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Importance of Corporate Social Responsibility

University: UNIVERSITY OF CHICHESTER

  • Unit No: 15
  • Level: High school
  • Pages: 8 / Words 2063
  • Paper Type: Assignment
  • Course Code: LSME602
  • Downloads: 319
Question :

This sample will let you know about:

  • Define corporate social responsibility?
  • Discuss the role of corporate social responsibility.
Answer :
Organization Selected : H&M

Corporate Social Responsibility also known as CSR is a self-regulating model which assist an organisation in order to become socially accountable towards their stakeholder, public and for itself. CSR is considered as one of the most effective business practice which is  incorporated within the organisation in order to maintain sustainable development at the competitive marketplace. In the present report, H&M is chosen as the base company which comes under retail-clothing sector (Flammer, 2015).

It is a Swedish Multinational organisation which provide Fast-Fashion clothing for women, men, children and teenagers. H&M was founded in the year 1947 which was incorporated by Erling Persson, headquarter was located in Stockholm, Sweden.  The present essay will be focusing on the understanding on the topic of CSR with an examination of relationship between CSR policies and the business organisation. In addition to this, it will also includes furthermore discussion on the analysis of corporation taxations as well as investment decisions in reference to the CSR policy.  

Explain the meaning and evaluate the role of CSR in modern business organisations

CSR or Corporate Social responsibilities considered as a self-regulating organisational model which might help in creating business entity accountable towards their customers and stakeholder, which leads towards the growth and smooth running of the business functioning.   The main aim of implementing CSR activities and practices is to gain various positive results at the competitive marketplace which are positive in nature rather than negative. Need example assignments, Talk to our experts! 

It has been analysed that the CSR activities not only focuses on environmental, social and economic elements but also examine the expectations and needs of their potential stakeholder which are associated with the organisation. In addition to this, it is said that this is a concept which needs to be taken into consideration by the managers of the company as it highly affects the overall business functionality in a positive manner (Grayson and Hodges, 2017). With the help of being socially active, different business organisations can easily enhance their reputation at the competitive marketplace. Therefore, it is very essential for the business organisation to adopt CSR business model which help in fulfilling social purpose of the entity. In the present context of H&M, it has been said that this is a business organisation which is social responsible from last few years which help in enhancing the quality of life as well as living standard of the communities.

It is very important for a business organisation to have some social purpose with the help of which they can enhance their brand image and goodwill at the competitive marketplace. It has been said that it is very essential for every business organisation to give some percentage of amount from their overall profitability for the welfare and development of the society so that it will enhance the living standard of individuals. In addition to this, it is also examined that every single consumer purchase products from only those companies who are involved in any kind of CSR activity (Hopkins, 2016). Therefore, it become very important for the business organisation that they must adopt such activities so that there brand image will be enhanced along with attracting large number of customers towards their business entity. It has been identified that the role of CSR practices within the modern business entity is quite evident as each and every organisation is required to alter their working procedure according to the requirement so that positive results will be produced.

These are the ethical practices with the help of which business organisations leads towards the success of H&M at the competitive marketplace. Apart from this, one of the major role of adopting CSR activity is to enhance the brand name along with reputation of the company at highly competitive marketplace. It has been analysed that this create positive image of the company as if any business organisation involved in CSR activity it will spread at the market area which affects the overall profitability of the company. For example, H&M is a business entity which use different techniques and tools so that waste cloths will be reuse,  use all the resources effectively and responsibly so that it will create positive image of the company at the competitive marketplace. This help the management team of H&M in order to attain their pre define goals and objectives in an ethical as well as social manner (Jamali and Karam, 2018).

In addition to this, it has also been identified that there are various challenges which might affect the business organisation in order to implement CSR activities within the workplace. Some of these reasons highly affect the business managers in fulfilling their social responsibilities. One of the biggest challenge is inadequate resources and funds which might hinder the business managers in order to implement CSR activity within the workplace. This affects the overall business functionality in a negative manner and also influences the goodwill at the competitive marketplace. Furthermore, it has also been said that customers highly pressurise their business organisation that they must perform their functions in an ethical manner (Liang and Renneboog, 2017).  In addition to this, staff members are the one who get benefits with the help of implementing CSR activity as the working atmosphere are positive in nature. Along with this, due to positive surroundings and contribution for the development of society, it has been analysed by the management team of H&M that large number of customers will be attracted towards the business organisation. Struggling with your assignments? Order assignment help from our experts! 

