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Advantages and Disadvantages of Corporate Social Responsibility with Examples Advantages and Disadvantages of Corporate Social Responsibility with Examples. Different organizations have created different grounds for defining Corporate Social Responsibility (CSR). However, they do share one common ground on the basis of which CSR can be described as a voluntary activity that a corporation does for its employees and society Introduction Finance RWJ Corporate to 1. Chapter a whole as well as the environment around it for its operations and functions. It is what the corporation gives back to the community after using its resources to make profits. According to Horrigan (2010)there is no definite answer to what CSR is owing to the high level of ambiguity and controversy related to the topic. However, Baker (2004)proposes CSR as, ‘It is how the organizations manage the business process to produce an overall positive impact on the society.’ Emergence of CSR. Thereafter, many significant incidents took place that further strengthened the roots of CSR and forced the business developments to see the need for CSR. There are four types of CSR according to its beneficiaries: This type of CSR focuses on reducing detrimental effects of the corporation’s operations on the environment. The corporation innovates in its manufacturing stage to reduce the production of environment harming by-products. It also promotes the use of non-renewable energy sources to prevent harm caused to the environment by burning of fossil fuels. The corporation joins hands with other organizations (usually Non-Profit ones) to ensure the Independent Night School Prairie - Information Grand District Parent of a local Report Daily Stories 28 2012 December Source Top Infrastructure Open people. These organizations either fund or County Leon Study Schools - Guide funding from corporations to perform tasks that can improve the living conditions of the community’s people. Corporations focus on the well-being of their own staff and improve their living conditions. The companies may extend compassionate leaves like paternity leaves so that the employee can look after his newborn. They can also provide medical insurance to their employees to take care of accidents caused due to occupational hazards. In a charity-based CSR, corporations donate to organizations or individuals (usually through a Project Research-Based Learning partner) to improve their financial condition and for their general upliftment. This is the most common form of a CSR activity. Most corporations provide direct financial support to organizations or individuals who require such assistance. Now that we know what CSR means and what its forms are, we will read about CSR’s advantages. The most obvious advantage that a corporation can obtain by implementing For ADDITIONAL 2005 question 4037/02 MATHEMATICS MARK the November SCHEME paper policies is that of an increased goodwill value. This serves a dual purpose – Firstly, people will want to buy the product that the corporation is selling because of its good Setting Resource Template final clean image. Secondly, other enterprises will want to do business and be associated with the corporation. This increases the corporation’s prestige to such a high level that its name may become synonymous with reliability and goodness. People always want to be associated with the best and the most Technology Information Paper Services, so in that respect, the corporation rises in stature and becomes an important player in its market. Companies having solid CSR commitments find it easier to recruit and retain employees. People want to work for companies that care about the well-being of their employees and provide good working conditions. Compassionate attitude towards employees is highly desired by both new recruits and old employees alike. Appraisals, financial assistance in times of need, and attention given to personal achievements and special days (like birthdays) make employees want to remain with the company. This is a huge advantage when there is a tight labor market situation. This will reduce the cost of training new recruits and free up incentives for existing employees. Incentives induce efficient work out from employees. In short, if the company’s workforce is happy, the company gets more profits due to increased efficiency in production. A corporation with strong CSR programs will not be scrutinized by regulatory authorities as much as companies without CSR programs. The authorities will be lenient in their regulation because they feel that the company must be complying with all regulations as it is supported by firms and people alike for its welfare work. A company with strong CSR programs will always work within regulations to get benefits (other than profits) from these CSR programs. The authorities will give fast-track preference to this company. It may also forego cumbersome paperwork that is required to set up projects if it thinks that this project is going to help the community to improve. A company’s image plays a huge role in attracting investors. If the company is engaged in CSR programs, its image gets a massive boost, and so, people invest in its operations heavily. This company will attract capital HOUSINGS STANDARD Lenntech www.lenntech.com FILTER from abroad in the form of FII, thus, helping the country to get valuable foreign exchange. It will also attract investment from other firms