Implementation of Corporate Social Responsibility

Implementation of Corporate Social Responsibility

It is the social and moral responsibility of an organization to consider and recognize the rights or interests of various stakeholders first, not only stockholders and employees but also outsiders affected by the company’s actions. Among outsiders include customers, suppliers, governments, unions, competitors, local communities, and the general public whereas stakeholder groups justifiably expect and often demand that the firm satisfy their claims in a responsible manner. In general, stockholders claim appropriate returns on their investment. employees seek broadly defined job satisfaction. customers want what they pay for. suppliers seek dependable buyers. unions seek benefit for their members. local communities want the company to be a responsible citizen. and the general public expects the company’s existence to improve the quality of life. To be successful in today’s business environment, which is dynamic and complex at the same time, organizations must attempt to incorporate the interests of these groups when defining their strategy or making business decisions. (Sims, 2003, p. 40)
To build an enduring and resilient competitive advantage, an organisation must establish strong relationships with all of its key stakeholders due to the fact that no organizations in today’s infrastructure can afford to ignore certain other specialized and highly influential groups which include government agencies that look at organization compliance with regulatory standards, financial-ratings agencies that monitor economic performance, corporate-conscience agencies that evaluate social performance, and consumer agencies that assess product quality.
Most of these groups enjoy lots of analytic resources and often have access to better information than ordinary stakeholders. Their opinions significantly affect the way an organization is regarded by its less-informed observers. Indeed, a whole performance assessment and reputational-building industry have evolved that scrutinizes, evaluates, and champions organizations. (Sims, 2003, p. 75)
According to Robert Ackerman’s studies, successful implementation of these programs takes place in three overlapping phases, commitment phase, learning phase, and institutionalization phase, and can take up to eight years from inception to completion. (Robert, 1975, p. 23)
A committee or organization studies evaluates and prepares legal interpretations, practices, and codes of moral and ethical conduct to be adhered to by company employees. (Anderson, 1989, p. 22) CSR is a systematic approach which puts the onus on general management to positions and captures the latest business firms in a rapidly changing and complex global environment. To do so successfully, corporate leaders should install organizational processes that can help them understand how the environment might be changing and what the effect of likely consequences will be. Otherwise, despite their current strengths, business firms are unlikely to be able to meet the challenges of the emerging high-technology and deregulated global economy. Predicting a world in which technology and collective and competitive patterns change at an unprecedented rate is hard enough.

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