Essay Sample to Check: CSR Business Strategy

Internal assessment

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Internal assessment is one of the essential elements to CSR business strategy success. It implies that organisation keeps on evaluating its progress from time to time and how effective it has been in the industry over a specified period. Many business leaders know that they operate in times of rapid change in day to day running of the organisations. They, therefore, have to be aggressive enough to counter the forces that challenge the traditional view of competitiveness of success factors (Carroll, 1991). It ensures the company is capable of surviving in the randomly changing trends and maintains profitability. There are factors that each serious business must keep assessing from time to time.

Rapidly changing technology

Business organisations experience the impact of modern technology a great deal. Technology has transformed markets and enabled greater customisation in production. It has led to a high rate of labour displacement. Information technology makes it easy to decentralise decision-making without losing control over the business. A business organisation should ensure it is updated on technological advancement.

Increasing levels of competition

In the current world of industrialisation, any business must come up with ways to curb competition. It therefore indicates that maintaining a good public image and winning the confidence of the market. In addition, increasing levels of competition can lead to moving a step further to transform into an information-based economy (Jie Shen, 2014). It implies the need for the suitable education system and the need for knowledge.

Globalisation or regionalisation of business firms

A business manager should assess the globalisation success or failure. While some business leaders see globalisation as a trend, others see it as a revolution since it has momentous effects on the economies of most countries. A good example of a globalised company is the Coca-Cola beverages company. In this case, a business should assess the progress of the business partners so as not to lag behind while competitors advance to a higher level.

Developing internal performance metrics and key performance indicators.

Setting performance indicators helps a business leader to evaluate the performance of the enterprise in different fields. It may be used to review gains in market share, consumer satisfaction, sales patterns and employee satisfaction among others (Jie Shen, 2014). It also helps to determine whether the business is working apparently toward its set goals and objectives. It is a measure of the impact of CSR strategies. This measure may also be used to measure external effects on the society and the surrounding environment.

ENTRY TWO:

Putting it into writing

`A business organisation should have a CSR document in a separate file from the documents of the day to day activities of the organisation. Putting it to writing means creating a CSR report showing the previous performance and, therefore, need to a better plot for better performance in future. This document is imperative to the business as it displays the progress of CSR strategies and commitment to mission, goals and objectives of the company. Putting in writing of any document is paramount as it helps put into account each activity undertaken by the enterprise. A CSR report has its significance in a business organisation.

Focussing on the future rather than the past

A CSR report should show the progress of the business conducted in the past seasons. It should, therefore, guide the way forward in setting strategies for better performance in the future. It should be noted clearly that the performance of the business in the past should not mean implying on the same strategies in future. The business environment keeps changing rapidly and, therefore, a business leader should keep on changing the tactics on focussing on a future goal (Mohammed Belal Uddin, 2008). Importantly, a business leader should be clear on the future goals and the plan on how to achieve them.

Tackle the greatest challenge the business.

The challenges the company is experiencing in the past should be overcome to move to a better position. Any business can run to obtaining stability so long as the problem that always brings it down is addressed and strategies for overcoming it set in the CSR report. For example, environmental pollution would make a business lose popularity to the market (Mohammed Belal Uddin, 2008). Make an optimistic impact on the mind of the public by showing them that, despite the challenge, your product is the best, promising them on what your company is doing to curb the primary challenge it has on the surrounding.

Publicise your CSR report or statement on corporate websites.

CSR avoids PR nightmare. It is more of how to make a profit rather than on what to do with the profit made. Publicising the statement alerts vendors, other investors and the general public about the companys values. This helps other business persons in making a decision on whether to undertake business with your organisation. Those not interested in other peoples organisations should shed off independently rather that the organisation limiting this.

ENTRY THREE

Embedding CSR into the company planning and budget

The company should ensure that in every annual budget of the business organisation, CSR is planned and budgeted for. Finances should be allocated to run the day to day activities involved in CSR (Jie Shen, 2014). It is a strategic tool for controlling costs and achieving goals. Embedding CSR into the companys planning and budgeting ensures that objectives will be funded appropriately, and management will be held accountable for the success.

Annual CSR Budget.