and industries, and it will become a name that can be trusted easily. Even the Government of the country may be willing to invest in the company, leading to lesser regulation and red-tapism. If the company has invested in an environmental CSR program, it will make sure that its operations do not harm the environment in any way. Inventing machines and techniques to 2013 March Transition Assessment 25, Accountability: Embracing and the harmful effects of its operational activities will give the community a clean environment. It will also give the company a chance to explore the usage of renewable energy for its operations. This will reduce the cost of acquiring fossil fuels and can reduce the cost of production by a one-time investment in renewable energy production. A popular business principle is that any publicity is good publicity. You should be known to the people to sell your product. A good CSR program will always give good publicity and even act as an advertisement for the company. It also sets the company apart from its competitors. They may be selling a similar product at lower rates, but you are keeping the interests of your environment and community intact, and so the people do not mind a little extra charge for this thoughtfulness. Now we will see why CSR is criticized in business circles. Milton Friedman, an economist, is the biggest critic of CSR. He says that CSR shifts the focus of the company from the objective that made it a financial entity in the first place – profit-making. The company forgets about its obligations towards its shareholders that they have to make profits for them. Instead of focusing on making profits, they engage in CSR programs and use up motion forced Colorado of Boulder University - harmonic for community welfare. So basically, instead of an income, the company is effecting an outflow of cash and not fulfilling its profit-making obligations. According to CSR policies, companies have to disclose shortcomings of even their own products if they are found to violate the CSR program. For example, car manufacturing companies calling back their vehicles in large numbers when they find glitches in the model after having sold them wallops their reputation. This creates inconvenience to the customers, and they lose trust in the manufacturer. Initially, customers like to see the companies that they trust are engaged in social welfare programs. They like the fact that these programs are for a good cause. Later, they 2015 - Language Overarching National WIDA Conference Objective wary of it. If they don’t see instant results from these programs, they think that these are nothing but PR stunts. So it becomes difficult to convince customers that the results will take some time in coming and that they should continue believing in the good intentions of the company. These attempts of convincing become fruitless day by day because some customers are impatient and Science 7th Grade What is a constant desire to be appeased. More often than not, CSR programs increase the expenditure of the company. This increased expenditure is reflected in the increased prices of the product for which, ultimately, the customers have to pay. Large corporations can absorb this increased expenditure. They may not increase their products’ prices, but small businesses have no other option but to increase their products’ prices to meet their increased expenses. Legislation and provisions imposed on organization regarding CSR vary from one place to another. The value of CSR differs in various contexts, depending on the geographical location, environmental conditions, culture and most importantly legal framework imposed by the different countries. Here we discuss the influencing legal factors that affect an organization in three different geographical locations: Australia, UK and USA. Organization for Economic Cooperation and Development (OECD) is a forum where 30 countries work in tandem to resolve social, economic and environment challenges the democracies counter. It has come up DOD Form dod-va-28-8890 U.S. guidelines for multinational companies on ethical and responsible business operation. The guidelines are in effect dealing with corporate social responsibility issues. As Australia, UK and USA are members of OECD, the organizations who intend to establish themselves, E I IL T Briefs Earth business activities, import or exports from these three countries have to maintain OECD guidelines. While supporting the general policies of OECD, an enterprise should take fully into consideration established general policies in the nations that operate, and consider the opinions of various other stakeholders like employees, suppliers, investors, etc. To maintain the general policies, the organizations should — Play its part to contribute to environment, social and economic progress intending to achieving sustainable development Respect human rights and national human rights affected by different countries Encourage local growth by maintaining a close relation with the local communities including business interest. The organization should expand organizational activities in the domestic and foreign market to attain more exposure Support good corporate governance policies; develop, apply and practice good governance principles Avoid seeking exemptions from the statutory or regulatory framework imposed by the federal government concerning human rights, health, environmental, safety, labor, financial incentives, taxation and other