Time Management - Essay Example

Learning Narrative: The first stage in any research project is to develop in depth knowledge regarding the of the research. The of corporate social performance (CSP) is important to organisations today and there is need to develop effective understand of all elements involve in this concept. In order to gain critical knowledge it was essential that I referred to a number of academic journals, the Internet was used to access to the works of scholars and past studies. I also accessed to a number of news and videos relating to the CSP and CSR. The aim was to understand the differences existing in the works of other researchers; this broad reading initiative facilitated me to build my references list. During the semester, I attended two workshops. The first one was on Endnote software for referencing and the process of collecting references. The second workshop was related with using the Bloomberg database. Bloomberg data serves as an important tool to stakeholders for understanding the performance of an organisation and taking decisions. The workshop included spending a considerable amount of time weekly on learning how to use the database and find right data. Time management was an issue faced by me during the course of learning. To effectively manage time, I had developed an action plan, scheduling every task and priorities than act accordingly. Through the learning process and the in depth research carried out, I gained valuable insights regarding the concept of CSP and CSR. These were essentially as follows: Implementing CSR related measures makes an organization achieve various advantages such as resource optimization and reduction in costs of operations. CSP makes organizational members responsible and accountable for their actions. CSP facilitates firms to provide timely and accurate information to all organizational stakeholders, to ensure just decision making. CSP and CSR facilitate firms to contribute towards environmental sustainability, thereby ensuring a prosperous future for the coming generations. Such initiatives provide firms with enhanced reputation. During the research process I also identified that there are a number of external and internal factors which impact the performance of CSR. The external factors are; the level of competition existing amongst firms in respect of implementing CSR, environmental demands, local and national situations. The internal factors mainly includes; the core values of the organization, motivation existing amongst the organizational members to adopt CSR, the organizational culture, vigilance and innovation relating to the sustainability techniques and initiative towards reporting the same to the external stakeholders. The research gave me the crucial understanding that organizations undertake the task of performing CSR due certain crucial drivers. These are benefits associated with costs, resources, market expansion, information needs and creation of powerful brands. Organizations strive for earning profits and undertake only those activities which provide value addition. CSP from a multitude number of dimensions adds value to an organization and is therefore undertaken. The extraction industries, which essentially extract minerals and hydrocarbons, are seen to be the most weakly developed in terms of meeting environmental needs of CSP. In many developing nations, due to weak regulatory practices, the activities carried out by such industries are not monitored effectively. India is a suitable example in this context. Many organizations are seen to exploit natural resources with less monitoring leading to massive climate change. Also the existence of corruption has restricted the spread of CSR. Research Skill Application: The research work facilitated me to gain essential knowledge regarding the manner in which organisations undertake performance of various CSR initiatives. Through the data obtained from Bloomberg I gained the idea relating to the different measures of CSP such as community spending, energy consumptions, use of renewable power, employee retention rates. By analysing these measures, it is possible to understand the strategies followed by various companies in respect of CSP and thereby make comparisons between firms (Carroll and Shabana 2010). One of the most crucial skills I gained through the research work was, understanding how to find real data andanalysedand how to use it to develop decision. Data of CSP was obtained from Bloomberg database, which contained massive and large numbers of company report that include financial reports, social and environmental.CSP can be used as an indicator of organisational strategies and vision. It reflects how organisation can be responsible in respond to the needs of social and environment, it also act as attractive factors for both employees and investors (Stites and Michael 2011). Through careful evaluation of the CSP undertaken by organisation, it becomes possible to identify the best practices. Organisations vary widely in terms of stakeholders and resources and therefore the CSP undertaken are also differentiated. However the vital objectives of CSR, which is similar for most organisations, are to reduce environmental impact and ensure welfare of societies, CSP provide stakeholders correct information regard the corporate performance.CSP emphasizes upon the fact that organisations must be more responsible for its activities so that future generation are able sustain without facing many issues. Often CSR and CSP are used as promotional tools to gain more market share for a firm’s products and services. Consumers tend to prefer the products of those firms whose activities are linked with the objective of social and environmental protections (Blindheim and Langhelle 2010). Research methods Research works can either be