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The significance of Corporate Social Responsibility
Essay define corporate social responsibility
Nature and concept of corporate social responsibility
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Most companies’ primary goal is to maximise profit in order to remain competitive in the market. The concern usually arises in the measures and approaches companies take to achieve that goal and how it will benefit in the short-term and long-term process. (Eccles, 2011)
From 2005 to 2011, HomeServe’s employees were rewarded for selling products and getting more and more customers. (Brignall, 2011a) Two insurance policies were miss-sold to almost 70,000 customers, targeting elderly and vulnerable people, who were given insufficient information on the products being sold to them and the policies turned out to be unsuitable for them. Customers’ complaints were also disregarded for up to six weeks amounting to 48,000 complaints unresolved. Thus,
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(Nagpal, 2013) Indeed, it is a HomeServe’s customer service staff member who brought up some of the issues to the FCA, like the lack of complaints being handled correctly. (Brignall, 2011a)
III.1.2. Corporate social responsibility and stakeholders
After the whole scandal, we now want to improve HomeServe’s image and reputation, so we considered the benefit of incorporating Corporate Social Responsibility (CSR) in our approach, as we try to make HomeServe a brand that cares about its community.
Studies show that the more a company engages in stakeholders’ relationship, the more it gets mindful of other external factors and how to use them as an advantage, for instance getting involved in social and environmental issues. (Falck, 2007) On this note, we noticed HomeServe is currently putting forward an interest to help and support vulnerable people of the community, to start participating in charitable work and care for the environment by reducing carbon emissions per worker. (HomeServe Annual Report,
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(MacFarlane’s, 2014) As a result, HomeServe faces 9% increase in profit and 11% increase in customer numbers since 2015. HomeServe continues a constant focus on customer’s satisfaction. Indeed, HomeServe also aims to adopt a complaints’ office IT system in order for complaints to be addressed and resolved quickly. For instance, it upgraded its digital interaction and recruited 444 engineers in 2015 and now there are over 700 engineers. (HomeServe,
When a firm sustains a profit that exceeds the average for its industry, the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy is to achieve a sustainable competitive advantage (SCA). (QuickMBA, 2007) Michael Porter identified basic types of advantages used by businesses. Cost and differentiation advantages are positional advantages used by organizations to achieve that competitive through creating superior value for its consumers and thus increase profits for itself. In this session long project I will discuss strategic plans including; low cost, differentiation, focus, and preemptive. By comparing each strategic plan with one of Kraft’s SWOT elements, I will discuss a tactic for taking advantage of strength, opportunity, or managing a threat or weakness, and ultimately recommending which strategic plan in order to achieve SCA.
...esponsibly towards all its stakeholders. We believe that creating value for all our stakeholders is the only sustainable way for us to thrive as an independent, family-owned company. In our new framework and strategy for sustainability and responsibility we aim to integrate this mindset even further into the core operating model of the company (Welcome).”
Public concerns have a negative effect on the care sector causing a lack of trust. Bad press leads to the public feeling that all care establishments operate in a neglectful way. Good practice is rarely recognised in the media. Through public concern during this time, people’s concerns lead to many investigations and changes, which lead to Winterbourne being closed
The aim of this assignment is to view the Panorama documentary (BBC,2014) with regards to the quality of care given. The documentary provides an observation of health and social care environments; it shows how service users are mistreated on a daily basis. It also aims to critically analyse changed made to healthcare policies. It how these changes are implemented in practice to improve the service provided and protect clients.
To provide a safe environment for wandering residents, the health care providers face many challenges. It is a general premise that Information technology (IT) can address these challenges in enhancing health care services for wandering residents. The providing case study “Hacienda Home for the Aged” illustrates the issues of Hacienda Home regarding to the health of wandering residents. Hacienda Home is composed of a very active “Residence Council” and a very active and involved “Family Council”, and Maria Sanchez is its chief executive officer. She is aware to address the solutions of technological issues at Hacienda Home because the home is based on an important principle, “commitment to ensuring the home like atmosphere and to contacting
Corporate social responsibility (CSR) invaded the corporate world over the last few decades. This concept has become an essential need for competitive advantage unlike its original role as a nicety. The companies have seen the business benefit of the initiative and stakeholders have appreciated the initiative. This has led to the wide application in the firm’s operational agenda.
