ACBE100-Academic Communication in Business and Economics
You are part of a newly formed staff working party on innovation in Corporate Social Responsibility (CSR). As first step, you must individually write a 700 word summary of the opportunities for CSR in an organisation such as yours, based on evidence from 2-3 articles (see Additional requirements below), to share with the rest of the working party. More specifically, you must suggest a Sustainable Development Goal (or Goals) the organisation could target and justify your suggestion with reference to the different aspects of CSR and the benefits to the organization, as well as other relevant stakeholders.
Answer:
Introduction
For a long time, shareholders return on investment and financial bottom-line have been considered to be companies’ primary drivers in measuring their success. However, Corporate Social Responsibility (CSR) emerged to be an alternative priority that should be considered by firms. CSR entails a company taking responsibility for the impacts of its decisions and activities on the aspect of environment, society, and community. Sustainable Development Goals are international goals set as 2030 Agenda for Sustainable Development. This report suggests Sustainable Development Goals that could be targeted by an organization with reference to CSR’s different aspects, as well as its benefits to the firm and the stakeholders.
One of the Sustainable Development Goals that the company would focus on is zero hunger goal that entails ending hunger, improving nutrition, achieving food security, and promoting sustainable agriculture and zero poverty (Khan, Muttakin and Siddiqui, 2013, pp.212). Hunger can be attributed to poverty among the community. As such, the company should take up the CSR role and aim at achieving this goal. According to Porter & Kramer (2006), Corporate Social Responsibility involves the following: company’s moral obligation to the community, meaning that they have a duty of being good citizens and doing the right things (Hiller, 2013, pp.291). This means that the company should obtain its success in a manner that respects people, communities, and the natural environment, as well as honors ethical values.
Second, Porter and Kramer suggest that the company should be sustainable by emphasizing on community and environmental stewardship. Sustainability, in this case, means that the company meets the current needs efficiently without compromising the ability of the future generation to satisfy their own needs (Porter and Kramer, 2006, pp.136). Third, they note that the company should obtain a license to operate or an explicit permission from the communities, stakeholders, as well as the government to carry on with its business (Servaes and Tamayo, 2013, pp.1052). Last, reputation justifies CSR initiatives by improving a company’s image, enliven morale, improve the stock’s value, as well as strengthen the brand. The moral principle ensures that as a company carries on with its practices, it ensure that the well-being of the communities is at heart.
Further, Galbreath (2010) conducts research to identify how CSR benefits companies. The benefits that he seeks to research are reduced employee turnover, improved reputation, and enhanced customer satisfaction. In his study, Galbreath found out that companies that practice Corporate Social Responsibility can greatly benefit an organization in several ways that are beyond a pure bottom-line outcome (Le Blanc, 2015, pp.181). As a result of exhibited fairness, the social responsive practices appear as ways of reducing turnover among the employees. Second, CSR aims at improving satisfaction among the customers (Galbreath, 2010, pp.423). Additionally, the Corporate Social Responsibility practices avail signals that are visible and thus the stakeholders can infer to the various firm’s positive features, hence developing an avenue of improving on the company’s overall reputation (Deng, Kang and Low, 2013, pp.91). His study based on equity theory thus suggested that companies could improve their consumption experiences with their clients if they demonstrated Corporate Social Responsibility.
CSR can thus be said to be positively linked to reputation, customer satisfaction, and employee turnover. By focusing on the Sustainable Development Goal of zero hunger that entails ending hunger, improving nutrition, achieving food security, and promoting sustainable agriculture, the company could effectively practice Corporate Social Responsibility. Hunger is mainly as a result of poverty among the communities (Mason and Simmons, 2014, pp.83). By practicing CSR, this means that the company would have a hand in trying to minimize poverty levels and help the society attain food security. Engaging with the community is very beneficial to the company if it is to continue operating and achieve its goals. As Galbreath (2010) notes, the community tends to support firms that give consideration to their needs and problems.
Conclusion
By focusing on the goals of zero hunger and zero poverty, the company could be on the right track in achieving CSR, thus contributing to its success. As illustrated by Galbreath (2010) and Porter and Kramer (2006), CSR is very beneficial to the organization and the relevant stakeholders in several ways. For example, practicing CSR helps in reducing employee turnover, increases customer satisfaction, and improves on the company’s reputation. All these end up translating to increased benefits for the organization, thus satisfying the stakeholders and results in the attainment of organizational goals and objectives.
Bibliography
Deng, X., Kang, J.K. and Low, B.S., 2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of financial Economics, 110(1), pp.87-109.
Galbreath, J., 2010. How does corporate social responsibility benefit firms? Evidence from Australia. European Business Review, 22(4), pp.411-431.
Hiller, J.S., 2013. The benefit corporation and corporate social responsibility. Journal of Business Ethics, 118(2), pp.287-301.
Khan, A., Muttakin, M.B. and Siddiqui, J., 2013. Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of business ethics, 114(2), pp.207-223.
Le Blanc, D., 2015. Towards integration at last? The sustainable development goals as a network of targets. Sustainable Development, 23(3), pp.176-187.
Mason, C. and Simmons, J., 2014. Embedding corporate social responsibility in corporate governance: A stakeholder systems approach. Journal of Business Ethics, 119(1), pp.77-86.
Porter, M.E. and Kramer, M.R., 2006. Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 85(6), pp.136-137.
Servaes, H. and Tamayo, A., 2013. The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), pp.1045-1061.
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