Discuss the Corporate Responsibility Is A Unique Attribute in Business?
Corporate responsibility is a unique attribute in business which bears several benefits to the business as well as the residents residing in the immediate environment. Corporate responsibility relates to the behavior of encouraging a positive change through a firm’s activity towards the employees, consumers, and the environment where a business is situated. Companies carry out their activities in distinct environments that support the existence and sustainability nature of business. In this respect, they ought to give back to the societies as a token of appreciation and sustainability. The paper discusses issues in corporate social responsibility and uses the example of Coca-Cola as a firm that carries out its CSR activities properly.
The government, through its policies, mandates companies to remain socially responsible to the communities in their business environments. Despite the requirement, it is ethically and morally okay for firms to appreciate and be part of a change to the society that supports its business both materially and financially (Snider, Hill & Martin, 2003). In this case, firms ought to back to the society through contributions, participation and sponsoring social events, and assisting in times of calamities. In this respect, the communities identify themselves with an organization and become strategic partners to its growth and brand recognition.
Mialon, Swinburn, Allender & Sacks, 2016) define the concept of corporate social responsibility as an obligation placed on enterprises to act in a way that serves the interests of business, the stakeholders, and the society through representation. Indeed, the definition is true based on the fact that CSR activities do promote a business image and recognition in the society, increases the financial capability to the stakeholders, and identifies with the society by taking part in activities that uplift a society (Kleine, 2014). In this respect, CSR remains a critical concept towards organization growth and penetration into the competitive business world as well as meeting the goals to sustainability.
Coca-Cola is a multinational company that practices corporate social responsibility in countries where it operates. Coca-Cola Australia is a business that has a significant impact on the societies around the nation through the activities it engages in promoting its sustainability (Epstein & Buhovac, 2014). The firm contributes immensely to the economic and social development of the locals where its business exists. The firm promotes its activities by participating in charitable organizations and programs that empower the social being of individuals. Besides, it administers business grants to the communities which empower the economic element of the society. Moreover, the firm sponsors local, national as well as international sports events away from promoting workplace giving (Moon, 2014). In this respect, the firm qualifies for sustainability due to its activities.
The business participates in social events such as sports in the community and at the national level through sponsoring events. Coca-Cola sponsors sporting events through the Coca-Cola games which go a long way identifying the firm with the people as well as promoting its brand name. Sports gather a large population thus playing a significant role in developing business as well making the society come together through sporting activities (Eteokleous, Leonidou & Katsikeas, 2016). The firm funds the games and brands the grounds which lead to a significant market share for the business and the society’s willingness to work with the firm. Sponsoring such games make the community has an impression of inclusivity which promotes the social being of individuals. Consequently, the move translates into benefits for the locals through sports, the stakeholders through increased earning, and the business through significant brand recognition and market share.
Besides, the firm supports education through the bicycle program that assists students in the remote areas to cover the large distances to school. The support enables students to reduce the distance covered to school thus impacting education. The firm doubles its efforts by sponsoring students and partnering in constructing schools in vast areas that lack proper infrastructures. In this case, the wider society has access to the contribution and benefits from the move in a way or the other. Touching a child impacts the society and increases awareness as parents, the government, and other donors feel the presence of the company thus creating a positive perception of the firm (Korschun, Bhattacharya & Swain, 2014).
The firm takes responsibility for the effects of its business in the society. The firm produces beverages of different kinds which are stored in cans and plastic bottles that present an environmental challenge to the society. In addressing the concern, the business remains ethically responsible by partnering with the communities in recycling efforts on the cans and bottles. Recycling solves some of the pollution issues that affect the environment thus serve as an element of change in the society (Christensen, Mackey & Whetten, 2014). Besides, the firm has revolutionized its resources and embraced the environmentally friendly packaging by encouraging the use of renewable materials.
On the other hand, the firm promotes healthy living to its Australian market by engaging in several advocacy programs towards healthy and happy life. In this respect, the firm cuts down on the calorie level in its products and produces zero-sugar products to serve the diverse market needs. Notably, the firm donated millions of shillings to nutrition and physical activity programs in several countries within the region towards well-being (Servaes & Tamayo, 2013). The business in Australia engaged in a healthy program that saw it partner several foundations to donate bicycles to high school students from disadvantaged backgrounds to get them in motion. The same bicycles encourage exercises thus promote its healthy living initiative among the individuals.