Stakeholders and investors are no longer only interested in financial performances, they are interested in the governance of the company like what business practices and business models are implemented, social performances, how the company is giving back to society, how costumers are handled, environment and how diversity at work placed is addressed. Hence relevant information must be provided to the stakeholders to assure them that the company has a sustainable business model (Ridehalgh, 2012).
Housing is the biggest and likely most complicated expense many Americans face. There are contracts, additional expenses associated including electricity, gas, water, and if a person owns instead of rents, the contractual obligations and the potential for loss are even more substantial. Additionally, there are external risks of housing, including the one known to many Americans, affordability. How is a person expected to enter a year contract where the expectation is that the rent or mortgage is going to be on time without the guarantee of steady income? Arguably, that answer lies in government support.
HomeCo needs to consider a new corporate social responsibility strategy, especially when dealing with plastic. They are in a hypercompetitive industry, where corporations are willing to try new marketing techniques to get ahead of their competition and to mention the amount capital some of these corporations have to try in their plastics division. The company should be the innovator of companies where there responsible for both the internal and external aspects of their company. HomeCo is a plastics company, which has built up a substantial market share in UK, and other European countries. The desired strategy for HomeCo is to use their capital to purchase companies internationally, even if it means cutting jobs, and disconcerting shareholders.
In the current market, corporate social responsibility (CSR) is becoming as important to a company as accountancy or marketing, a company which does not take part in CSR could be seen as out of date or not accustomed to change, therefore seen as less desirable in every aspect, from customers to suppliers etc. Companies, which choose to take part in CSR, work hard to make it beneficial to all their stakeholder groups by being involved in activities which will be positive towards the business and also the social environment, making sure to maintain a healthy balance. The effects of corporate social responsibility (CSR) can not be underestimated nor overemphasised, it covers a wide range of business aspects including the running of the business and it’s effectiveness to its environmental impact and improvements. CSR is so diverse, it can even improve the quality of a product, by going fair trade for example to en...
of a firm to attain new forms of competitive advantage (Müller, 2011). It is due to these
This article, by Rhiannon Lucy Cosslett, is from the comment session on The Guardian, published on Tuesday 27 August 2013. It is about why carers and care workers are treated so disgracefully. Rhiannon explores issues of shocking facts that care workers are served defectively and the government’s negligence. Rhiannon's central idea is to tell the readers about how she feels towards these themes and her concerns. At a deeper level, she gains the reader’s awareness about logical issues. This is a piece of analyzing and commenting style of writing; I want to see how effective it is in siding the reader towards the view of how badly the care workers are treated. My reason for choosing this article is because my parents are care workers, and they always tell me stories about how inadequate the others are to them and how they feel regretful about it. The title aroused my interest, as I wanted to know more about the treatment that most of the care workers receive.
When looking at managerial economics and how it affects a business many things are to be considered, many factors are present that need to be assessed. After all, each business is unique in what they do, what they have to offer consumers and how they manage that demand; all this is different from company to company. Managerial economics is the “economic analysis required for various concepts such as demand, profit, cost, and competition” (Business Firms and Decisions, n.d.). Within this paper, we will discuss the different tools that companies use in order to arrive at solutions that best aid in achieving superlative results. We will explore such topics as the roles of prices, profit maximization, substitution input in production, and how these concepts apply to institutions. Can these methods be applied to bigger institutions like the military or a city hall? Can an institution operate inefficiently in a market? Can an organization afford to waste resources, and if so, at what cost and for how long.?
For instance in profit making organnisations the primary objective is to make profits so it endeavours to explain what firms have to contend with in their objective. In this context profit maximization is the process by which a firm determines the price and output level that returns the greatest profit, and in doing so the company may have constraints on the bugdet, human resourse, inputs in terms of raw materials , capital expenditure etc.
As companies grow, they lose the personal touch, allowing automation to replace people with “menus”. When calling a company to make an inquiry or register a complaint, the customer listens to a menu from which to select the desired service before getting lost in an endless succession of menus offering scripted responses that usually do not apply to the reason for the call. The customer eventually hangs up in frustration and seeks out a business employing “live” people to respond to inquiries. The savings gained by companies who replace people with machines are lost with the gradual drifting away of customers. The next Civil War will be fought between consumers and automated businesses.