Tata Steel is an Indian steel manufacturing company and is part of the Tata Group of companies. Its one of the leading steel manufacturer in India and around the world. It has several sustainability pillars starting from environmental excellence, community care, HR practices, health and mining, sustainable mining, sports and innovations. Respecting the environment and the community is key to sustainability approach by Tata steel. The company firmly believes that the welfare of the community and the workers as a whole is intrinsic to the success of the business (Balkema and Lambert, 2012).
Balancing environmental responsibility, social benefits and economic prosperity for the community are among the rules that Tata steel operates under. It has different partners and stakeholders in sustainability efforts which notably known is Odisha. Stakeholders are paramount in the forward progress and growth of the company. Its subsidiary Tata steel Thailand is one of the 30 companies that joined the global body UN through UNICEF in child friendly sustainability forum which was to make commitment in the protection of children’s rights. It states in its websites that it endeavors to preserve and promote heritage and culture by running several tribal language centers, tribal literature curating, tribal music teaching and creation of documentaries on tribal heroes (Carroll, 2015). On health, it has partnered with government agencies towards sustainable health programs and hygiene of the community in the areas that it has operations in. Tata steel Europe also helps in sustainable economic development of communities through wealth creation by supporting small and medium enterprises involved in business and finance.
How sustainable practice can help a business to compete
Integration of the CSR principle into the business development strategy becomes a characteristic feature of modern organizations. Organizations, possessing the basic financial material and human resources, have a significant impact on the solution of social problems of society and the development of the territory on which they are located. Thanks to the organizations’ understanding of this role in society, CSR has emerged. As a rule, two main components of the CSR concept have an impact on the sustainability of development:
2) The transformation of problems existing in public life and the environment into business opportunities. So, for example, in an attempt to reduce the amount of harmful influences on the environment, plants are often transferred outside the city, thereby creating additional jobs and changing the intensity of traffic flows (Cinelli, Coles and Kirwan, 2014.).
The development of ideas for environmental protection opens up additional opportunities for the manufacturer to produce “green” products. For example, electric cars, energy-saving light bulbs.
Evaluate the contribution of Tata Steel to sustainable and ethical business practices
In September 1999, Tata steel was introduced to strengthen ideas on “sustainable development” and the full implementation of CSR at the initiative of the business community. This company is calculated by a large number of indicators by filling in companies with special annual questionnaires. Then these data are checked by a specially authorized auditor (Grayson and Hodges, 2017). The calculated and verified indicators are then grouped in three directions:
1) the company’s economy,
2) environmental friendliness,
3) social activities.
Activities to ensure the sustainable development of the organization within the framework of corporate social responsibility is a work that requires significant conceptual, strategic and organizational restructuring from the companies, as well as investments, first of all in specialists in these fields, development of corporate plans for “sustainable development”.
Corporate social responsibility as a factor of sustainable development of the organization. The CSO, acting as an integral element of the organization’s anti-crisis strategy, ensures its sustainable development. In its normal functioning, any organization (company, firm) has certain connections with customers, suppliers, personnel, etc. However, if it falls into … (Corporate social responsibility) Principles of sustainable development of the organization in the implementation of corporate social responsibility Consideration of sustainable development from a purely theoretical development turned into the fundamental rules of international cooperation in 1992.
(Corporate Social Responsibility) Ratios concepts of corporate social responsibility, sustainable development, corporate stability. Crises of recent decades, environmental and man-made disasters, climate change show the instability of the world-wide development model based on the continuous increase in the consumption of natural resources and the burden on the environment, on the absolute economic growth to the detriment of the solution. In their programs introduced as a compulsory concept of social responsibility. The leading companies of the United States and Great Britain, having combined elements of corporate policy with respect to the external environment, have developed a holistic approach to interaction with society. The essence of this approach is that respect for the manufacturer is determined not only by the quality of the product, (Management) Corporate social responsibility and charity (McWilliams, 2015). The social components of business reputation that have an almost decisive influence on the authority of the modern company were discussed in more detail. (Advertising and Communication from Societies) target audience and scope of corporate social audience “strategic philanthropy” and “corporate citizenship” are varied. If “corporate citizenship” is oriented towards responsibility before the society, which is realized in actions with respect to specific social groups (local community, representatives.
How the sustainability policy helps the company achieve its legislative and ethical responsibilities
In the article features of corporate social responsibility of business and its influence on social policy of the state are considered. Examples of the implementation of the strategy of social responsibility at specific enterprises are given. Special attention is paid to the development of social responsibility in the region
In recent years, around the world, relations between the state, civil institutions and private enterprises have undergone changes that have contributed to the emergence of new forms of social interaction. One of these forms is based on an exclusively voluntarily constructed scheme of relationships – this is corporate (social) responsibility.