Coca-Cola supports societies through funding to overcome natural calamities in diverse locations. The firm sets aside funds for such occurrences and partner with other organizations in creating a difference in the society. Water is a real concern in the lives of human beings, and the company does a lot to ensure the presence of water in the diverse locations of operation (Saeidi, Sofian, Saeidi, Saeidi & Saaeidi, 2015). In this respect, the firm builds and promotes the conservation of water catchment areas through encouraging the planting of trees and proper disposal of waste to avoid polluting the important resource. As a result, the firm benefits the society grows its name and uses the community initiative to spread its business to the residents.
The firm in its production ventures uses a considerable amount of water. In remaining responsible to the environment that produces and supplies the same, the firm is mandated contribute significantly to water concerns. The firm responds to the responsibility by implementing means to cut on water wastage and creation of water sources. Coca-cola supports community initiatives in preserving water and replenishing it through conservation and recycling (Cheng, Ioannou & Serafeim, 2014). The firm has done tremendous efforts in Australia through funding Project Catalyst in a bid to improve and restore water from the effects of pollution to levels that can be used safely by the people. Water is an important resource in the society that has to be delivered and assured to populations.
The business identifies with the social issues affecting individuals and trends in societies. In promoting equality and identifying itself with women empowerment, Coca-Cola introduced a women entrepreneurship program dubbed 5by20 initiative. The program funds and equips thousands of women of women with funds and resources to unlock their economic potentials through the target of 5 million women worldwide program by the year 2020 (Flammer,2015). The program uplifts the state of women in the society and increases the fight towards growth and recognition of women in business. The activity identifies with the society and makes the business part of them thus guaranteeing the sustainability of the enterprise. As a result, the feminist movement supports the initiative and by large grow the brand name of the firm.
Stakeholders in the firm such as the employees benefit through reward and recognition programs where its workers receive assistance and scholarships to empower themselves as well as their generation. The improved revenue stream allows individuals to be employed in the business and improve their economic standards. Besides, the firm has a proper policy on recruitment that focuses on selecting qualified personnel from the environment of operation as well as setting aside some unskilled jobs for the immediate community. As a result, the firm gives back to the society by benefiting the dwellers thereby creating a positive perception of the business. Empowering the society through education transforms the overall image of organizations and uplifts their status (Flammer, 2015).
Corporate social responsibility is a sure way of ensuring sustainability for the business, the society, and the stakeholders. Corporate responsibility gives back to the society in appreciating its efforts towards the production that yields revenues for firms. Coca-Cola remains a reputable and competitive company due to the initiatives it places for its people. The practice of recognizing the environmental concerns as well as the social issues in communities and addressing concerns yields in benefits and profits to the business. Companies ought to practice social responsibility to the latter as a mark of ethical recognition to the societies where their business operates. The move is an important marketing tool that leads to brand recognition, acquisition of significant market share, and creates opportunities for business expansion. There is a need for other firms to emulate the practice carried out by Coca-Cola towards establishing a proper relationship with the society and increasing their revenue streams.
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.
Christensen, L. J., Mackey, A., & Whetten, D. (2014). Taking responsibility for corporate social responsibility: The role of leaders in creating, implementing, sustaining, or avoiding socially responsible firm behaviors. The Academy of Management Perspectives, 28(2), 164-178.
Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers.
Eteokleous, P. P., Leonidou, L. C., & Katsikeas, C. S. (2016). Corporate social responsibility in international marketing: review, assessment, and future research. International Marketing Review, 33(4), 580-624.
Flammer, C. (2015). Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36(10), 1469-1485.
Kleine, D. (2014). Corporate social responsibility and development. The Companion to Development Studies, 7(1), 195.
Korschun, D., Bhattacharya, C. B., & Swain, S. D. (2014). Corporate social responsibility, customer orientation, and the job performance of frontline employees. Journal of Marketing, 78(3), 20-37.
Mialon, M., Swinburn, B., Allender, S., & Sacks, G. (2016). Systematic examination of publicly-available information reveals the diverse and extensive corporate political activity of the food industry in Australia. BMC public health, 16(1), 283.
Moon, J. (2014). Corporate social responsibility: A very short introduction. OUP Oxford.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350.
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045-1061.
Snider, J., Hill, R. P., & Martin, D. (2003). Corporate social responsibility in the 21st century: A view from the world's most successful firms. Journal of Business ethics, 48(2), 175-18
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