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CSR and company performance
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Contents Executive summary 2 Introduction 2 RIOCH views in adopting and maintaining CSR policy 2 CSR through business activities 3 Competitive advantage through CSR 3 Increasing RIOCH value by adopting CSR policies 4 A unified CSR policy globally 5 Challenges facing the company in adopting unified CSR policies 5 Legal and cultural challenges 5 Ethical challenges 6 References 7 Appendix 9 Executive summary Understanding the important of a unified CSR policy and its benefits to the company make us insist in having such a policy. However looking at the challenges we will face in some countries we already operates in make us understand that while the goal is ambitious but unrealistic Introduction The purpose of this paper is defined the way RIOCH gain competitive advantages by applying CSR policies in global business environment. Increase the company value by practicing high standard CSR activities. Finding out the difficulties might face the company in adopting a unified CSR policy around 200 countries. RIOCH views in adopting and maintaining CSR policy We are a trusted company and we have operation in 200 countries. The board think that the company benefit from such trust and in order to increase trust we need to invest more in adopting high standard CSR policy. The reason behind adopting CSR years ago: Kurucz (2008) proposes four reasons to adopt CSR policies: 1- Cost and risk reduction 2- Gaining competitive advantage 3- Developing reputation and legitimacy 4- Seeking win-win outcomes through synergistic value creation The focus remains for our company is to gain a competitive advantage and to increase the company value. CSR through business activities The company will focus in hu... ... middle of paper ... ...: doi: 10.1111/j.1468-2370.2009.00275.x. The corporation in a democratic society: in whose interest ought it and will it be run. 1969. Business strategy, (225-39). Tokarski, K. 1999. Give and thou shall receive. Public Relations Quarterly, 44 pp. 34-40. Vogel, D. 2005. The market for virtue. Washington, D.C.: Brookings Institution Press. Walter, F. and Bruch, H. 2005. The keys to rethinking corporate philanthropy. MIT Sloan Management Review, 47 (1), pp. 49--55. Zadek, S. 2000. Doing good and doing well. New York: Conference Board. Appendix T. Smith (2005) maintains that CSR activities such as equal employment opportunity (EEO) policies and practices and environmentally responsibility standards enhance long term shareholder value by reducing costs and risks. He claims that EEO illustrates an inclusive policy which reduce employee turnover through improving morale.
Ralph Nader, Mark Green and Joel Seligman, in an excerpt from Taming the Giant Corporation (1976, found in Honest Work by Ciulla, Martin and Solomon), take the current role of the company board of directors and suggest changes that should be made to make the board to be efficient. They claim the current makeup of the board does not necessarily do justice to the company because “in nearly every large American business…there exists a management autocracy” (Nader, Green and Seligman, 1976, p.570). The main resolution they present is to make the board more democratic with the betterment of the company as its first priority. Currently the board no longer oversees operations, or elects top company executives and they are no longer involved in the business operations to the extent they should be. Nadar, Green and Seligman argue that that all of these things need to be changed. For a corporation so large to be successful there must be separation of powers just as there is in any current government system ( p.571). They claim this is the only and best way to success (Nader, Green and Seligman, 1976, p.570-571).
Kevin C. Robbins (2006) says modern organizations can trace their origin to the philanthropists who feel a sense of moral or spiritual obligation to a cause (p.13). It is at the basis of human relationships and civilization to care for the needs of others, and has been for centuries. Nearly every religion emphasizes in some way the spiritual and moral responsibility of individuals to contribute to others. Ancient Jews saw charitable giving as essential and imperative (Robbins 2006). It was expected that they participate in almsgiving for the poor, widows, and orphans. The Roman Empire contributed to our modern view of philanthropy, also. They had a sense of obligation to civilization to formalize and regulate philanthropy (Robbins 2006, p.17) Christianity has also greatly influenced the motives of philanthropy worldwide by encouraging the practice of self-sacrifice for the good of others in need.
The word ‘philanthropic’ is such a broad term. It cannot be defined in simple terms because it is a complicated interrelationship of many components. Those components include hope, humanity, compassion, faith, and an intense truth, especially of the human spirit. It can be said that philanthropy is a methodical plan of sincere intentions on making the world a better place for the better good.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
Nowadays, corporate social responsibility (CSR) becomes an integral part of each company. CSR can be understood as a management concept and a process that links social and environmental issues in business operations to a company’s interactions with it’s stakeholders. CSR not only gives the company a chance to help society but also enhances company’s reputation and investors’ attractiveness. In this paper, we will show a brief description about CSR and effects of CSR on international business, including pros and cons when a company applies the CSR program. Besides that, I give my ideas on conflicts of interest beween shareholders and the company’s managers. And then, advantages and difficulties for companies implementing CSR in Vietnam will be defined. Although CSR was first introduced widely in Vietnam many years, it is still a new concept. Therefore, pioneers in this area are facing lots of challenges in running CSR programs in Vietnam.
