Introduction
A globally sustainable organization has the ability to meet the needs of present without compromising the ability of future generations to meet their needs. Organizations are getting more and more concerned with sustainability and corporate social responsibility. A sustainable organization always give importance to the economic, social and environmental benefits when doing business. Instead of only looking for economic bottom line such as profits and shareholder returns, global firms need to pursue a balanced set of “triple bottom line”, which consists of economic, social, and environmental performance, and satisfy the demands of all stakeholder groups. A stakeholder is someone who is dependent on or affected by organizational
Formal (rules and regulations) and informal institutions demand for better environmental and corporate social responsbility from firms. As a result, sustainability has become a key focus for multi national enterprises as it enabled companies to achieve better organizational performance. One of the Human Resources Management(HRM) function consists of assisting in creating and implementing sustainability strategy in various ways. Human Resources(HR) ensures that the employees of a global firm implement the strategy consistently across the globe. A sustaniable human resource management uses various methods and tools to create a global worksforce that trusts the organization and its strategies towards the global sustainability. They ensure that the employees has enough skills and values for implementing sustainability initiatives, and are they motivated properly to achieve the triple bottom line. There are various ways in which human resources can impact corporate social responsibility and triple bottom line. Some of those include proper staffing strategies, training and development on sustainable practises and strategies, motivating employees, provide attractive remuneration, conduct performance appraisals, maintain good labor
Corporate social responsibility (CSR) is the consideration of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with the traditional economic gains which the firm seeks. (Peng, 2012). According to World Business Council for Sustainable Development (WBCSD, 1999), CSR is an organization’s commitment to a discretionary behavior that leads to economic development and contributes to the welfare of its employees, local community and society at large. (Ilona, Kazlauskaite, 2011). Corporate Social Responsibility (CSR) has become very important in that it become a strategic issue that spans across various departments of a firm. It affects the overall global business process as well. Many organization have revisited and redefined their core values to add corporate social responsibility.
The below infographic depicts some of the key areas that HR can impact w.r.to the organization`s CSR efforts and triple bottom line. The y-axis of the chart represents meeting the needs of the stake holders and x-axis represents the actions that HR can contribute and influence the success of a sustainable business. (Cohen, Taylor, Camen, 2015).
Fig
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).
Corporate social responsibilities (CSR) have a different meaning in different company but in my view CSR is the concept which is the ability one of the companies can do for society. As the company responsibilities toward the society and environment in the way operate their business. CSR is about how companies manage the business processes to produce an overall positive impact on society. CSR also known as a “corporate citizenship” and with do that CSR is not provide an immediate financial benefit to the company but promote positive social and environmental change. (www.investopedia.com/terms/c/corp-social-responsibility). CSR is a high profile nation which the business world perceives as a strategic (Economist, 2008; Porter & Kramer, 2006)
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 (CSR) is the set of regulations that an organization makes to protect and increase the society in which it functions. There are three areas of social responsiblity: Organizational stakeholders, the natural environment and general social welfare.
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 ...
According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...
Successful companies have more than just a responsibility to their own gain in order to sustain their success. The effects of their profits spread to the stakeholders and communities in which they serve. Companies have to consider the impact their organization have on the society and those involved in their success. One way to obtain this goal is through the triple bottom line: people, planet and profit. Triple bottom line for many companies is used to measure and report their performance to minimize any harmful effects on the environment due to business practices.
Stuart Hart, in a business article, discusses the tough task for companies to make a sustainable global ec...
CSR is a concept where company involves in social and environmental in their business operations. This is done to achieve a balance of economic, environmental and social obligations.in simple terms giving a hand for those who are not capable of achieving with their objectives and attending to them so that they could make those objectives a reality. This could improve organizations cooperate image which would also leads to attain a high market share.
Introduction Since the Industrial Revolution of the late 1700’s and early 1800‘s, organizations have become increasingly prosperous. With this rapid growth, however, has come irresponsibility in the management of business resources. This irresponsibility increases the costs to the company and is also taxing on the environment, increasing ozone depletion, deforestation, and global warming (Shrivastava, 1995, p. 936). Sustainability in the business sector goes beyond environmental initiatives and includes the company’s financial and managerial performance, and employee quality of life. The movement for sustainable human resource management provides a balance between economic development, environmental stewardship, and societal equity—often referred to as the Triple Bottom Line (Sidkar, 2003, p. 1928).
There are now several concepts of CSR and its definition, along with the meaning across corporations. In my opinion, and according with our textbook in page 11. CSR is about a particular set of business and strategies that deal with social issues. In addition, we can clearly perceive that CSRs application along corporations has increase in the past decade due to the several local, and international regulations in order to enforce business to act responsible.
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
The sustainability of the ecosystems on which the global economy depends must be guaranteed. And the economic partners must be satisfied that the basis of exchange is equitable” (World). This quote demonstrates the complexities of sustainability. Another thing corporations should focus on when trying to be sustainable is their environmental impact.
Now-a-days it is considered that CSR is one of the major concerns of organization’s business ethics. Companies increasingly increase their corporate social responsibility (CSR) and ethical management accepting the positive impact on the bottom line. The vast bulk of Standard & Poor’s 500 companies publish sustainability reports unfolding their program challenges and achievements. These pre-emptive efforts can pr...
HRM comprises a set of policies designed to maximize organizational integration, Employee commitment, flexibility and quality of work. (Guest, 1987) as cited by (Armstrong, 2009) this statement entails that HRM function has policies to guide its activities, if these policies are well integrated with the strategy of the organization, it can enhance employee commitment and result in quality of work, as cited by (Armstrong, 2009) that the overall purpose of human resource management is to ensure that the organization is able to achieve success through people, however the function of HRM is affected by several other factors, this essay will look at three Internal and external environmental factors affecting HR Specialist.