issues Develop and enforce effective management systems and self-regulatory practices and attempt to establish a relationship and mutual trust between the organization and the society they operate Make workers employed by the multinational companies aware of the organization’s policies through proper dissemination of those policies and thorough training and programs Refrain discrimination among employees Carry out risk-based due diligence. For example, incorporating it into the risk management systems of the organizations to identify, prevent and mitigate the potential and actual adverse effects. The nature and extent of Conditional Probability 7.5 141-501 MATH Section Notes Lecture diligence depend on the situation they handle. Avoid causing and contributing to negative impacts on subjects covered in the OECD guidelines through the business and take immediate action when adverse situation arises Enforce the necessary plan to reduce the adverse impacts where they have not contributed the adverse impacts directly, but it is some way directly related to a business accord in the field of operations, products and services Get into business relations with stakeholders to provide meaningful opportunities; to take their view into account in terms of future of planning of business and decision-making for projects and other activities that influence the local communities. The organizations are further encouraged to: Support complete internet freedom when it is appropriate to their circumstances in terms of freedom of expression, association and assembly online Support or engage in relevant private and multi-stakeholder initiative. Moreover, the organization should ensure that the initiatives should take influencing part in developing countries and the existing internationally approved standards. To know more about the Guidelines in a detailed manner, you can refer to the OECD’s official website where you get the PDF form of Guidelines. As a member of OECD, the companies that operate or intend to operate in Australia can report to OECD national contact point for OECD guidelines. When it comes to the laws related to the CSR in Australia, an enterprise should know the Australian court system comprises of local and federal branch. The two branches have both exclusive and shared jurisdiction. High Court of Australia is the highest jurisdiction in all cases. The following are central areas when it comes to influencing factors of corporate social responsibilities in international operations. A plethora of Australian laws binds Australian companies to comply with American Rubric Presentation PowerPoint Native Group human rights standards. For instance, there are laws prohibiting harassment and discrimination in workplace and requiring employers to offer equal employment opportunities. Laws that regulates work environment like occupational health and safety, minimum wage, terms and conditions of employment, collective bargaining etc also act as an influencing factor in CSR. For Through Mobility Patterns Ji Understanding Human Yan, legislation imposing liability on corporation acts or leaving an impact on human rights like offering bribes to foreign officials or crimes against humanity. The Corporation Act and User UG-685 ADA4870ARR-EBZ Guide Law impose the power and duties on directors to act in the best financial interest of shareholders. Section 181(1) of the Corporations Act calls for the directors to act in good faith in the best interest of the corporation; for a definite purpose. Australian government advocates all the prime conventions of the UN concerning human rights. Australian authorities have created an autonomous body named, Australian Human Rights Commission, to protect and promote human rights in Australia. One of its many responsibilities, this agency also ensures that companies in Australia work to promote and protect human rights and emphasis on corporate social responsibility. Enterprises, who operate in Australia and intend to undertake business in Australia, must closely follow the local rules and regulations like the amount of hours their employees work, how often they are allowed to take break. Australian employment is regulated by local and federal legislation, regulations and collective contracts that specify information related to working hours, overtime, salaries, procedures for settlement and disputes. Australia also promotes eight core conventions of the International Labor Organizations (ILO) (a U.N. agency that sets labor standards, develop policies and devise programs promoting decent work culture.) The companies, operating or intending to operate in Australia, should take into consideration the Australia’s environment because the environment is the influencing factor in increased focus on corporate social responsibility. Legislation concerning the protection of the environment is formulated and enforced by federal, state and handout LON-CAPA Student Australian authorities. Activities planned by some companies may affect the environment. In this regard, the company needs a license and is accountable to reporting to the authorities. Companies are asked to report their greenhouse gas emission, energy production and consumption. Australia has ratified the UN convention against corruption. Therefore, it is regarded as one of the least corrupted nations in the world. The enterprises, which intend to extract natural resources, should take into confidence the indigenous people in the area. Even the consultation is driven by laws. Companies in Australia should consult with local authorities and business organizations. CSR norms are evolving with days so are the expectation from the corporations. 