The Importance Of Corporate Social Responsibility

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Recommended: Nature and concept of corporate social responsibility

Contents
1.0 Corporate Social Responsibility 2
2.0 Social and Environmental Support 3
3.0 Diverse and inclusive workplace 3
4.0 Conclusion 4

Executive Summary
The purpose of this report is to analyze how Corporate Social Responsibility (CSR) has been incorporated into business practice of Commonwealth Bank of Australia (CBA). As Australia’s leading provider of integrated financial services, CBA’s sustainability strategy framework supports the creation of enduring value for customers, people, shareholders and the broader community. Nowadays, companies not only focus on their core business, but also on their attractiveness to current and future employees, customers and potential shareholders. Commonwealth bank is building a successful business and delivering value over the long term.

Commonwealth Bank Australia will be used as a case to analyze the relationship between company's social behavior and society. This report will first review CBA’s social behavior from positive side, especially that related to the environment, to analyze what good consequences it brings to the shareholders. Following this will apply corporate social responsibility standard of business activities could benefits company. For example, building up a good social image for company would result in expands their customers based which on the other hand invest in social and environmental sector would still end up return in economic benefits.

1.0 Corporate Social Responsibility

Corporate Social Responsibility is a built-in merchandise which self-regulated company activities to ensure company consider both social and environmental issues that occurs and take responsibility of their business activities (Bruch & Walter, 2005). It also ensures the business a...

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... or pressure from the public. From the above discussion, it is not difficult to see that actions CBA have been taken is not just for the purpose of responsibilities fulfillment, they have made those requirements become their competitive advantages. This series of actions help them to gain more trust from the government and society which increases their reputation, further it would increase their profit, and more, make their employees more loyal to their firm, and make their HRM process more efficient and effective. Some may argue that those advantages are not permanent and lasting, and easy to replace as long as CBA’s competitor does the same. However, if CBA haven’t been being socially responsible, it would lower their credit, and their customers would lose confidence, gradually, it would be replaced, at that time, it is pointless to discuss competitiveness.

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