quantitative, qualitative or mixed. The current research paper is essential based on the quantitative technique. Quantitative techniques involve extracting numerical data either through primary or secondary research and analysing the same to attain conclusive results. Since the current paper accesses the Bloomberg software for procuring necessary information, it follows the secondary data collection technique. Various statistical techniques may be used in respect of analysing the data with the aid of softwares such as SPSS or Microsoft Excel. In the current paper, the SPSS software would be used for analysing the collected information through performing T-Test, correlation, chi square and R value. Quantitative techniques are widely adopted as it facilitates developing justifiable and scientifically measurable results. Hence such evaluation techniques are considered to be more reliable. Since precise results can be obtained through the quantitative techniques, analysis of results becomes easier, as compared to the qualitative process. The results obtained from such a research work would be suitable for organizations for enhancing their capabilities towards meeting CSR needs. It would also facilitate organizations to understand the areas in which they lack and require improvement. Since the current research work incorporates the quantitative technique and is based on real data extracted from the Bloomberg database, its applicability and adoptability enhances (Mackenzie and Knipe, 2006). Project Client Pitch: As a commercial institution, CSR and CSP form a vital objective and require being fulfilled. Firms, which do not meet CSP, related objectives are seen to gain lower goodwill amongst other firms in the industry. Therefore from various perspectives, the current research work would be deemed beneficial for the company to being carried out for. The research would facilitate the firm to identify unique areas to develop, which can by compering with rivals firms in the market and also can lead to build greater competitive advantage also its possible to judge the areas of weakness. An overall industrial evaluation also facilitates understanding the benchmark that is required to be set in respect of CSP. The benchmark must be perceived as the minimum requirements to be fulfilled by the company in respect of CSP so that stakeholder’s satisfaction can be earned. The project would also facilitate organisation to understand the importance of CSR-CSP and its various advantages. There is a common belief that CSR activities are only directed towards fulfilling the needs of stakeholders and the environment. However undertaking CSR and CSP facilitates a firm to develop cheaper and more effective systems of production, providing the organisation with a number of cost and resource benefits. Through effective analysis of the company’s competitors and operational environment, a suitable CSP strategy would be framed. Such strategies are perceived to be highly beneficial for increasing firm reputation in the industry and in the eyes of consumers. CSP is considered to be a benchmark of organizational performance. CSP indicators facilitate organizations to compare their activities with other firms in the same industry and accordingly determine which organization functions more responsibly. In general CSR report development and benchmarking are carried out based on the following important categories: Business ethics Corporate governance Public policy Employees turnover and performance Supply chain and business partners Society and community Environmental footprint Waste management Use of renewable sources of energy Such benchmarking facilitates organization to determine the areas in which they lack. The comparisons facilitate attracting greater number of business associates and consumers. CSR initiatives are seen to be higher in B2C firms as they directly interact with consumers, due to which quality and performance related expectations remain high. Moreover CSR initiatives are seen to directly impact the market behaviour. Hence B2C organizations are able to procure greater benefits by adopting CSP. Moreover B2C businesses have greater scope with respect of adopting CSR practices. Also the CSR related initiatives undertaken by B2C organizations facilitates in gaining greater market recognition. For instance the CSP adopted by firms such Apple, Nokia, Starbucks, Sainsbury and Tesco who are essentially B2C are more widely known than the B2B firms of the same industry. It is also required to consider that factors such as size of the organizations, financial capabilities, technologies used and inherent culture have a crucial impact upon the extent to which CSR initiatives are undertaken in a firm. Since CSP is a valuable indicator of organizational performance, its adoption becomes essential for firms to attain competitive advantages. Considering such aspects, the current research work would be beneficial for enhancing an organizations value. References: Blindheim, Bjørn-Tore, and Oluf Langhelle. 2010. "A Reinterpretation of the Principles of Csr: A Pragmatic Approach." Corporate Social Responsibility & Environmental Management 17 (2): 107-117. doi: 10.1002/csr.235. Carroll, Archie B., and Kareem M. Shabana. 2010. "The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice." International Journal of Management Reviews 12 (1): 85-105. doi: 10.1111/j.1468-2370.2009.00275.x. Stites, Jenna P., and Judd H. Michael. 2011. "Organizational Commitment in Manufacturing Employees: Relationships with Corporate Social Performance." Business & Society 50 (1): 50-70. doi: 10.1177/0007650310394311. Mackenzie, Noella, and Sally Knipe. 2006. "Research dilemmas: Paradigms, methods and methodology." Issues in educational research 16(2): 193-205. doi: http://www.iier.org.au/iier16/mackenzie.html. Read More