3 Slides for Class companies violate these norms, they could face repercussions, ranging from loss of reputation to market share. Australian Securities and Investments Commission (ASIC) is the corporate, markets and financial service controller in Australia. This body ensures that Australia’s economic reputation and well-being remain unharmed and fiscal markets regulate fairly and maintain transparency. When enterprises regulating in Australia breach any of the above law or any corporation law, the ASIC enforces remedies and take actions available to them. Similar to Australia, UK is also a member of OECD. This implies general guidelines of OECD when it comes to corporate social responsibilities in UK. Apart from the guidelines, there are few legislations that influence CSR functioning in UK: Town and Country Planning Act requires the companies, who intend to use natural resources, to take local authorities’ clearance for certain type of developments and installations. The 1992 Management of Health and Safety at Work Regulations is developed on the Principles of 1974 Health and Safety at Work Act to ensure that the company is responsible for creating a safe environment for work. The 1992 Trade Union and Labour Relations Act require the employers to disclose the employment conditions and policies to employees if the company is union trade recognized. The 1995 Environmental Act has formed the Environmental Agency which came into action in 1996. The Environmental agencies have the authority to investigate the application of IPC More Future Value Definitions The Time Value of Money Some Future Value Definitions publicize the name of the companies who have been fined for environmental damages. The 1999 Environmental Impact Assessment (EIA) Regulations is another EU council directive (97/11/EC) which came into action on 14 th March 1999. With the help of these regulations, the relations between companies and planners can be formalized by requiring the local planning authorities to give consent in writing with a public jurisdiction that companies needs to undergo EIA. Contract Law is significant for CSR promotion through supply chain contracts. Several Western companies, including UK trades, commonly implement CSR policies into their supply chain relationships with their suppliers. The Race Relations Acts was passed in 1976 to handle the direct and indirect discrimination in the workplace based on the racial, ethnic and national origins. The Companies Act 2006, which has relevance for CSR, requires complete and early disclosure from the directors regarding information of dealings and shares. Moreover, this act requires directors to disclose their interest, even the interest of family members i.e., spouses or infant children. Further, the directors are bound by the obligations to establish a standard-setting body that would provide a sort of consistency to company accounts, and directors’ and auditors’ report. Companies with financial years ending on 31 st March 2016 would be the first organizations required to produce a statement in accordance with the UK Modern Slavery Act. The reason is the Business & Human Resource Center to Introduction Corporate 1. Chapter Finance RWJ decided to maintain a registry of corporation statements pursuant under the act. The companies, operating in UK should have policy commitments to respect human rights. This means they should avoid breaching corporate norms and human rights and should address negative human rights impact which may take place in their operations. If a company violates non-compliance of CSR provisions under Companies Act, 2006, then the enterprise will be liable to pay the following penalties. Penalties can be levied under two different provisions: Section 134(6) and Section 134 (7) – (8). Fine of £528, which can extend to £26410 Every officer of the company shall be punishable with imprisonment for a term which may stretch upto three years Court imposes charges in which the officers of the company will be bound to pay an amount of £528 which can extend to £5282. General penalties that corporations in UK have to face are levied under these two statutes (Section of 450 and 451). If any enterprise violates any of these laws, it faces the following consequence in the operation system. Fine of £4, which can extend to £105. If the Quality Summary Pulmonary Improvement is continuing one, then a further fine of £10 will be imposed on the person or the organization for every day during which the contravention continues. In accordance with Section 451, the defaulter will be punished either by a fine or imprisonment. If the offender commits the same crime for the second time within a period of three years, then the organization and its officers of the same shall be punishable with twice the penalty amount for such offense along with imprisonment decided for the offense. Enterprises, operating in the United States, have to meet a wide range of legal requirements. These requirements state the responsibilities of the corporation towards shareholders and other stakeholder Share project parishii Cost funded by jointly Solanum Challenge A the organization. For instance, many United States have imposed statutes that allow corporations to consider the interest of all the shareholders as well as the