Human Resources are an integral part of the business strategy. Successful business units realize the importance of well-trained and motivated employees so as to achieve the company’s financial goals. The successful Human Resources departments realize the importance of keeping the employees’ focus on the company’s financial goals while providing opportunities for employees’ growth and advancements. Here comes the main role of HR that is formulating the HR strategies which suits the business as well as it helps to empower the employees. The formulation of policy of corporate social responsibility has become an important function of HR. Corporate Social Responsibility (CSR, also called corporate conscience, social performance, or sustainable responsible business/ Responsible Business corporate citizenship,) is a form of corporate self-regulation integrated into a business model. The Corporate Social Responsibility policy functions as a self-regulating mechanism whereby a business tries to monitors and ensures its active compliance with the spirit of the law, ethical standards, and the international norms. The aim of Corporate Social Responsibility is to embrace responsibility for the company's actions and to encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. It has been considered that to remain in the race of the competition in the market, HR department plays a vital role in forming strategies and policies. Corporate Social Responsibility and empowering the differently abled people is one of the new strategies of HR which are being followed by the organization. The term "corporat... ... middle of paper ... ... Corporate Social Responsibility by Michael E. Porter, a leading authority on competitive strategy and head of the Institute for Strategy and Competitiveness at Harvard Business School; and Mark R. Kramer, Senior Fellow at the Kennedy School at Harvard University and co-founder of FSG Social Impact Advisors. The article provides observations and pertinent examples of companies that have developed deep connections between their business strategies and corporate social responsibility. Many approaches to CSR shaft businesses against society, underlining the costs and limitations of conformity with externally imposed social and environmental standards. CSV acknowledges trade-offs between short-term profitability and social or environmental intention, but focuses more on the opportunities for competitive edge from building a social value proposal into corporate strategy.
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...
Corporate Social Responsibility is the obligation from corporations to utilize their resources to aid and benefit the larger society. The four components of CSR are economic, legal, ethical, and philanthropic. Social Responsibility is a fundamental force in the wealth creation process. If correctly demonstrated, CSR should heighten competitiveness and boost the value of wealth creation to society. A company's CSR Initiatives directly represent who the company is and what it believes it. The m...
Corporate Social Responsibility (CSR) is a movement that aims to promote a greater awareness of how business activities and decisions influence corporate environment, stakeholders, and society in general. Adam Lindgreen and Valerie Swaen’s article “Corporate Social Responsibility” addresses this broad topic in a more narrow direction of CSR implementation as it discusses the most important stages of this process. While this article relies only on the previous research, it provides unique insights into CSR and even challenges the common views of this concept as the authors thoroughly analyze their secondary sources.
Corporate social responsibility is globally defined as operating a business in a way that meets or exceeds the ethical, legal, commercial and public expectations that society has of business. The concern of CSR has drastically increased over the last two decades. It has enhanced interactions between governments, businesses, society and internationally. In the past, businesses primarily focus themselves with the economic results of their decisions. Now, businesses must also reflect on the legal, ethical, moral and social consequences of their decisions. Corporate Social Responsibility is no longer defined by how much money a company contributes to charity, but by its overall involvement in activities that improve the quality of people’s lives.
Corporate social responsibility is a concept that companies own social and environmental concerns in their business operations and in their interaction with their stakeholders. It is considered that the aim for CSR is to convert from philanthropic rationale to performance-driven task. It is also known as Corporate Responsibility, Corporate Citizenship, Responsible Business, Sustainable Responsible Business (SRB),Corporate Social Performance. It is also defined as Additional responsibilities of businesses to local and wider communities apart from its core responsibility of profit maximization(Simpson and Taylor, 2013).
In conclusion, Human Resources department plays a significant role in the organization providing a wide range of valuable services to employees in various functional areas such as recruiting and training people, developing public relations, performance appraisals, maintaining workplace atmosphere, employee relations, benefits administration and much more. More than likely, HR essentially contributes to organization’s strategies and objectives through promotion of leadership activities, building friendly workplace environment and ensuring an efficient management of talented employees overall. As a strategic asset of a company, HR improves the human capital utilization and establishes the competitive workforce based on business and market demand.
Waldman, D., Kenett, R. S. and Zilberg, T. 2010. Corporate Social Responsibility: What it really is, Why it’s so important, and How it should be managed. School of Global Management and Leadership, Arizona State University.
In our global society, corporations are becoming increasingly visible, and are judged on their results and behaviour. The reputation of a brand is achieved, in part, as a result of corporate governance. By integrating corporate social responsibility into your business as a core value, you are contributing to a better society and will be recognized for doing so. Businesses can increase their CSR by supporting public expectations, focusing on long-run profits, complying to ethical obligations, boosting their public image, bettering the environment, discouraging further government regulation, balancing responsibility and power, remembering stockholder interests, and building a superiority of prevention over cure.
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.
According to this definition, we can see that human resource management should not merely handle recruitment, pay, and discharging, but also should maximize the use of an organization's human resources in a more strategic level. To describe what the HRM does in the organization, Ulrich, D. & Brocklebank, W. (2005) have outlined some of the HRM roles such as employee advocate, human capital developer, functional expert, strategic partner and HR leader etc.
Corporate social responsibility is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. In some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law.” CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. The term "corporate social responsibility" became popular in the 1960s and has remained a term used indiscriminately by many to cover legal and moral responsibility more narrowly construed
As a result of modern corporate scandals and rapid development of international business environments, social responsibility (SR) has become a key aspect of corporate competitive contexts. (Brammer, Williams and Zinkin, 2007). Businesses are under increasing pressure to incorporate SR amongst their profit-driven aims and have become increasingly accountable for their social and environmental actions. Increased interest in CSR developed in the mid 1990s as consumers began to lack their former trust in companies due to both environmental and financial scandals and it became noticeable that society was moving towards values incorporating harmony, quality of life and environmental conservation (Carrasco, 2007) Additionally, major corporate failures over the past two decades have resulted in increased demand for stronger, corporate governance (CG) rules. (Sui, Wright & Evans, 2007). Superior CG rules are needed in order to preserve the integrity of corporations, financial institutions and markets and the health and stability of world economies. (OECD Website)
While there is no universal definition of corporate social responsibility (CSR) due to differences in values and understanding, it is agreed upon that firms implementing CSR must meet the economic, legal and ethical expectations that any society has of the firm at a given point in time (Saeidi et al., 2015, p. 342). In simple terms, corporate social responsibility refers to the efforts of a firm to conform to business practices that result in a long-term economic, societal, and environmental well-being (Du, Bhattacharya & Sen, 2011, p. 1528). It emphasizes on the notion of ‘doing well by doing good’ by stressing upon the idea that profit is only a byproduct of business and not the end goal and that the purpose of business organizations go beyond
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...
Changing Roles. Traditionally, HR has been an administrative position-processing paperwork, benefits, hiring and firing, and compensation. However, recently HRM has moved from a traditional to a strategic role, the emphasis is on catering to the needs of consumers and workers. Before, HR was seen as the enemy and employees believed that HR’s main purpose was to protect management. Now, the position requires HRM to be more people oriented and protect their human capitol, the staff. In addition, human resource management has to be business savvy and think of themselves as strategic partners in the 21st century.