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QUESTION
Read the article The-Fastest-Growing-Cause-for-Shareholders-is-Sustainability (attached).
In your opinion, does it pay to be socially responsible?
What are some of the advantages and disadvantages of a company that pursues a sustainability strategy?
How could a manager’s attitude toward social responsibility affect the company’s strategy?
What is your position on social responsibility, are you for it or against it, why?
You should submit:
A word document with your responses
Make reference to material covered (article, textbook, websites, etc., cite at least two different sources)
Each response should be between 1 to 2 paragraphs.
Format using APA style, and include any sources you cite in a reference page.
ANSWER
Social Responsibility
Introduction
Corporate Social Responsibility
CSR is primarily used as a value addition policy to an organization’s activities by ensuring a positive impact on society, the environment, and the economy. Businesses enact policies that seek a balance between the profitability of the company and the benefiting of society. There are four types of CSR strategies employed by businesses; philanthropy efforts, environmental conservation, diversification of the labor practices, and volunteer efforts.
Benefits of Social Responsibility
Social responsibility is vital to the business’s success in the contemporary business world as businesses gain a competitive advantage over their rivals. Businesses get an improved public image when they engage in the practice in the society, such as volunteer work by staff. Brand reputation is crucial in consumers deciding which products to buy; thus, a positive reputation is an added advantage. Companies also increase brand awareness and recognition as these ethical practices will spread in today’s digitalized world; thus, more people will know more about the brand. This news spread through social media networks, thus reaching many consumers. Internally, employee satisfaction increases as the staff feel a sense of respect predetermined by how the company treats the society. Employees are often engaged in volunteer work, creating a community culture, which in turn improves their performance and motivation.
Advantages of Sustainable Strategy
The aim of having this strategy is the creation of long term value for the company, stakeholders, and society. Sustainability strategy increases productivity while also reducing costs (Geissdoerfer, Vladimirova and Evans, 2018). This comes into play when companies develop sustainable practices that streamline efforts and conserve resources, thus reducing costs and improving staff productivity. The company is in a position to comply with the regulations that are being enacted by the state and federal governments, such as increased involvement in environmental conservation (Arevalo and Aravind, 2017). The business is at the frontline of attracting employees and investors due to the positive display attached to the company. Positivity in business helps attract the right caliber of staff, and the accessibility of capital becomes easy.
Disadvantages of Sustainable Strategy
According to the article, engaging in social responsibility leads to reduced market valuation of the company. The sustainable strategy will lead to job losses in some sectors of society, such as the fossil fuel industry. The sustainable strategy relies on new energy sources and may lead to the industry becoming obsolete. The policy may lead to incurring higher costs in the production while switching to green materials; thus, in some cases, the price of products increases or the company shields the consumers leading to smaller profits. The commitment to society is not taken seriously due to the inconvenience of the long-term results—the requirements imposed on companies that may compromise the quality of work and efficiency.
Managerial Attitude Towards Social Responsibility
The management’s attitude is a critical determiner in the successful implementation of social responsibility in business. The management attitude can either be positive or negative. According to the article, a positive attitude stems from the managers being benefactors themselves and also using the strategy as a diversionary tactic for a more treacherous policy. However, a positive attitude is useful in the successful enactment of the strategy due to management support. A negative attitude leads to the derailment of the CSR strategy as it lacks the management backing. Management’s negative attitude is influenced by the profit maximization strategy, which is in direct conflict with the CSR strategy.
Arguments for Social Responsibility
Social responsibility is a step in the right direction for companies to show their value to their consumers and society in general; thus, I strongly support their views. Social responsibility is at the forefront of establishing a more sustainable environment by emphasizing prevention rather than cure. The practice prevents problems such as pollution, which adversely affects society. The strategy provides businesses with chances to solve current social problems, thus striving to a better world.
References
Arevalo, J. A., & Aravind, D. (2017). Strategic outcomes in voluntary CSR: Reporting economic and reputational benefits in principles-based initiatives. Journal of Business Ethics, 144(1), 201-217.https://link.springer.com/article/10.1007%2Fs10551-015-2860-5
Geissdoerfer, M., Vladimirova, D., & Evans, S. (2018). Sustainable business model innovation: A review. Journal of cleaner production, 198, 401-416.https://doi.org/10.1016/j.jclepro.2018.06.240
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