In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many purposes for this essay, the first purpose is to descried the key principles of corporate social responsibility and explain their importance for stakeholders. Secondly, is to show how far this company follows those principles in order to be accountable to at least three of its stakeholders. In this essay, three stakeholders, environment, customers and employees will be evaluated respectively and the key principles of the stakeholders will be examined. There is a link between corporate social responsibility and the key principles of the stakeholders, which a company should follow to be responsible to its stakeholders. The first stakeholder is environment and the key principle used for it is not damage the environment for example, recycling, dealing correctly with their wastes and emissions. The second stakeholder is the employees. The key principle for the employees is companies providing safe and health working conditions for their staff. Moreover, the employees earn an appropriate salary for ... ... middle of paper ... ...012] - Starbucks. 2011: Recycling & Reducing Waste Available from: http://www.starbucks.com/responsibility/environment/recycling [Accessed on 11th of March 2012] - Starbucks Newsroom. 2010: Starbucks struggles with reducing environmental impacts. Available from: http://news.starbucks.com/article_display.cfm?article_id=472 [Accessed on 11th of March 2012] - Starbucks Newsroom. 2010: Starbucks to Provide Additional Lower Calorie Options this January. Available from: http://news.starbucks.com/article_display.cfm?article_id=313 [Accessed on 11th of March 2012] - The recycle times. 2011: Starbucks steps up to the plate: addresses pollution allegations by setting up a recycle process. Available from: http://therecycletimes.com/2011/04/starbucks-steps-up-to-the-plate-addresses-pollution-allegations-by-setting-up-a-recycle-process/ [Accessed on 11th of March 2012]
Social responsibility can be defined as “the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” (Mallen Baker, 2004). In addition, social responsibility has been defined differently by various corporate leaders that provide guidelines which impacts how one manages the core business. Social responsibility is an essential part of a business. If managed correctly should strengthen the competitive spirit of the company and provide prosperity to society.
Corporate Social Responsibility (CSR) is a word that is bandied about with really little regard as to what the full implications actually are. Consider a few thoughts: What exactly is a corporation’s responsibility? Who are the arbiters of CSR for corporations? What does it cost to “rein in” corporations? Why are some companies held to a different standard than others?
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).
Hence, the stakeholders which are described as those who are affected by the organisation performance ,actions and duties and those actions includes employees, clients, local community and investors as well. The theory of stakeholders also suggests that it is the responsibility of firm to make sure no rights of stakeholders are dishonoured and make decisions in the interest of stakeholders which is also the purpose of stakeholder theory to make more profit and balancing it while considering its stakeholders (Freeman 2008 pp. 162-165). In the other words organisation must also operates in a more socially accountable approach by carrying out corporate social responsibility as (CSR) activities.
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
Most of the research was conducted using the descriptive Corporate Social Responsibility approach, this research mainly focused on whether CSR was incorporated in the football industry. If it is, then how it is carried out? This essay will include; reasons for football clubs to adopt CSR policies, the benefits gained by football clubs when adopting CSR and how is CSR practiced; how do football cubs act socially responsible.
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.
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...
Starbucks is one of the most popular coffee shop companies in the United States. It is very popular with college campuses and is still continuing to grow in the U.S and other countries on and off campuses. Many people can’t live without coffee, so Starbucks is where they go. A lot of people do not know about Starbucks, they only see Starbucks as a store that sells coffee but Starbucks is more than just a coffee store. People do not see that they like to keep the environment green and want to provide the best services for their customers. Why does Starbucks Corporate Social Responsibility even matter? It’s important to know how companies run outside of their doors. Starbucks partners with many organizations in the Seattle area (where they were
This requires the need for mission and vision driven company which must be truly responsive to stakeholders not only its shareholders (Wilson, 2004, Vol.23, p.23). These 'social responsibilities' must however be driven directly at the stakeholders involved with the business dealings in order to serve equally the shareholders. A clear example of miss-aimed social contribution and one which resulted in strong shareholder opposition was outlined when a number of Australian companies pledged finances to the tsunami relief effort in
One way in which it can be defined is the obligation of organisation management to make decisions and take actions that will enhance the welfare and interests of society as well as the organisation (Daft, 2003). In other words, corporate actions have social implications, and managers have a responsibility to act in ways which benefit society as well as the organisation (Boddy, 2005). The difficulty that most companies of today are facing is that investing money in order to become more socially responsible may benefit one of the company’s stakeholders, but have the opposite effect for another stakeholder. For example, investing money into the workplace in order to make it a safer working environment would benefit employees; therefore, they may have increased motivation, which could increase productivity and profits. However, shareholders, in the short term time horizon, may have no time for considerations in social responsibility, as usually their objective from buying shares in a company is to receive returns from their investment in the form of dividends.
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
Examples of Stakeholder’s could be: managers, directors, employees etc. It is based upon a conceptual framework approach in which it provides moral and ethical values to a business organisation. When in practice, majority of organisations are mainly going to focus on corporate social responsibility. The reason for this is because CSR is seen to have a big impact on the firm as many people are recognising that there is a increasing number of businesses that are both socially and environmentally friendly. On the other hand, if the government doesn’t intervene with companies in terms of both regulation and legislation, this means that firms will only be concentrating on the accounting figures. If companies are primarily focusing on the accounting figures, this indicates that businesses are not taking in the social and environmental impact of the activities within the organisation. In (Liu, Fellows and Tuuli, 2011), it refers to corporate citizenship values in which it considers and identifies the different demands of the stakeholder groups to see where the overall value of the company comes from taking into thought the environment and
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.