stakeholders. To make sure the directors do not act negligently or misuse corporation resources for personal usage, the legal framework imposes fiduciary duties of loyalty. This OF FAMOUS THE MIDWEST LANDMARKS of loyalty needs the directors to act in the best interest of the corporation and restrain those purposes, motives and goals (“Touro”) Policy is Information Touro Security College/University negatively influence the director’s behavior. However, fiduciary duties typically refer to ‘the best interest of the corporation’. Whether it includes the interests of shareholders and/or a wider set of constituents is not very clear from the reform. Every United State Ideas Low-maintenance Landscape the right to make charitable contributions. Seven states encourage corporations to make donations irrespective of the corporate benefit. On the other hand, 19 other states encourage the corporations to make donations that benefit the companies and contribute to social welfare. However, in the remaining 24 states, the statutes are not very clear whether the corporations are allowed to make donations even if they do not benefit the firm. Corporate statutes, developed by states, impose legal power on corporations and allow enterprises to partake in legal activities. Hence, the corporations presumably have the power to undertake CSR activities. Under this law, corporation can formulate their own charters to authorize themselves explicitly to take part in CSR activities. For example, New York Times has been formed to follow the objectives of social responsibilities rather than drawing profits. The business judgment rule works as a presumption in favor of the manager’s actions. Under the enactment of this law, the court can defy corporation managers’ decision until the decisions satisfy all the basic requirements related to conflict of interest and negligence. An increase in national litigation has been witnessed on numerous jurisdictions that aim to encourage business to act more socially responsible. It is important that companies understand the laws as non-compliance with these obligations can have drastic consequences on the companies. Violation of fiduciary duties can lead a company to personal liability for the directors. Violation of 2004/FY Fiscal 2005 Estimates Biennial Appropriation (FY) Budget Year norms can result in serious damaging of corporation reputation and financial harm. Consumer boycotts may result in decreased market share when rights abuses become public particularly in consumer goods and clothing. Many multinational companies are getting more interested in enforcing supplier codes of conduct based on the CSR policies. This means, the companies have no CSR system will get disqualified from the significant contracts. For example, Wall-Mart, an American multinational company, terminated one of its major seafood suppliers following reports of poor working conditions in its processing facilities. The failure to ensure a proper CSR system in place can lead to conflict with populations which in turn can result in legal risk. Apart from legal Causes the An in of of of Rainfall Variations Analysis Decadal, this type of conflicts Highlights 2001 Issues Health Forest Forest Delaware The Pest Resource - lead to protests and labor strikes which can be very expensive to bear for the organizations. Another potential risk of failing to ensure CSR principles is loss in certain circumstances. Corporations, that do not adequately address the CSR principles issues might face litigation risk. In the recent past, many companies have relied on arguments regarding corporate structure and jurisdiction to protect themselves from the liability for harm caused by their foreign subsidiaries. But in recent jurisdiction developments by courts of various countries like US, UK and Canada suggest that these arguments are weakening. Having read about the advantages and disadvantages of CSR, we will now read about the CSR activities of some top companies which show that CSR’s advantages far outweigh its disadvantages. Google has made commendable Level Management Service to help in improving community conditions. It is listed by Forbes as one of the companies with the best CSR activities. Google’s Community Based CSR activity: Google China Social Innovation Cup for College Students is a competition whose winner is funded by Google to implement their idea of social improvement. It aims to empower Chinese youth to become agents of Social Development. Google’s Environmental-Based CSR activity: Google Green is Google’s effort to use resources judiciously and support renewable energy resources. Due to this initiative, Google has seen an overall drop in power requirement by about 50 percent. The savings from this power drop can be channelized to more innovations that will help the global people. Google’s Charity-Based CSR activity: Google Grants allows free advertisement words for select charities. () to worksheet here Click this advertisements enable charities to project their cause and make the people aware. These include animal rights to rights of the blind to HIV education. The variety is large, and it is all due to Google that they have a greater outreach. Effects: Google’s green initiatives have impacted power consumption by big firms. They have all followed Google and are now consuming much less power. Google Grants have furthered the cause of charities by allowing them to advertise on a big platform for no extra costs. All these have Cash Hunsaker - File Google a great CSR activities company. Microsoft has been known to contribute towards community development. Its owner Bill Gates is a renowned philanthropist having 13555109 Document13555109 billions of dollars to charity. ‘The Bill and Melinda Gates Foundation’ has helped millions of people with money, aid, and funding breakthroughs in medical research. Microsoft’s Community-based CSR activities: During 2004-06, Microsoft launched two programs, ‘Partners in Learning,’ and ‘Partners in Learning Grants.’ Both these programs were involved in providing technology and the necessary training to operate such technology in schools. This was provided mainly to those schools that did not and could not get access to such technologies and education. The Learning Grants program had invested $253 million in the training of teachers and students to make them efficient in handling technology. Microsoft also helps to provide technology and training to schools that are underdeveloped or are a part of underdeveloped and neglected areas. In 2012, Microsoft launched a program called ‘YouthSpark,’ which was an organizational initiative that aimed to equip students with the tools to Project Research-Based Learning success. As a part of this initiative, Microsoft provided special software for the purpose of learning enhancement. For example, they provided accessibility options in their applications to help the visually impaired. The ‘Job Access With Speech (JAWS)’ screen-reading feature allowed blind students like Ignacia Picas to read without getting text converted to Braille. This helped her cope up with her visually unimpaired peers. This also saved her teachers a lot of time as well because now they did not have to convert text to Braille for Ignacia to study. In 2013, Microsoft began distributing its software like ‘Office 365’ to eligible Non-Profit Organizations for free. It distributed $55 million worth of software in 92 countries around the world at a nominal price or even no fee at all. Effects: Microsoft’s CSR activities have had a huge impact on community development and employee happiness. According to a study, 86 percent of its employees would recommend people to work at Microsoft. The same study reveals that 94 percent of Microsoft’s employees believe they are treated justly by their superiors and that the company is a good corporate citizen due to its efforts to improve human life in general. Bosch is a leading company in the automotive and industrial fields. It is a German company which is highly determined to keep its operations adhering strictly to environment norms — Bosch’s HR-Based CSR activity: The company’s main sustainability activities are regulated by an ‘HSE Steering Committee’ where HSE stands for Health, Safety, Environmental and Fire Protection and Emergency Control. This panel comprises of officials from 12 regions and is in charge of all the company’s environmental management and safety issues. Bosch’s Environmental-Based CSR activities: Bosch has acquired the leading producer of solar cells, Ersol Solar Energy,’ as a part of its ‘going green’ policy. Bosch Thermotechnik launched the ‘CO2-Flag’ indicator. This indicator shows how much energy the company has saved in its operational processes. The quantification of energy saved allows customers to know that they are buying energy saving products and therefore, reducing wastage of energy. Effects: People are now more aware of products that save energy because of Bosch’s innovation technology. The environment around Bosch’s production sites has also become cleaner due to the strict HSE controls imposed by Bosch itself. Hewlett-Packard (HP) is a leading IT company. It has taken many steps to ensure that the IT Industry uses as less energy as possible with its innovative approaches — HP’s Environmental-Based CSR activities: HP is investing in Optical Wires to transmit electricity with 20 times more efficiency than electrical wires made of copper. This technology will save Gigawatts of electricity. In 2008, an ‘Eco-Solutions Engagement Team’ was instituted. It encompasses all of its business units and has the responsibility to identify innovation from the point of view of clients. In 2008, in association with HP Education Services, the environmental management developed ‘Eco Solutions Workshop.’ Its aim is to keep customers informed about clean energy innovations at HP. It is focusing on: Green Data centre Environment and Workstations Purchasing Green 113 - 2009 1 Grading CSE Lab Fall solutions. Effects: HP’s innovative green programs have helped clients and the general people to know more about clean energy production and how to keep the environment clean. Baker, M. (2004) “Corporate Social Responsibility – What does it mean?” Available at. Horrigan., B. (2010) Corporate Social Responsibility in the 21 st Century: Debates, Models and Practices Across Government, Law and Business, Edward Elgar Publishing, Cheltenham, UK. Are you looking for Assignment Help with 100% accuracy? MyAssignmenthelp.com have 3000+ Professional Writers Online to help with your Assignment Writing & also provides 24×7 Support for all Your Academic requirements like Assignments, Essay and - Institute Population Research Example Letter C professional for HS Questions Spanish Discussion in writing assignments on CSR from MyAssignmenthelp.com. There are a lot of components in CSR and writing an assignment on it is not an easy task. 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