Using a sport or event company of your choosing, you are required to critically analyse the three arguments, using examples to illustrate your point(s). Use the information to determine which argument for CSR is most important to your company.
• Analysis of the three arguments with regard to your company
• Selection and justification of the most important argument
• Evidence of background reading
• Quality of referencing
The concept of corporate social responsibility has varied dimensions and perspectives, particularly moral, rational and economic. On one hand management responsibilities are focused towards respective stakeholders, while others argue regarding social goals, and yet others prioritize more on legal compliance rather than social aspects. This report aims at highlighting and analyzing all the three arguments for an organization named Wonderland Events Ltd. to engage in the activities related to Corporate Social Responsibility particularly moral, economic and rational. The report encompasses the critical analysis of all the arguments incorporated within the mentioned organization.
Three dimensions: Moral, rational & economic
The organizational commitment may significantly derive from economic self-interest or ethical concern involving moral sustainability. When the event managing company adds value it is considered to be positive as well as significant (Nalband and Kelabi, 2014). It is believed by all major organizations such as Wonderland Events Ltd. that taking great care of people as well as community are directly related to long-term business survival. The main attributes which define essential characters of the organization as well as contemporary turn towards values show evolution stated as corporate personality. Corporate identity exhibits the actual functionalities of the organization. The organization has been steadily maintaining its key responsibility to make profit. However, it is said to incorporate quite successfully the corporate social responsibility towards all stakeholders (Mishra, n.d.).
To highlight on the social aspect foremost, the organization is concerned about the relationship amidst its business and that of the society. In this respect, Wonderland Events Ltd incorporates principles of corporate social responsibility to benefit not only itself but the society as a whole. This involves sourcing fair and quality performances and services, such as agreeing to pay fairly to the employees and suppliers. It also involves taking upon endeavours which benefit society, such as using own resources in organizing charitable fundraisers (Mazereeuw-van der Duijn Schouten, Graafland and Kaptein, 2013). With reference to the social responsibility of the organization towards its community at large, the employers of Wonderland Events Ltd aim at maintaining a proper balance amidst its business requirements and that of the entire society where it operates and survive. It follows the principle that business must be so managed as to make public good to become good for the organization. The firm practices in a way that it reflects in its various policies that are associated with environmental protection, conservation of natural resources, pollution control, rural development, establishing operational units at the backward regions, giving employment opportunities to all socially challenges individuals or weaker sections of the society, and also providing relief when required to the people suffering in natural calamities (Ratajczak, 2014). Competition within business environment is very common but enhancing the bottom line within social terms needs that the organization fosters the environment where it may succeed. Efforts from the whole society would allow the firm to continue with its existence, and this would foster goodwill amidst the organization as well as the society (Marens, 2014).
With respect to economic aspect, it refers to the impacts that the corporate social responsibility of Wonderland Events Ltd has upon the finances of the organization. Since the concept of CSR does not cost any amount, there is no cause for its limitations in organizations. The event management company makes it a point to meet economic responsibilities in context to reasonable returns towards its investors, fair prices towards customers, fair compensation system towards employees, etc. Hence, accomplishment of economic responsibilities acts as the foremost responsibility of the firm. This is essential for the firm to survive in the business environment (Liu et al., 2013). Research exhibits that economic sustainability principle of Wonderland Events Ltd focuses on the long term accomplishments since this is the foremost requisite of an effective firm. Corporate identity exhibits the actual functionalities of the organization. The organization has been steadily maintaining its key responsibility to make profit. However, it is said to incorporate quite successfully the corporate social responsibility towards all stakeholders.
