HC3131 : Corporate Social Responsibility and its Vital Aspects - Management Assignment Help

Assignment Task:

Task:

Introduction

The following business research project is covering the subject matter ‘Corporate Social Responsibility’ and its vital aspects. This has become a topic of significant interest to all to connect with their learning techniques and academic skills. So, it is very important to know and understand well the usefulness and benefits of this particular topic and practically apply it to all fields of work and education. The paper has been carried forward by presenting a literature review so that everyone can get a better contextual knowledge and understanding. Thereafter, the research problem has been identified and defined in relation to the conducted research. It has further lead to proposing a research question that would be a great help for answering the whole research project.

Significance of the topic

Corporate Social Responsibility is an interesting subject for valid reasons like it has the ability for demonstrating that an organization takes a potential interest to solve broader social problems instead of just looking after what things are affecting the company’s profit margins. CSR can help to attract the customers of a business who look for sharing the relevant values. Hence, better and enhanced business sense can be made for operating in a sustainable and efficient manner. In addition, a firm that is socially responsible can strengthen the image of the corporation along with establishing its brand. Employees will get empowered through social responsibility for leveraging the business’s corporate resources for doing well.

Literature Review

Importance of CSR

When an organization gives commitment to managing the economic, environmental and social impacts of its work procedures in connection to public expectations it is basically known as Corporate Social Responsibility (CSR). It has shown its wide existence just after the Companies Act of 2013's amendment and is presently not considered the latest concept. The concept of Corporate Social Responsibility has greatly played an essential role to increase the interests of individuals who are currently in the academic field as well as in various corporations. Organizations must take part in meeting social responsibilities along with gaining huge profits. It would be essential for the advancement of a person's social well-being as well as make huge contributions further for making the business

successful. In current years, it has achieved prominence in the business community as well as academic literature. Businesses have become well aware in consideration of the role they must perform while living in the society and also for pursuing more profits. Several studies have been carried out to manifest the advantages created by accomplishing social responsibilities. It has been found out that a good reputation and positive brand image can be easily created by companies by carrying out activities of CSR appropriately. An integral portion can be represented by CSR to adopt the differential strategy in business. Besides this, it is also identified as an innovative way for organizations to improve relationships with consumers and make them strong. Relationships developed between a firm and each and every stakeholder is encompassed by CSR.

Relationship with stakeholders and businesses

The stakeholders of a business include communities, employees, customers, competitors, suppliers, the government, investors and owners. Based on the perception of stakeholders, an organization's vital responsibilities comprise doing community service, financial returns, environmental protection, job creation and the enhancement of relationships with workers. The topic is also pointed out by the author and specified that it is the social responsibility for treating the stakeholders of the company in a responsible and moral manner as well as making continuous efforts for the achievement of the two-fold objective. It is to maintain profitability as well as enhance stakeholder's living standards outside and inside the organization. If companies get involved in the activities of CSR, they shall not only acquire the ability to generate favorable attitudes within stakeholders also support behaviors in a better way such as making investments in the firm, seeking employment and purchasing. Apart from this, in the future, the businesses can establish corporate image along with improving advocacy behaviors of stakeholders. Moreover, unfavorable attributions and low awareness of stakeholders towards firms pose harsh impediments towards CSR activities and maximizing business advantages.

Leadership driven

Corporate social responsibility has been incorporated by scholars in the leadership theory which has been directed through transformational, ethical, participative, charismatic, and spiritual leadership. The leadership approach has been named as responsible leadership per the ideals of corporate social responsibility. The researchers

have defined responsible leadership as the ability and art which is involved in sustaining, building, and cultivating trustful relationships towards different stakeholders in order to attain a commonly shared organizational vision. In the previous studies, the researchers have explored corporate social responsibility and have recognized that the vision of the organizations is only to generate more and more profits but also to carry out their social responsibility to develop society. Corporate social responsibility has been evolved from the past period by developing the leadership theory and has created a new concept which is recognized as responsible leadership (Srivastava, 2017). The study of CSR based leadership approach is at a primary stage which has a number of gaps that need to be considered for instance measurement and structure of this particular leadership style.

Stakeholder relations driven

The stakeholder theory presents a platform upon which the CSR theme is developed. As per the researcher, there are two key drivers of CSR activities in the organization which are concerned with their relationship with the stakeholders. The first drive is recognized as the instrumental approach whereas the second drive is the moral perspective approach. The instrumental approach states that the organizations count on the stakeholders so as to have their continuous support. The instrumental approach considered CSR as the tool within the process where the stakeholders’ interests were preserved. On the other hand, the moral perspective approach signifies that all the individuals or groups of individuals with valid interests are more likely to participate within the organization in order to attain benefits.

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