In India, quite a few companies understand that their commercial activities directly affect society, and business successes are connected with social values, but “socially responsible business would like that both society and the state be socially responsible.”
The introduction of the corporate social responsibility policy at the enterprise has the following advantages for business development:
According to the legal regulation of the fund of monetary funds of commercial organizations, when distributing the firm’s profits, a part of the income must be spent in order to ensure the implementation of social policies and solving social problems . Some examples of the implementation strategy of social responsibility of enterprises. One of such organizations is the Consumer Society (Ni and Van, 2015). “TATA” is an organization consisting of a small, about 400 people, team of like-minded people – active and active people in social terms. First of all, they are united by a common, useful, progressive sphere of activity. Even in the context of the economic crisis that has engulfed the world community and, undoubtedly, influences life in our region, “TATA” provides an opportunity for employment to people looking for work. Employees of the company can receive additional education in the spheres of health and entrepreneurship of Tata. The activity of the organization is constantly directed to the formation of an active life position for each member of the collective, it also gives an opportunity to participate in socially useful activities to all wishing and especially socially unprotected layers of the population (pensioners, invalids, young specialists, etc.).
Tata often conducts scientific symposia and congresses on medicine, ecology, healthy lifestyle, formation of civic stand, patriotism, spirituality, morality and tolerance. Special attention is paid to charity, often actions and events are held to help pensioners, orphans, disabled, veterans, homeless and neglected children, who are more than 2 million in India, and other socially unprotected strata of the population.
Priorities that underpin company’s vision with regards to climate change
The management of the Tata complex also does not forget about its employees and helps in raising the qualification of all categories of employees, constantly improving working conditions. Also, employees are paid bonuses on the basis of the results of the year, compensation. There are also initiative groups whose purpose is the formation of social responsibility. For example, we will present the project of the PSRC “Youth Initiative Group” a public organization. The goal is to involve young people in the processes of building a democratic, socially-just society. An important role is played by the education of young people’s feelings of patriotism and pride for their country, as well as the promotion of the formation of a youth culture.
At the present time, the issue of sustainable development is becoming more urgent, and the question of assessing the sustainable development of economic systems, whether at the macro or microeconomic level, is increasingly emerging.
Sustainable development is a development in which the economic, social and environmental systems are in balance. Given that in a market economy there are constant crises and market shortages, more and more people can question the possibility of achieving sustainable development.
Certainly, in order for any system to develop steadily, it is necessary to attach a large number of efforts to different stakeholders. If it is a macroeconomic system, then in its sustainable development, not only the state, but also international organizations, business, public associations, citizens and others should be interested and act. If it is a microeconomic system, it is therefore important that not only shareholders of companies, but also investors, representatives of state authorities, local communities and non-commercial organizations (NGOs) are stakeholders (Schwartz, 2017).
In international agreements and national strategies of European countries on sustainable development, one can often find a reference to the concept of corporate social responsibility (CSR). This is primarily due to the fact that the concept of CSR is viewed as a kind of derivative of the concept of sustainable development at the microeconomic level and through CSR it is possible to reveal the company’s potential in the field of sustainable development. CSR is presented as an instrument that a business can use and provide for itself and society sustainable development.
Summarized company’s commitment to sustainable and environmental practices
Until established systems of corporate social responsibility have been established, often state bodies resort to the use of administrative methods in the development and implementation of CBS in reality, but usually such attempts fail. At the same time, business strives to develop effective interaction with the general public, using for this purpose both Western models of CBS and individual domestic examples. The management of the company’s activities on the principles of CSR promotes the formation of a model of sustainable development, but the variety of directions, forms, types, ways of manifesting CSR in relation to various stakeholders exacerbates the problem of objective evaluation of the effectiveness of previously adopted CSR programs and the rationale for social strategy, taking into account the unique characteristics of the company, its capabilities and weaknesses relative to other subjects of the market and interests (Pedersen, 2015).
The problem of effective implementation of the concept of corporate social responsibility is especially relevant in India. Modernization of the development of the domestic economy, aimed at leveling the negative trends of socio-economic changes that occur, makes it expedient to search for rational approaches to increasing the efficiency of stimulating subjects of economic activity in order to create the prerequisites for their sustainable development.
