They should try to promote the development of society and economy to the maximum level. In addition to that the organizations must also work to develop a coordination and harmony between rural and urban development. ("Guidance for the," 2008)

In order to implement Corporate Social Responsibility (CSR) the organizations shall conduct their operations in accordance with moral and ethical standards. They should also promote socially accepted practices. In addition to that, organizations should make sure that they operate in alignment with the corporate code of conduct. And in order to achieve stable growth the organizations shall undertake more responsibilities in relation to the development of society and environment. The organizations should also incorporate the requirements for the implementation of an Implementation of Corporate Social Responsibility (CSR) in their operations. They should try to fulfill the requirements of stakeholders and should try to achieve stable growth. The organizations shall also try to develop a coordination between the growth of an organization, society and environment. The organizations shall also work in a way that they generate maximum value for the stakeholders, society, community and environment. And they should also add to the overall value of the society and environment. In order to implement Implementation of Corporate Social Responsibility (CSR) the organizations should not only follow the rules and laws and norms of the society but shall also try to promote developmental change in the society and they shall also increase the creation of wealth in the society and shall try to increase the economic development and the standard of living in the society. ("Guidance for the," 2008)

Benefits of Implementing Implementation of Corporate Social Responsibility (CSR)

Implementation of Corporate Social Responsibility (CSR) enables the organizations to better mitigate different risks as by following all the rules and regulations their operations are always in alignment with the policies of the state therefore, they are better able to track and manage different types of risk. In addition to that implementation of Corporate Social Responsibility (CSR) also has a positive impact on the goodwill and reputation of the organizations as when the organizations work for the betterment of the stakeholders it enhances their goodwill and as a result organization can get better investors and suppliers and loyal customers. (Hohnen, 2007)

Implementation of Implementation of Corporate Social Responsibility (CSR) also enhances an organization's ability to recruit better staff and also to retain them as through the implementation of Corporate Social Responsibility (CSR) organizations are better able to analyze and entertain the legal needs of the workforce and as a result there is a prominent decrease in the turnover rate. It also enables the organizations to have an effective supply chain and competitive edge as all organizations stay in touch with their stakeholders and this gives them a better know how of market conditions and as a result they are able to gauge unexpected market conditions in a better way. Most of the organizations nowadays use the Corporate Social Responsibility (CSR) as a radar to track the movement of the market. (Hohnen, 2007)

Through Implementation of Corporate Social Responsibility (CSR) companies get an open access to the capital as the investors are more willing to invest in organizations that operate in a socially responsible manner and conduct their business in a way that benefits the society. Corporate Social Responsibility (CSR) also enables the organizations to have good relations with the regulators as because of the implementation of corporate social responsibility they strictly follow laws and this act gets them in the good books of regulators. (Hohnen, 2007)

Challenges and Limitations for Corporate Social Responsibility (CSR)

Though, Corporate Social Responsibility (CSR) benefits organizations in many ways but still has certain limitations. While implementing Corporate Social Responsibility (CSR) organizations face challenges that are usually related to political issues. In addition to that, organizations also face challenges at the internal level. Some limitations posed to organizations are carved in the culture. (Amato, Henderson & Florence, 2009)

As the role of government keeps on changing and the understanding between organizations becomes vague and the gap between them increases then the challenges posed by government also increase. In this modern era the organizations have to satisfy the needs of all the stakeholders including consumers, suppliers, employees, government and national and international watchdogs. (Amato, Henderson & Florence, 2009)

According to McGaw the biggest challenge faced Corporate Social Responsibility (CSR) is the development of leaders that can maintain a sustainable global society. The major task is to develop a leader who has the ability to bring out a sustainable change in the global society. Such leaders can be developed by encouraging positive imagination and by praising the accomplishment of positive change. Howell and Avolio suggested that the major challenge is to develop responsible leadership. This kind of leadership can be attained by developing leaders who have to relate different situations and have the ability to see the different values under a common vision. This kind of leadership also requires the development of leaders who have the ability to care for them and work for them without an ulterior motive. (Amato, Henderson & Florence, 2009)

Future of Corporate Social Responsibility (CSR)

In the future most of the companies will think that if they will incorporate Corporate Social Responsibility (CSR) in their system then it will benefit them to a great extent. In addition to that Corporate Social Responsibility (CSR) will increase the competitiveness of most of the organizations to a great extent. As there is a crisis in the global market Corporate Social Responsibility (CSR) will prove out to be very useful for the organizations is maintaining sustainable growth. Corporate Social Responsibility (CSR) will be advancing in an inconsistent way in different sectors depending on the economic growth and development of different industries. In the future companies will be more concerned about employee beliefs and preferences and these factors will lead them towards Corporate Social Responsibility (CSR). Corporate Social Responsibility (CSR) will also increase organizations' profitability and supply chain as it will enable the organizations to maintain good relations with all the stakeholders. It has been estimated that within a time period of five to ten years Corporate Social Responsibility (CSR) will become one of the most important components of the businesses and CSR tools and policies will be incorporated in the system of most of the organizations. (Strandberg, 2002)

Conclusion

The top management of different organizations has been long accountable to its stakeholders. Due to the internet and globalization the nature of the relationship between organizations and their stakeholders has changed greatly and this affects the organizational performance to a great extent. In order to sustain their growth and development in this era the organizations must incorporate CSR strategies in their system and shall increase the level of transparency and should use it to share information in an honest way. If used in a proper way, Corporate Social Responsibility (CSR) enables the organizations… [END OF PREVIEW]

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