To achieve its CSR objectives, the business organisation should allocate a specific percentage of its standard net earnings as per its financial statement prepared by the applicable provisions of the company. There should be a fund allocated to CSR each year. The Annual CSR Budget shall also comprise any income arising from the percentage net profits allocated to above as well as any surplus arising out of CSR activities. The surplus arising out of CSR activity shall not be part of the business profits of the Company.

At least a larger part of the Annual CSR budget

These allocations to the CSR section in the business should be spent on the specified activities in the project mode. The activities includes the catering for research, tools and instruments useful in the CSR section in the business. This allocation means there will be no deficit or surplus as each sector is assigned funds proportional to its operations and expenditures. A smaller percentage of the financial plan may be assigned for emergency needs; that involve the provision of relief during natural calamities/disasters by way of contributing to notified agencies. It is therefore important so as to keep in touch with the society and create a good corporate image.

Having a CSR Policy of the annual CSR Budget may be earmarked for expenses to be incurred on baseline assessment study, on capacity building programs such as personnel, training, workshops, seminars and conferences and on corporate communication strategies for engagement of all stakeholders, whether internal or external, to implement the CSR Policy of the company(Hill, 2006).

The social or stakeholder issues a CSR budget should address are crucial. The CSR spending and business issues of day to day running should in connection. It also needs to connect directly to the social and stakeholder issues as it is to the company issues. Any issues that a CSR budget should address should be reviewed and analysed. A company should create a list of CSR and stakeholder programs and activities which is up to date.

ENTRY FOUR

Development of processes for employees to raise CSR issues and concerns

Development of process for the workers to raise CSR issues and concerns is a step that should be in the mind of every employee involved in the organisation. The questions and concerns of CSR should be raised to the relevant authorities and advocate so that they can be handled in the most appropriate methods possible, as stated in the CSR report (Lubbers, Van Genugten & Lambooy, 2008).

The Employees should know the procedures that are appropriate in each situation and how to handle an issue concerning the business. CSR, according to research suggests that companies benefit from CSR. A French study indicated that employees are the most important stakeholder group toward whom corporations have to exercise their social responsibility. There should be a clearly set code of conduct among employees. Cross-disciplinary natures, potential relevance for employees, organizational behaviour among other aspects are an important aspect of how an organisation undertakes CSR (Hill, 2006). From a theoretical view, workers are seen as independent variables that led to the rise of CSR and dependent variables influenced by CSR.

Employees are part of the decision-making processes of a business

Involving workers in decision-making allows them handle the social issues dealing directly with the organisation. They have a resource-based view of competitive advantage in the organisation. Employees also attribute to the information sector of the company and, therefore, should have a much-defined way of addressing CSR issues (Lambooy, 2010). As part of CSR, they are to handle every other stakeholder of the business organisation in the most tolerable way possible. From this, even job seekers are more than ready to accept job offers.

Work experience, valuing the environment, enhancing gender-based respect among other sections of the business is what makes it successful and this is all enhanced by the employees. Job seekers are likely to pursue jobs from organisations that promote social responsibility than from firms with poor social performance reputation (Carroll, 1991). A business with employees who can handle all CSR concerns effectively has the advantage of the popularity and the good public image thus reduced costs of advertisements.

Employee commitment and job performance are also important in an organisation. Employee friendliness to clients creates a consumer-friendly relation and, therefore, an approved trust and goodwill of the company. All this is due to proper handling of the CSR issues with the appropriate authority.

ENTRY FIVE

Communication of CSR performance visibly and frequently to all workers

This is the planned and systematic use of communication to influence knowledge, attitudes and behaviours of the employees. In this case, the employees are the stakeholder group. It can be used in different ways and for different purposes.

Informal and formal communication

The official communication deals with the organisational structure of the business firm. It flows through official channels that can be traced for reference. The casual side is that messages can be conveyed based on informal relations. CSR performance may be communicated in the casual (Hill, 2006). However, it is important to inform employees formally on the progress of CSR especially in meetings so as to appeal to their good or poor performance thus revoking change or improvement.

One-way and two-way communication

One-way and two-way communication occurs where the communication almost requires no immediate feedback but is meant to prompt action including advertisements, posters among others (Lambooy, 2010). The discussion of the performance of this type of communication is necessary for employees to adapt to better ways of posing the message to the public...