The chosen article talks about the benefits of the initiatives of social responsibility in promotingethicalrelations with the various stakeholders toenhancethe overall performance of an organization, as well as generating other benefits from various perspectives. Most organizations benefit directly or indirectly from practicing the aspects of social responsibility. Previous research has also proven theimmensebenefits of social responsibility from organizations that have implemented such programs and policies. These benefits include: improved efficiency in the operations of the company, improved process of decision making, high levels of commitment from the employees, delivery of products of high quality, improved financial performance, and increasedloyaltyand trust of the clients towards the company. The companies that implement these policies enjoy the benefits of having an excellent reputation for integrity,trustandquality. These attributes contribute to the success of the company as well as improved financial outputs. However, some organizations view these programs to be costly and yetto not directly benefitthecompanybut thesociety instead.
-
0
Preparing Orders
-
0
Active Writers
-
0%
Positive Feedback
-
0
Support Agents
Thearticlealso describes the various structures and components thataddup to effective program of social responsibility, and resources which can be invested in order to achieve the benefits for the company and its stakeholders.
The key learning points stressed in the article are the importance and application of the various aspects of social responsibility in yielding benefits to the company. These attributes include trust which is a unifying factor for various organizations. It comes out as a source of motivation,efficiencyand competency. Customer satisfaction and investor loyalty are some of the factors thatdeterminethe success or achievement of a company’s goals. This enhances the relationships with the stakeholders with resultant respect and a respectablereputation of the company, as well as improved service delivery. Commitment andloyaltyfrom the employees also stand out in supporting the objectives of the company. The result of improved financialoutputin terms of profits is also a benefit of social responsibility alongside valuing the employees and building trust and loyalty with clients and stakeholders.
The article addresses the benefits of social responsibility as highlighted in the lecture notes.
Businesses focus on fulfilling differentlevelsof social responsibility, which include economic, legal,ethicalandphilanthropicresponsibilities involving the stakeholders, and ultimately results into improved performance benefits.
A company must ensuredistributionof information to the stakeholders about the firm’s reputation and financial performance, as well as attracting them to their stock.
Companies must continuouslydevelopandprovideproducts thatsatisfythe needs of customers andkeeppacing with their changing.
Anorganizationalso needs to provide goodwill, respect and a conducive working environmentof its employees in order toenhancetheir loyalty and support the objectives of the organization.
Benefits of social responsibility include improved trust and loyalty with the stakeholders and investors, high customer satisfaction, a stronger commitment by the employees, and improved financial performance in terms of greater profits.
“Trust is the glue that holds organizational relationships together” thus focusing on productivity,efficiencyand increased profits. Stephen Covey indicates that when trust is low, there is a result ofdecayof theorganizationand deterioration of relationships.
When a company breaches theloyaltyand commitment of the employees, there exists acompromisein the quality and service delivery as well as a decrease in efficiency.
Building and establishing an excellent reputation from exercising social responsibility enables an organization togaintheoutcomeofbusinessbenefits. These programs of social responsibility and expected benefits are explained in this article.In a system orenterprisethat has a social responsibility, employees experience high motivation and are moreproductiveas theystriveto support the company’s objectives. Improvedloyaltyandtrustto investors and stakeholders also enhance the image of the organization to the general public. Social responsibility also ensures that an organization develops new products and services tosatisfythe changing needs of the customers. When the customer is satisfied, there is a reduced risk on the damage ofreputationof the organization. The benefits of social responsibility vary widely in an organizational setup with the ultimate goal of improved financial performance. Other benefits can vary from low operating costs and increased sales to customer loyalty and satisfaction with the ultimate result of an enhanced brand image and reputation of the company. Employee valuing leads to the ability to retain employees, greaterproductivityand quality, which result in improved sales as well as customer loyalty. Improved relationships with investors and stakeholders also result into astablestock market, easy access to capital and a reduced regulatory oversight that also contributes to theoutstandingreputation and image of the organization. Social responsibility also serves tobenefitthe community as its members enjoy the benefits of product safety, decreased liability andqualityservices. It is, therefore, clear that the reputation of a company is a valuableattributethat can only be achieved by implementing programs of social responsibility. These benefits are not only limited to monetary value but can alsoenhancereputationof an organization through philanthropic actions, education programs and trainings, art organizations, supporting charitablecauses as well as other initiatives in the community around the business enterprise. These policies can ensure theprotectionof a company’sbrandand intellectual property, failure of which can result in negative media attention and protests thus destroying the reputation of an organization.
Save up to
25%!
We offer 10% more words per page than other websites, so actually you got 1 FREE page with every 10 ordered pages.
Together with 15% first order discount you get 25% OFF!
Building trust within an organization can beapplicablein order toenhancethe organizational relationships, reduce conflicts, inefficiency and playing politics within the organization. This aspect, however, takes time and patience but can be achieved through trainings in order to improve the competency ofpeopleto the rightlevelof trust. For example, in the case of Bank of Baroda, building trust ishighlyessentialbecause of the sensitive nature of the operations within the bank. Trust goes hand in hand with employee commitmentin order to ensure that employees deliver the highest quality standards in terms of products and services. The bank’smanagementneeds to provide goodwill and respectto the employees toenhancetheirloyalty. Customer satisfaction is also paramount in the bank so as toachievethe set targets offinancialoutputs and profits. The bank canensure that its service is up to standards with the changingfinancialneeds of their clients as well as strive to maintain a long term relationship with the customers. Thebankcan also work to improve theloyaltyof investors and stakeholders in order to increase the purchase of stocks and shares. This shields thebankfrom vagaries of the stock market and ensuresstabilityandflexibilityin the long term strategic planning. here are many benefits in implementing programs of social responsibility, which include greater employee commitment, trust and loyalty of investors and stakeholders, improved customer satisfaction, improved decision making processes and improved financial performance. Such programs areessentialin determining the success of a company and should be adopted if the company is togetreturn on investments,growthin sales and return on assets. The achievement ofsignificantfinancialperformance in terms of profits ensures that an organization can continue to be socially responsible and develop anorganizationbased onpositiveethics. Such organizations canreportanachievementin customer satisfaction, valuing of the employees, and building trust and loyalty with the investors and stakeholders. Organizations also need tolearnthat failure of adopting programs of social responsibility can lead to adropin economic performance. Countries thatpracticesocial responsibility have an enhancedenvironmentofproductivitysince they have put in place theethicalsystems that reduce the costs of transactions, and improve the efficiency of competitive processes.