Corporate social responsibility to Business †MyAssignmenthelp.com

Question: Discuss about the Corporate social responsibility to Business Answer: Introduction Corporate social responsibility abbreviated for CSR refers to a business approach that contributes to the sustainable development by delivering both the environmental and economic benefits for business stakeholders. It also includes the movement of a company aimed at encouraging the fulfillment of their services to the society. For instance, the employer and employee ensure that the services they provide are line with business ethics. Furthermore, corporate social responsibility markets the day to day running of the company including their products (Gond and Moon, 2012). In the contemporary world today many companies have embraced CSR which has proved to be beneficial. These companies include car industry, food industry, clothing and beverage amongst others. However for corporate social responsibility to be effective, it is the mandate of stakeholders to work tirelessly and listen to the customers take about the products they offer. Customers on the hand should play their part bearin g the terms and conditions. Body Corporate social responsibility has impacted companies positively in the following ways: first and foremost, it improves the image of a business or company. This is brought about by the good relation that exists between people and the companies stakeholders. By having a good relationship with customers, it means that; the company listens to the feedback that it gets, whether positive or negative (Belloc, 1967). For example, the Coca-Cola Company has ensured that it has a perfect relationship with several partners globally. It is a company that is known to portray respect to those they are associated with. Many continents have coca- cola depots whereby their sodas are distributed. It is no doubt that the good rapport is based on the good and clean image they portray. People will always want to be associated with the best and most popular. Secondly, companies with corporate social responsibility have ensured that the welfare of employees is well catered for (Capaldi, 2016). This means that the company keeps records on the progress of each employee .in the long run this will result in a staff that is efficient on tasks that they are called to partake. The image of a company is based on the corporate social responsibility it displays. This is because it plays an upper hand in attracting investors. A company with proper CSR will mean that the operations they undertake are in line with legal terms of the government. Moreover when the company respects the rule of law as government stipulates; the same government will be interested in investing in the company. Additionally being environmentally cautious will mean that the company will explore and invest in renewable energy. Investing in renewable products saves time and money in production. Apple Company is known to have a positive publicity. This is due to the advertisement and the quality of their products. Globally apple phones, laptops, and earphones are widely used by wealthy individuals (Trong Tuan, 2012). People are always anxious for apple to unveil a new product. It is also a company that has never disappointed the market on the warranty and durability of their products. With this regard, people do not mind what they spend on this companys accessories. Good governance is determined by corporate social responsibility this is because it is able to boost employee engagement. It is no doubt that a company with a good rapport with the public is always media friendly. This will make an employee be proud of the company and the tasks they are engaged on. Another important aspect of corporate social responsibility is that it provides a perfect record with investors. Customers who invest in a company would want an assurance of security of their money. Not only does this attract investors but it also retains investors (Tilt, 2016). However for this policy to be effective, corporations must have a sound budget and proper budgets. Kentucky Fried Chicken (KFC) is a commonly known American food restaurant that is specialized in fried chicken. What has made this company more effective in the world is the perfect corporate social responsibility it provides to their customers and the market globally. It should be noted that Kentucky Fried Chicken (K FC) in Australia supports careers of around 30000 employees in the young Australian workforce. However corporate social responsibility has the following disadvantages. Some companies will engage in this policy just make a profit. A good example is the affordable android phones from the Chinese market. The manufacturing companies here a do a perfect background check on the needs and preference of their customers. Clients will be satisfied with the products, but the main challenge is that they are not long lasting. In the long run, the corporations dwell much on profit making. Secondly, the cost operation will outweigh the cost required for the day to day running of the company. This is because stakeholders will be engaged in activities that will improve the quality of their products and services provided. Moreover, they will be required to travel to different parts of the world whereby cost will be incurred (Set-Pamies, 2013). For sustainability of corporate social responsibility, the company will be required to spend in order provide quality services. Social corporate responsibility