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M8A1 Corporate Social - Essay Example

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Globally, multinational companies are developing corporate sustainability programs that conserve the ecological environment and…
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M8A1 Corporate Social
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M8A1- Corporate social responsibility Trends in corporate social responsibility (CSR) Introduction There is enough evidence that CSR is a significant contributing factor to the success of business organizations across the world (Mullerat, 2010). Globally, multinational companies are developing corporate sustainability programs that conserve the ecological environment and improve the welfare of the communities (May, Cheney & Roper, 2007). Companies are incorporating social sustainability in the budgeting and strategic planning processes such as acquiring new facilities, or buildings in order to promote the social impact of the company activities (Asongu, 2007).
One of the current trends in CSR is the emergency of green manufacturing through energy efficient technologies and reduction of raw material wastage in the manufacturing process (Mullerat, 2010). Corporations have undertaken measures to re-engineer the operations in order to make them more eco-friendly and sustainable. May, Cheney & Roper (2007) asserts that a majority of the multinational companies use recyclable packaging, renewable energy sources and have minimized pollution levels occasioned by their operations. In addition, many corporations have contributed heavily to social causes such as disease prevention, education and sanitation in order to ensure positive social impact in the communities. (Amao, 2011). The corporations have encouraged employees to volunteer in social causes of their choice.
Another common trend that is evident is the increase in CRS reporting and engagement. Many companies have created CSR departments that are supposed to collect data and prepare annual CSR reports and the impact on the company activities on the social environment (Amao, 2011). CSR has been integrated in the non-financial reporting in order to create awareness that the business is a responsible company that caters for the needs of all stakeholders. Many companies have implemented the ISO 14000 environmental management standard and Global Pact standards that aim at ensuring social sustainability (Asongu, 2007).
There is increasing use of the social media in CSR activities of the companies. Many businesses have formed online blogs and discussion forums that are used to understand the ideas and suggestions of the stakeholders (Mullerat, 2010). The thirsty for information and environmental activism has forced companies to report their CSR activities through the social media in order to maintain the regular engagement with the stakeholders (May, Cheney & Roper, 2007).
However, it is worthy noting that the government has increased its oversight and regulatory role in order to ensure companies meet their social obligations (Mullerat, 2010). For instance, tax evasion scandals like the Enron scandal and environmental scandals like BP disaster has forced the government to issue more regulation in order to conserve the environment and secure the interests of the stakeholders (Amao, 2011). In addition, the corporations have been forced to adhere with numerous covenants on climate change like the Kyoto protocol that seeks to reduce the amount of carbon emissions in order to combat climate change.
Conclusion
Corporate social responsibility (CSR) has witnessed several new trends such as the increase in CSR reporting, green manufacturing initiatives, use of social media in disseminating information and increased government intervention. Many companies have enacted sustainability programs in their strategic planning and implemented measures to enhance eco-friendly operations. Recycling and stakeholder engagement are several initiatives that have been undertaken by corporations in order to enhance the social impact. Philanthropy towards social causes and employee volunteerism are other notable trends in CSR.
References:
Amao, O. (2011). Corporate social responsibility, human rights and the law: multinational corporations in developing countries. London: Taylor & Francis.
Asongu, J.J. (2007). Strategic corporate social responsibility in practice. New York: Greenview Publishing.
May, S., Cheney, G & Roper, J. (2007). The debate over corporate social responsibility. New York: Oxford University Press.
Mullerat, R. (2010). International corporate social responsibility: the role of corporations in the economic order of the 21st century. New York: Kluwer Law International. Read More
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