A corporations CSR should be shaped in order to fit the goals of the corporation, although every corporation’s CSR should differ, since most have different goals and different communities behind them. The CSR should be molded into fitting the corporation’s goals in order to make it easier on the corporation in giving back to the community while achieving its goals. For example, a corporation located in a desert wishes to be more efficient, by reducing water usage it is not only creating lower costs, which result in higher revenue, but also helps the community by not taking up so much water. Taking this into consideration, it is critical that the corporation goals and values are established and clear throughout the corporation, they should be developed by the board or directors and CEO, and the highest managerial level should stress their importance to the rest of the corporation. By making the goals and values at the top branch of the corporate hierarchy, it will be simpler for the corporates community to develop in order to nurture those goals and values. Therefore, a corporation can reach the “shared-value,” a value for both its shareholders and community in a simpler manner that can result benefiting the corporation in the end as well. Throughout the article many examples are given of actual corporations that have benefited and changed their CSR in order to fit their goals, therefore, providing solid proof that these methods work. Nevertheless, as acknowledged by the author’s themselves, most of the corporations taken into consideration where one’s that Harvard CSR students were employed
"Our actions are centred on improved cash flow and profitability -- and at the same time strengthening our strategic core"- Paul Allaire- CEO(24/10/00)
I begin this essay by defining CSR, there are many definitions for this term by various different theorists, and EU says that CSR is "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." On the other hand, Sloman et al. define it as "The concept in which a firm takes into account is the interests and concerns of a community rather than just its shareholder". Davis and Blomstrom (1966), say it "Refers to a person’s obligation to consider the effects of his decisions and actions on the whole social system". These definitions differ from one another in many ways but they agree that CSR involves taking the environment into account and therefore, one must look take social responsibility.
Porter along with Mark Kramer. In this article, the authors emphasize on the importance of creating shared value on the strategic level of an organization vs corporate social responsibility which is viewed a separate moral obligation for the sake of company’s reputation and making profits. According to the authors, shared value must be embedded into the core value and strategy of business. What the authors of the article are implying is that awareness of social economic challenges is growing making them clearly visible. Businesses and their legitimacy are now viewed as part of the problem. CSR is considered as a scheme to make money and an area which is separate from its core business. Economists believe we should raise the bar and embed the concept of creating shared value on the core strategies of business. CSR activities are externally determined whereas, Creating Shared Value (CSV) activities are more company specific therefore understanding and legitimacy of value chain is needed for sustainability, for example the products and customers being served. CSR activities are limited to CSR budget whereas Creating Shared Value is mobilizing the entire budget of corporation to impact social issues. Creating Shared Value is a genuine way to restore the legitimacy of corporations as results are measured not just by profitability but by the social and economic value created. Companies who
It is known that corporations play a large part in making the world go around. Many times we read, hear or see stories on companies and why something was done a certain way. The film “The Corporation” has given a whole new insight to not only how businesses operate but what motivates them and their decisions that they make to keep their businesses thriving.
Corporate Social Responsibility (CSR) is a very familiar term in today’s world. Most of the successful companies try to be ethical and socially responsible toward their stakeholders. Because becoming ethical and socially responsible gains a lot in terms of profit or capturing more market share (Aras and Crowther,2009). This socially responsible approach is paved by the CSR activities of the companies which has a great contribution to their corporate strategy of winning the customers’ mind. In this assignment, the pros and corn of CSR activities of a particular organization a...
Each definitions of CSR does vary around the core characteristics based on their conceptual concentrations and particular focus, for example, under the Voluntary Characteristic, CSR see the overall voluntary activities beyond the law. The Externalities, study both, the positive ...
...oncerns to the forefront of businesses. In this paper I have suggested that business can improve both socially and economically by incorporating and integrating a CSR program, guided by God’s love, into their strategic planning. Strategic planning of CSR creates a mutual beneficial relationship between a community and a business organization. The community wins by having a business that is sensitive to their needs and responsive to their concerns, and the business wins by developing competitive advantage in the market that leads to long-term profitability. A business needs to incorporate God’s love when developing CSR policies in order to maintain the trust and the integrity of the relationship with the community. With solid strategic planning coupled with CSR, businesses can set the direction that provides the greatest benefit to themselves and communities.
Philanthropy, or the act of private and voluntary giving, has been a familiar term since it first entered the English language in the seventeenth century. Translated from the Latin term “philanthropia” or “love of mankind,” philanthropy permeates many social spheres and serves several social purposes including charity, humanitarianism, religious morality and even manipulation for social control.
In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its