The existence of certain unresolved theoretical and practical problems related to the effective use of corporate social responsibility in the company’s management system and development strategy requires their deeper scientific article and solution (Pintér and Hall, 2018). In order to better understand the relationships that develop within companies oriented to sustainable development, a detailed analysis of the application of the CSR concept by the modern company should be made from the position of mutually beneficial interaction of business with society and power, ensuring a balance of interests within the framework of relations between the parties concerned (Vertigans and Idowu, 2017). Thus, we can talk about the theoretical and practical significance of developing a mechanism for the effective implementation of CSR elements in the company’s management system in order to ensure its sustainable development.
Company’s ethical principles and core values help it tackle the challenges of sustainability
At the same time, approaches to assessing the effectiveness of CSR, considered in foreign and domestic scientific literature, do not take into account the multidirectional needs and expectations of all stakeholders he company and require further development. In addition, insufficient attention is paid to the theoretical aspects of the social responsibility of business and its practical implementation. The study of theoretical and practical aspects of assessing the level of business involvement in social and environmental projects in the system of sustainable development has not been properly developed. These circumstances make it urgent to study the issues of corporate social responsibility in ensuring sustainable development (Schaltegger and Wagner, 2017)
The purpose of the article is to study the mechanism of the corporate social responsibility of the company in conditions of sustainable development. To achieve the stated objective of the article, it is necessary to solve the following tasks: to determine the essence and features of sustainable development ; characterize the functions of corporate social responsibility; identify a person to conduct a study of the CSR policy , to conduct an analysis of the practice of implementing the concept of corporate social responsibility in the company, to evaluate the effectiveness of the implementation of CSR elements in the company’s management system, to note the role of corporate social responsibility in the company’s development strategy.
The theoretical basis of this article is presented by analytical, periodical and scientific literature, the work of domestic and foreign on the chosen article topic, statistical materials, Internet resources. Effective policy of corporate social responsibility of the company contributes to its sustainable development. Provisions that are put on the defense. As a result of the done article, the shortcomings of the existing theoretical, methodical and practical approaches to solving the problem and the main directions for their overcoming were revealed. According to the results of the article, the following conclusions were obtained: CSR is a strategic tool for creating competitive advantages of a firm that should not be regarded as an instrument of marketing policy, but as a separate component (Tai and Chuang, 2014). Any large Indian company has the capacity to implement its individual social responsibility strategy, which depends on key competencies, industry, and position in its segment, corporate social responsibility is manifested in various areas of the company’s activities.
Conclusion
The scientific novelty of the study is due to the fact that for the first time the peculiarities of the corporate social policy are considered, the CSR influence of the company on the strategy of its sustainable development is characterized, the public’s relation to the activity of Tata is revealed, recommendations on the integration of the company’s interaction with stakeholders in developing development strategy of the organization, taking into account the principles of CSR. Practical significance of the article. Theoretical analysis of scientific categories is combined in the thesis with solving practical problems aimed at developing scientifically based concrete proposals aimed at improving the practice of applying the CSR concept in a Indian company in order to ensure its sustainable development.
Reference List
Balkema, A.J., Preisig, H.A., Otterpohl, R. and Lambert, F.J., 2002. Indicators for the sustainability assessment of wastewater treatment systems. Urban water, 4(2), pp.153-161.
Carroll, A.B., 2015. Corporate social responsibility. Organizational dynamics, 44(2), pp.87-96.
Cinelli, M., Coles, S.R. and Kirwan, K., 2014. Analysis of the potentials of multi criteria decision analysis methods to conduct sustainability assessment. Ecological Indicators, 46, pp.138-148.
Grayson, D. and Hodges, A., 2017. Corporate social opportunity!: Seven steps to make corporate social responsibility work for your business. Routledge.
McWilliams, A., 2015. Corporate social responsibility. Wiley encyclopedia of management, pp.1-4.
Ni, A. and Van Wart, M., 2015. Corporate Social Responsibility: Doing Well and Doing Good. In Building Business-Government Relations (pp. 175-196). Routledge.
Pedersen, E.R.G. ed., 2015. Corporate social responsibility. Sage.
Pintér, L., Hardi, P., Martinuzzi, A. and Hall, J., 2018. Bellagio STAMP: Principles for sustainability assessment and measurement. In Routledge Handbook of Sustainability Indicators (pp. 51-71). Routledge.
Schaltegger, S. and Wagner, M., 2017. Managing the business case for sustainability: The integration of social, environmental and economic performance. Routledge.
Schwartz, M.S., 2017. Corporate social responsibility. Routledge.
Suliman, A.M., Al-Khatib, H.T. and Thomas, S.E., 2016. Corporate social responsibility. Corporate Social Performance: Reflecting on the Past and Investing in the Future, p.15.
Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility. Ibusiness, 6(03), p.117.
Vertigans, S. and Idowu, S.O., 2017. Corporate Social Responsibility. Springer International Publishing:.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download