Combine any five figures from across chapters 1, 2 and 3. You should utilize figures from all the three chapters. Draw a simple diagram that integrates all your chosen five figures.
To begin with it would be reasonable to explain the essence of the term “corporate social responsibility”. One of the most appropriate definitions of this term is the following.
“We define corporate social responsibility strategically. Corporate social responsibility encompasses not only what companies do with their profits, but also how they make them. It goes beyond philanthropy and compliance and addresses how companies manage their economic, social, and environmental impacts, as well as their relationships in all key spheres of influence: the workplace, the marketplace, the supply chain, the community, and the public policy realm” (Defining Corporate Social Responsibility).
The modern world is characterized with a lot of negative trends. Among them the following ones may be pointed out: economic problems (for example, the global financial crisis), global warming and severe climate changes, social tension and conflicts, growing degree of poverty in the world, etc. Of course, mankind has to do something to change the situation in order to guarantee the future.
Governments and NGO should not be the only institutions, responsible for changing the situation. Large and multinational corporations should also become active members of this process. They have all the possibilities to improve the situation. Some of them are as large as separate countries. Participation of large companies in the process of solving the different economic and social problems is a sign of the mentioned corporate social responsibility.
The following figures from chapters 1, 2 and 3 have been chosen for analysis. Figure 1.1. A firm’s stakeholders, Figure 1.3. The hierarchy of corporate social responsibility, Figure 2.1. The two phases of globalization, Figure 3.4. The free flow of information in a globalizing world, Figure 3.5. The strategic CSR model.
These figures have been chosen because of the following reason. They fully express the main topic of this research paper – the role of corporate social responsibility in the modern globalized world. In fact, this role just cannot be overestimated. The role of corporate social responsibility in the modern globalized world may be described via the following picture.
Taking into account diagram and all the conclusions about the role of corporate social responsibility in the modern globalized world, the following recommendations may be provided:
- If a company wants to maintain a positive corporate image on a market, it should maintain a high degree of corporate social responsibility. The reason for it is that its financial success significantly depends on the role it plays in society. That is why any company should take active part in solving the different social and other problems;
- Any company should think, first of all, about interests of its stakeholders. These stakeholders are a company’s employees, managers and shareholders. Generally, the whole society is stakeholders of a company. That is why a company should take care of this society;
- The modern world is really globalized and integrated. Companies should not think that, for example, situation in the countries of the third world does not affect them. Everything is correlated and interdependent in the modern world;
- The modern globalized world is really fast changing. The speed of flow of information is just tremendous. That is why all the decisions should be made by a company as soon as possible. Additionally, business strategy of a firm should be highly flexible;
- Corporate social responsibility can bring significant economic benefits for a company. Moreover, financial benefits can be felt in the nearest future. It is caused by the fact that improved corporate image of a company influence its sales in a positive way;
- Corporate social responsibility has some levels. These levels are correlated. They are: corporate social responsibility as philanthropy, corporate social responsibility as risk management, corporate social responsibility as value. Every level has its turn in the overall development process;
- Corporate social responsibility is not a cheap process. A company must be ready to invest significant sum of money in this process. However, potential benefits may be much higher than the initial costs;
- CSR must be realized by professionals. Only then its efficiency is going to be the highest. If a company does not have such professionals, than it should invite external professionals. There are a lot of outsourcing agencies that propose such services;
- Corporate social responsibility has its own hierarchy. Some actions are available only for giant corporations with appropriate resources. The other ones are appropriate for any company. This process should start from some minor actions that respond to a company’s abilities. Generally any organization can make something useful for the surrounding society;
- Corporate social responsibility should not be an informal process, some impulsive decisions and actions of a company’s managers. It should be planned and well-organized process. Generally, it should be an integral part of a firm’s strategy.
Identify one of the more important sections within chapter 1. Write ten (or more) specific, very different, and action-oriented recommendations with their respective implementation guidelines.
An important issue that is considered in the first chapter of the book under consideration is rational and economic argument for CSR. It has been already mentioned that implementation of CSR is able to bring a lot of economic, social and even financial benefits for an organization. Among them the following ones may be pointed out: improved corporate image, growing sales, broader brand recognition, cooperation with governments and regulative bodies, etc. A reasonable question what a company should done to monetize all the benefits from CSR. The following steps should be made:
- Development and implementation of a long-term strategy of CSR. Implementation of principles of corporate social responsibility should be in form of some formal strategy that should be presented to every employee and other stakeholder of a company;
- Appointment people responsible for this process. Probably, a special department should be created. These people should be characterized with high degree of professionalism and motivation. Once again, the company may use outsourcing for this purpose;
- Accumulation of required financing to implement the CSR projects. There are a lot of possible ways of financing of such project. Generally, debt financing and equity financing may be mentioned. Companies are usually reluctant to debt financing for such purposes, since it is very expensive, especially in the modern conditions of the global financial crisis. That is why companies try to use their own money for CSR purposes;
- The CSR projects should be performed on a constant basis. If a company wants to be socially responsible, it has to be such company always. Corporate social responsibility cannot be realized from time to time. It is not going to attract trust of people. Successful performance of a company is impossible without such trust;
- A company should cooperate with other institutions that have appropriate experience in some area. This recommendation is especially useful for newcomers in this area. That is why they must easily ask for advice in experienced companies and specialized agencies;
- A company should cooperate with local governments, since they are responsible for the final outcome. Government may provide effective support for companies, since they have a common goal. The goal is to improve the overall conditions of society;
- All the CSR projects should not be located on a single territory. It has been already said a lot about the global character of the modern world. However, a company should, first of all, focus on its local area and then move on to other regions. Such movement should be parallel to the process of development fo a company;
- The projects should be realized, starting from the easiest ones to the hardest ones. Once again, growth of degree of difficulty of tasks must be related to growing abilities of every separate company;
- A company should mention about its CSR experience in marketing campaigns. If a company wants to monetize its CSR progress, it has to mention it in a marketing campaign. However, this marketing campaign should not be to aggressive. It may be considered as a try to cut a dash;
- A company’s products or services should also be economically and socially responsible. It is inappropriate practice, when a company realize some socially and ecologically projects, while producing and selling harmful products. There have been such examples in the history. Those companies tried to hide their real goals behind tries to solve some minor social problem
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The CEO of a very large global company has engaged you as a CSR consultant. Using the concepts of Chapter 3, write ten (or more) specific, very different, and action-oriented recommendations with their respective implementation guidelines.
