Individual Reflection Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Masters
  • Page:
    1
  • Words:
    625

Individual Reflection

Affiliation

Importance of Corporate Social Responsibility

The topic that I have found the most interesting topic of my whole course is the importance of corporate social responsibility. First of all, I have learnt the interesting evolution of globalization and its impact on the Business market of the world. Globalization has brought many opportunities for different communities of the world. With such an opportunity, the recognition of corporate social responsibility as a need of the company’s policy is one of the biggest opportunity of globalization. I came to know about the six dimensions of the corporate social responsibility that cover almost all the important entities and stakeholders of the organization. The dimensions include investors, communities, business partners, employee satisfaction, relationship with the customer and protection of the environment[ CITATION Mar06 l 1033 ]. Corporate social responsibility explains the concern of multinational and local organization to its customers, stakeholders and the environment. Moreover, I also came to know many big companies are achieving huge profits and good reputation just with the help of an effective corporate social responsibility campaign. The CSR campaign is of different kinds. It can be a promotion of the welfare of the people. Some companies use employee satisfaction and empowerment as the CSR campaign. At the same time, I also came to know that the effective implementation of the CSR can become complex if it will not be managed holistically[ CITATION Dav10 l 1033 ].

Moreover, it was also astonishing for to learn that the financial position of the firm has a direct relationship with the CSR policy of the firm. The example of BHP Billiton and Woolworths limited company who ranked at the top of the list of the companies who are earning high revenues. When I analyzed the factors behind this success of the big companies. I found that both of them have high CSR spending and they are doing enough for the welfare of the society through their CSR initiatives. In addition, to understand that interesting topic more I have also studied ISO 26000 seven core subjects of corporate social responsibility which covers seven interesting components of the society[ CITATION Gra12 l 1033 ]. The seven components are organizational governance, community involvement and its development, human rights, labor practices, environmental protection, fair operating principles and consumer issues. For, these seven components are very valuable because it covers almost all the socioeconomic issues of the society. Through effective social responsibility big companies even of Australia can help the community around it. The example of Cole group is common, it helps many under-developed communities of Africa. Furthermore, there are many companies of Australia who are spending millions of dollars in the development of the health in underdeveloped regions of the poor countries. Many companies also work for the protection of the environment and its sustainability. Even I have also come to know many investors of the big companies also analyses the CSR campaigns before investing in the firm’s operations.

To sum up, it can be concluded from the above significant theme is CSR is an important issue of the globalized business economy. There are many important components of the CSR policies that contribute in the development of the welfare of the society. Moreover, CSR not only creates a positive brand image, but also improves the firm’s financial position in the market[ CITATION Orl03 l 1033 ].

References

Orlitzky, & Rynes, S. &. (2003). Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies , 403-441.

Palazzi, M., & Starcher, G. (2006). CORPORATE SOCIAL RESPONSIBILITY. The European Baha’i Business Forum , 20-43.

Paul, G. (2012). THE EFFECTS OF CORPORATE SOCIAL RESPONSIBILITY. UK: The University of Buckingham.

Waldman, D., & Zilberg, R. S. (2010). Corporate Social Responsibility. Journal of Management Studies, 1-4.