Studies reflect that this event management firm is highly committed towards equal opportunities for both employees and its clients. It believes that by practicing equal opportunities enhances an efficient performance in the service it is engaged in. To highlight rationally, the firm ensures that none of its employees receive unequal treatments on the basis of discriminatory aspects such as gender, race, marital status, colour, age, sexual orientation, disability or even religious beliefs (Kim et al., 2014). The organization is identified to be one that ensures that required resources are to be made available for ensuring that it conducts its responsibilities in the most effective and desired manner. It makes a practice of reviewing all policies to ensure that these are most relevant to the business. The organization is committed to creating a safe work environment internally and externally. The only aspect that is concerning for this firm is related to generating of appropriate information, supervision or training when required following health-related regulations (Jacqueminet, 2013). The health and safety policy of the firm upholds a favourable work environment towards all its employees, clients and stakeholders. However it only requires develop, incorporate and review on a continuous basis its policies related to health and safety. On a rational term, the firm is said to operate clearly, fairly in all other aspects so as to ensure that employees perform at a high standard (Wali and Boujelbene, 2010). It gives efforts in maintaining equitable benefits as well as providing reward systems for increasing performances in the organization.
Wonderland Events Ltd ensures that its clients are well aware of carbon offsetting as well as giving them the choice to make planning of events with the lowest adverse impact upon environment (Hasnaoui and Freeman, 2010). The firm is sad to encourage honest conversations to promote good working bonds in terms of current corporate accountability policies as well as legislation. It emphasizes its stakeholders and maintains rational business relations. These stakeholders are quire affected by the functions of the firm. These involve employees, public members, and suppliers. For instance, it is able to increase its output by making its employees work more, but on the other hand it also considers the impact it would have on the members and not just its objectives.
It may be assessed from the study that the firm incorporates all the three arguments quite suitably within its environment. It is also identified that Wonderland Events Ltd is more concerned with its social image. This is because events management is all about being social and maintaining social reputation and recognition in order to be success. Here it is seen that this organization prioritizes being socially effective as it understands well that in the present business environment it is essential to be socially responsible for the entire society. It also involves taking upon endeavours which benefit society, such as using own resources in organizing charitable fundraisers. With reference to the social responsibility of the organization towards its community at large, the employers of Wonderland Events Ltd aim at maintaining a proper balance amidst its business requirements and that of the entire society where it operates and survive.
Hasnaoui, A. and Freeman, I. (2010). Diffusion and Implementation of Corporate Social Responsibility (CSR) : The Role of Information and Communication Technologies (ICT). Management & Avenir, 39(9), p.386.
Jacqueminet, A. (2013). Managing Levels of CSR Implementation in an MNC: The Role of Receptivity to Institutional Pressures. Academy of Management Proceedings, 2013(1), pp.15600-15600.
Kim, K., Kim, M., Qian, C. and Park, B. (2014). Effects of CSR on Firm Financial Performance: A Competitive-Action Perspective. Academy of Management Proceedings, 2014(1), pp.13277-13277.
Liu, J., Tian, Z., Cheng, P. and Yang, W. (2013). Value Chain Extension: Making Sense of Strategic CSR Implementation. Academy of Management Proceedings, 2013(1), pp.13757-13757.
Marens, R. (2014). The Price of Autonomy: The Chandlerian Firm and the Changing Face of Explicit CSR. Academy of Management Proceedings, 2014(1), pp.10711-10711.
Mazereeuw-van der Duijn Schouten, C., Graafland, J. and Kaptein, M. (2013). Religiosity, CSR Attitudes, and CSR Behavior: An Empirical Study of Executives’ Religiosity and CSR. Journal of Business Ethics, 123(3), pp.437-459.
Mishra, D. (n.d.). Post-Innovation CSR Performance and Firm Value. SSRN Journal.
Nalband, N. and Kelabi, S. (2014). Redesigning Carroll’s CSR Pyramid Model. JOAMS, pp.236-239.
Ratajczak, M. (2014). The implementation of selected elements of the CSR concept on the example of agribusiness enterprises from Warmia and Mazury. Management, 18(1).
Wali, S. and Boujelbene, Y. (2010). The effect of TQM implementation on firm performance in the Tunisian context. IJPQM, 5(1), p.60.