With the ramified economic changes, each and every business organization is required to align the interest of their business with the stakeholder’s development. Business organization operates their business with the objective to earn profit but at the same time they also hamper the society and environment while doing the same. Therefore, it is expected from them to pay back to society what this organization takes while operating their business in society. However, corporate social responsibilities and sustainability reporting are some of the aspects of ethically aligning the interest of the stakeholders with the organization development. There is too much competition in the market and it is very difficult for the industries to survive. They want to give every effort to make their goodwill in the market and stand at the position so that people trust their company and invest in it. It is mandatory for the company to make profit. But except this the company has to fulfill many other responsibilities towards the society and the environment. As the company uses resources from the society, it has to pay back to the society by fulfilling the responsibility towards the society. As the society is the main source of resources. Also it provides ethical values among the employees that help the company to grow and expand as it increases loyalty and pride among them.
It is surely a fact that business should get on with what it does best: making profits. Therefore, it is not primarily the role of business to ensure that society’s concerns are addressed. But at the same time, it should focus on aligning the interest of the stakeholders with the organization development. The society concern and economic development should be the second object of company. It should not be left all alone. If managers pay backs to society what it has taken to satisfy its primary objective then it would not only strengthen the brand image but also increase the overall sustainability of organization in long run (Foscht, Lin, and Eisingerich, 2018).The main issue area is that environment which should be protected by the company by implementing its CSR and sustainable business practices. The company must expend their interest in favor of corporate social responsibility to reduce the negative impact of its business on environment. As the profit earning is not the only thing that the company wants to achieve as there are many other responsibilities of the company towards the environment to fulfill. It is also called as sustainable business development as it helps the company to reduce the flaws against the society and help them to grow. If the company is not taking interest towards the environment protection then the environment will also start paying back of their flaws (Foscht, Lin, and Eisingerich, 2018). Various laws are framed and came into actions to protect the society that bound the company to fulfill their responsibilities towards them. It became mandatory for the company to contribute its 2% of average 3 years profits in favor of corporate social responsibility. As the company’s main focus is earning profits, it will help the business to become successful by applying corporate social responsibility rules and regulations in the business framework that leads to social goods and help the company to frame a good image in the society. Various public sector organizations believe that corporate social responsibility is not accepted as a law but as a principles or values in the business framework (Petrie, 2016).
Fulfilling the Corporate social responsibility helps the company in many ways like, for the Non-governmental Organizations, it makes company anthropogenic that helps the company to get the certification of ecofriendly. The government seems it like a voluntary revolution of the company if they take interest in the corporate social responsibility and that helps the company to get advantages from the government rules and regulations. It seems the voluntary involvement of the company towards the government corporate social responsibility policy and also contributes towards the environment and society (Petrie, 2016). With the achievement of business Goals Company may also focus on the social responsibility, with this the customers get attractive towards the society. The companies that make efforts towards fulfilling the social responsibility gets more customer attachment as customer finds it trustworthy and responsible towards the products and services they provided to them. It makes the mindset for the consumers and the employees that if the company takes initiative for fulfilling the social responsibility then also it focuses on the quality of product, better services and also providing better environment for working and secure employment as the company concerned about the social goods (Petrie, 2016).
By contributing in the social and environment responsibilities, Company reduces its competition with other companies as it directly affects the mindset of the consumer and shareholders that leads to huge investment and also huge profits. It frames the good social image in front of the investors that helps the company to reduce business competition (Mardiyyah, 2014). It leads to the donation by the company in the form of cash or goods or services that leads to the charity for the society and help in many ways to the people. Company may directly donate to the Non-governmental Organizations or social development bodies or through a corporate foundation.
Company organized many volunteer activities for the people who need to be developed and want supports. Company appoints employees as volunteer to organize these activities that helps in many ways like paying extra to the employees that make them more dedicated towards their work and also helps the needy from these activities. Companies make products by taking customer interest in reference like good quality of product; good services are rendered to the customer that satisfies the needs of the consumer. They ethically produce goods by taking customer interest in the mind. This shows the social responsible practices of the business (Petrie, 2016). Cause marketing strategies are used by the company. It helps the company in two ways: promote their product in the society and also distribute it as a donation the society that helps in charity formation in the society by the company (Park, and Park, 2015). Company funded in the charitable activities that leads to the support for the Non-governmental Organizations to provide services to the peoples and also making company’s social image better. Company funded such campaigns that spread awareness of the rights to the people so that they get Justice against frauds (Mardiyyah, 2014).