can result in unintended consequences. If the company engages in social responsibility that conflicts with the government, members and stakeholders are left in a state of confusion .This will result in unintended losses to the company. A company that is engaged in charity activities will enhance scrutiny from critics when withdrawing from their charity activities. This is because the beneficiaries will be in financial constraints. It is also a factor will lead to the downfall of other small businesses in the society. The growing businesses are overshadowed because they lack cost to provide corporate social responsibility (Onkila, 2013). With this effect, it prohibits other businesses from flourishing. For instance, Coca-Cola Company has been in the market for a very long period of time. With the good image and quality of products that it has portrayed; small businesses with soft drinks have been overshadowed. Corporate social responsibility has made it difficult to manage and run the business. On the other hand other their competitors have been able to take the advantage and lower their prices of products. Sometimes the company engages in social welfare and forgets the ultimate goal in the economy. Participating in charity activities will mean that the company will dwell on their profits in providing for the needy in the society. This will mean that the company will strive to prosper socially rather than economically. The impact of generosity will prevent the effort of employees to fulfill their obligation; a company is gaining profit. According to the CSR policy, it is mandatory, to be honest in the case of a glitch in their products. For instance, if a car company decides to go public about their vehicles with mechanical problems; it will create a feeling of mistrust amongst customers to the goods and services provided (Manos and Derori, 2016). In the year 2016 Samsung mobile Company decided to warn customers of the danger of Samsung galaxy note 7 exploding. This led to the decline of interest to purchase the phones. These are the kind of inconveniences that will prevent a company fr om gaining a profit from a giant project. More often than not, CSR will face challenges from the citizens who are customers and the government. For instance, if Japan a giant car manufacturer decides to communicate to the customers in the world about a car model with issues; it will cause suspicion of the loyal customers. Furthermore, in the market, customers will want an advertisement that matches with the product a company has. In the world today CSR has been embraced both negatively and positively. On the matters of charity projects, Microsoft Corporation has been a key figure in supporting the needy worldwide. Nevertheless, it has never had a decline in the services it offers to the computer literate society. Microsoft has been able to provide durable and efficient services in all organizations globally (Jones, Bowd and Tench, 2009). It also should be noted that stakeholders should be in line with the business ethics as written in the constitution. The mandate of companies should be to avoid a clash between customers and the government. Conclusion In conclusion, corporations should keep the environment clean or rather produce products that are friendly to the environment. Additionally, companies engaging in corporate social responsibility should ensure that their extra works are well balanced with business. Corporations should always follow the following: environmental focused corporate social responsibility, community based corporate social responsibility, human resource based corporate social responsibility and charity based corporate social responsibility. It should be noted that the above policies improve the image of the corporation and also provides an opportunity for the capital inflow from various sources. In my honest opinion, I would suggest that companies should engage in CSR after their businesses have flourished (Trong Tuan, 2012). It is very unrealistic to engage in social responsibility when it is a new business. However, some factors like environmental cautiousness and customer relations should be in the forefr ont. Lastly, major companies should not use charity activities to market their products at the expense of the poor. References Belloc, H. (1967).On. Freeport, N.Y.: Books for Libraries Press. Capaldi, N. (2016). New (Other?) Directions in Corporate Social Responsibility.International Journal of Corporate Social Responsibility, 1(1). Gond, J. and Moon, J. (2012).Corporate social responsibility. London [u.a.]: Routledge. Jones, B., Bowd, R. and Tench, R. (2009). Corporate irresponsibility and corporate social responsibility: competing realities.Social Responsibility Journal, 5(3), pp.300-310. Manos, R. and Derori, I. (2016).Corporate responsibility. Basingstoke, Hampshire: Palgrave Macmillan. Onkila, T. (2013). Pride or Embarrassment? Employees Emotions and Corporate Social Responsibility.Corporate Social Responsibility and Environmental Management, 22(4), pp.222-236. Set-Pamies, D. (2013). The Relationship between Women Directors and Corporate Social Responsibility.Corporate Social Responsibility and Environmental Management, 22(6), pp.334-345. Tilt, C. (2016). Corporate social responsibility research: the importance of context.International Journal of Corporate Social Responsibility, 1(1). Trong Tuan, L. (2012). Corporate social responsibility, ethics, and corporate governance.Social Responsibility Journal, 8(4), pp.547-560.