The following task is to consider the problem of corporate social responsibility in the context of strategic lenses. First of all, this term should be defined. One of the most appropriate definitions of the term “strategic lenses” is the following.
Strategic lenses are a concept of strategic management. According to this approach, there are four angles from which corporate strategy can be considered and implemented in an organization. These angles are the following: strategy as design, strategy as experience, strategy as ideas, and strategy as discourse. Any corporate strategy should be implemented in an organization, taking into account these angles. A strategy of implementation of CSR is not an exception.
One of the most important trends in the modern development of mankind is environmental problems. That is why solving these problems should be an integral part of a company’s CSR strategy. The following recommendations how to implement CSR strategy, accounting strategic lenses in environmental context, should be made:
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- This strategy should be designed as a vivid and clear mechanism. Probably, some outsourcing company that has a great experience in this area should be invited;
- A company must focus on environmental problems in its local area. Global environmental problems must become a task for large multinational companies. Frankly speaking, ecologic problems in some separate area may affect the overall climate conditions in the world;
- Solving environmental problems should be properly financed, using the different kinds of financing – from debt financing to equity financing;
- Companies that desire to solve environmental problems should apply to governments for support. The reasons for such situation have been already mentioned. It is important to add, that a lot of environmental programs just cannot be realized without governmental approval and support;
- If the local governments are reluctant to such applications, help of international organizations and institutions may be provided. International organizations play growing role in the globalized world. That is why their abilities and influence are really significant;
- Every employee of an organization should consider saving environment as own task. The reason for it is that collective responsibility of a company is a sum of individual responsibilities of its employees. Collective work is going to create significant synergetic effect. In the end, the final benefits will be felt, by every employee, every stakeholder of a company;
- Once again, this process should be a long term process with appropriate strategy and financing. There should be some main strategic goal, which will be realized via achieving tactical objectives;
- A strategy should be formal. Moreover, it should be developed by experienced workers and approved by a company’s shareholders. It is possible to establish some official framework and responsibility of workers in such conditions;
- A company should not expect for short term earnings. There may be even some loses ate the very beginning. Financial efficiency is going to be reached in a strategic long-term period. It will be monetized via growing sales and financial result of a firm’s performance;
- Any company should not hesitate to cooperate with other ones. Only common actions are able to save environment. Such cooperation will be beneficial for every separate company and for the whole society in general.
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The CEO of a very large global company has engaged you as a CSR consultant. Using the concepts of Chapter 4, write ten (or more) specific, very different, and action-oriented recommendations with their respective implementation guidelines.
Therefore, the role of CSR in a company’s performance just cannot be overestimated. Even a special strategy should be developed to establish some degree of CSR. This strategy should be developed and implemented according to some plan. This plan must include the following stages:
- Realizing the role of corporate social responsibility in a company’s success. This role should be realized by all the stakeholders of a company, from employees to the final shareholders;
- Approving of the task to develop a CSR strategy by a company’s shareholders. After realizing the role and the goals of CSR process, an organization’s shareholders should give a task to develop an appropriate strategy;
- Appointment of people and departments of a company responsible for the whole process and the final results. The most effective way would be to hire new people with experience in this area;
- Appointment of the sources of financing of CSR strategy. Usually, these resources are got from the own internal sources of a firm. Debt financing is not the best option in this particular case.;
- Development of strategy. This development should be made, accounting overall principles of CSR process and individual features of every company;
- Development of a budget, according to the essence and tasks of a CSR strategy. Budget should be developed by finance department of a company, after getting request from people responsible for CSR process;
- Presentation of a strategy and a budget to a company’s top-managers and shareholders. Probably, there will be more than one meeting, because shareholders may be quite reluctant to this new initiative;
- Approving of a strategy and a budget. This step should be made by a company’s top-managers and shareholders;
- Realization of the chosen strategy. As it has been already mentioned it is a long-term and constant process. Generally, it takes a few years;
- Control, monitoring, evaluation of intermediate and final results. It should be done in order to understand whether a strategy is effective and worth financing. Also, it is important to know whether people execute their obeys in the most effective and rational way.