Company funded such campaigns that are based on behavior change.By all this social initiative company not only participate in the corporate social responsibility and contribute towards the social responsibilities but also make profits in the form of promotions, selling products in cause marketing that leads to both social interest and profit motive. Various auditing and reporting standards are set to certify whether the management, working process, working place, resources, wastage are not affected to the society and the environment. It helps to gather the information regarding the changes that needs to be done in the areas that leads to negativity for the society so that better decisions are to be taken regarding this (Siberian, Karamani, Avrianto, and Bangsa, 2018). CSRs rules, regulations and reporting standards and the report provided by the company helps the customer to verify about the goods and services provided by the company. The report provides verification about the product whether it is socially sustainable or not. As the awareness of Corporate social responsibility increases in the society which leads customer first verify the product and the company then only expand on it (Sihem, 2015). Due to this, some of the companies are providing their own verification standards for the customer so that it is easy for them to identify.
Company focuses on waste management, renewable energy, water supply management, adapting the reusable material, reduce the use of paper that leads to reduction in the wastage and protect the environment (Kolk, 2016). Company prefers community involvement in the business as appointing local workers for the labor, providing volunteers for the campaigns, sponsoring the social beneficial events, trade Fair business practices. The company can do ethical marketing by not manipulating the product or doing false advertising. The company can promote the product in such a way that affects directly to the customer’s good and frame a good image of the company (Zhou, Luo, and Tang, 2018). The government itself regulates the training programmers within the organization to spread awareness about corporate social responsibility that helps the employees to take ethical and corrective decisions for an unclear situation. The main aim of spreading awareness of corporate social responsibility is to reduce the malpractices, fines, bad reputation, breaching of moral values and laws (Foscht, Lin, and Eisingerich, 2018). This will lead to increment in the loyalty and pride of employees of a company. It helps the company to make better brand recognition in the society that makes positive business reputation. It increases the sales and customer loyalty towards the company that leads to better financial performance. It helps the organization to grow effectively. Hence, the company needs not to be focused only on making profits but also contribute towards the society and environment as it is not only the responsibility but also mandatory to fulfill the needs of them. It not only compulsory for the business to focus on society and environment protection but it also helps the business to grow. Due to the factory that the company is involving in such things most of the things get sorted and it makes good reputation of the company in the society. As the CSRs provisions and implementation helps the society and environment but also helps the business to earn profits and make more customers for their products by reducing competition by adopting ethical business activities. Corporate social responsibility helps the company to frame goodwill by doing things that are ethical in nature and supports customer interest (?yigün, 2015). It affects the shareholders mind too in a form that if the company expand in these kinds of activities and concern about the environment then definitely the company never cheat them. It makes the company trustworthy and responsible in the eyes of customers, shareholders, society and also environment protection foundations.
Conclusion
Corporate social responsibility not only helps the society to grow but also the inner management of the company to grow with ethical values and also protect the environment as well (Long, Tallontire, and Young, 2015). Therefore, the company starts focusing on the social responsibilities with achievements of the goals. It helps the society to grow and environment to be protected by making some efforts towards it. Now in the end, after assessing all the details, it could be inferred that if company wants to sustain its business in long run then it will have to focus on earning profit simultaneously focusing on the CSR activities and sustainable business practices. Both things should go parallel for the sustainable business practice. If company only focuses on the society concerns and benefits to society then it would increase the costing and lower down the return on capital employed. It would lead to deficiency of the capital and ultimately result to winding up of the company. On the other side, solely focuses on earning profit will also keep the business separate and will negative impact the brand image of compay.
References
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Foscht, T., Lin, Y., and Eisingerich, A. B. (2018). Blinds up or down? The influence of transparency, future orientation, and CSR on sustainable and responsible behavior. European Journal of Marketing, 52(3/4), 476-498.
?yigün, N.Ö., (2015). What could entrepreneurship do for sustainable development? A corporate social responsibility-based approach. Procedia-Social and Behavioral Sciences, 195, pp.1226-1231.
Kolk, A. (2016). The social responsibility of international business: From ethics and the environment to CSR and sustainable development. Journal of World Business, 51(1), 23-34.
Long, T. B., Tallontire, A., and Young, W. (2015). CSR, voluntary standards and sustainability. In Sustainability (Vol. 199, No. 218, pp. 199-218). Australia: ROUTLEDGE in association with GSE Research.
Mardiyyah, S. (2014). Program CSR PT. Unilever Indonesia Tbk “Komunitas Ibu Bercahaya” dalam Mempertahankan Citra Perusahaan (Doctoral dissertation, UIN Sunan Gunung Djati Bandung). 17(5), 23-26
Park, Y., and Park, Y. (2015). Corporate social responsibility for small global firms: Case study of froosh. Management Review: An International Journal, 10(2), 4.
Petrie, K. (2016). Patagonia Inc.’s Sustainable Supply Chain Initiatives and Their Contribution to Company Brand (Doctoral dissertation). 17(5), 23-26.
Sihem, B. (2015). Does governance system prevent unethical practices in sustainable citizens firms?. International Journal, 3(6), 493-502.
Zhou, Z., Luo, B. N., and Tang, T. L. P. (2018). Corporate social responsibility excites ‘exponential’positive employee engagement: The Matthew effect in CSR and sustainable policy. Corporate Social Responsibility and Environmental Management, 25(4), 339-354.
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