Furthermore, due to various issues and challenges, managers of H&M could not be able to fulfil their roles and responsibilities as management team face ample number of issues. It has been said that all the governing bodies highly focuses on these policies & regulations (Lins, Servaes and Tamayo,  2017). It is also very essential for the Government that they must develop such strategies so that business organisation can be aware about the benefits of CSR activities in the business functions. In reference to H&M, it has been said that managers are required to adopt such technologies and tools which help in reducing wastage, remove harmful chemicals and enhance the quality of products and services. In addition to this, it is said that with the help of effective implementation of CSR activities managers of the company will be able to enhance their goodwill, brand image as well as market share at the competitive marketplace. In addition to this, it has also been analysed that there are various issues and challenges which might affect the implementation of CSR activity within the workplace. Therefore, it becomes essential for the management team of the company to consider all these elements while doing their business functions with the help of effective CSR activities.

Evaluate an organisation’s corporation tax and investment decisions in the context of its CSR governance and reporting policies

It has been said that Tax is considered as an essential as well as crucial revenue source for the government and legal authority of a country. Every individual along with business organisations such as H&M all are required to pay taxes so that they can maintain their sustainability at the competitive marketplace (McWilliams, 2015). It has also been said that taxation is a policy which is compulsory for every individual to pay so that government can generate more revenue with the help of which infrastructure will be developed, employment opportunities will be developed which leads towards the enhancement of the living standard of individuals.

It has been said that main aim of taxation policy is to generate revenue so that all the requirements of the country will be fulfilled in an effective manner. It is said that the main principle of taxation policy is its economic effect, which includes that the structure of tax might be formulated in an effective manner so that all the hurdles will be resolved. Another major principle is equality as every individual person requires to pay tax on the basis of their pay scale.  It is said that it is the right of every individual to pay their share of contribution in the overall development of the society and communities. Along with this, least developing and developing organisations major target is tax evasions, which as a result act as one of the prime barrier in their overall performance (Saeidi and et.al., 2015).

In addition to this, it is said that Tax evasion is a sort of illegal act mainly used in reducing tax liability with the help of some policies such as inflating expenses as well as under value of taxation. It has also been analysed that illegal practice used in different procedures might includes hiding valid data, false statements, overstatements of credit, misleading records and many more which sometimes used as personal rather than business requirements. If any organisation avoid such roles and responsibilities then it is considered as an act of crime. Such people need to be punished by the government of that country. Furthermore, it has also been said that tax planning is considered as one of the most effective process as it help in taking decisions related to investment. Planning can be related to the investment in mutual funds, provident funds, fixed deposits for saving money for any kind of future uncertainties. It is said that tax avoidance is an other factor which might be used by the people which is considered as an illegal act (Slack, Corlett and Morris, 2015).

Furthermore, it has been said that there are different types of tax payers who mainly pay their taxes according to their suitability. In the present context of H&M, it has been said that managers of the company embracing CSR practices, with the help of which they can perform their business functionality in an effective and appropriate manner. It has been said that the top management team of H&M conduct meetings on a regular basis so that they can collaboratively made a discussion about different CSR policies and strategies. In addition to this, it has also been said that some of the policies which might be harmful for the business environment needs to be change so that brand image of the company will be enhanced at the competitive marketplace. Get Business Dissertation Topics from our team of qualified experts!

With the help of implementing CSR activities it has been said that some of the government pay some relaxation to the organisation in their overall tax amount (Watson, 2015). This will encourage business organisation in order to implement effective CSR activities as well as pay their taxation on a regular basis. This as a result improves the brand image of the company at the competitive marketplace along with attracting large number of customers towards their business functionality. Along with this, company who mainly adopt CSR activities attract large number of stakeholders towards their business organisation which might influences their overall investment in a positive manner.

Conclusion

With the help of above mentioned essay, it has been concluded that CSR plays very essential role in order to maintain long term sustainability as well as goodwill at the marketplace. It is a policy with the help of which various activities related with the expected surrounding as well as social concerns in order to run the business functions in a smooth manner and maintain reputation at the market area. Role of a CSR is to enhance the good will, rise in market share, gaining competitive advantages and many more. Apart from this, it has also been identified that CSR affects the corporate taxation policies as well as investment related decisions. In addition to this, it has also been said that taxation is another essential element which help business organisation in order to grab different opportunities at the marketplace. 

Also Read- Management and Operation

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