Corporate Social Responsibility and Developing Sustainably

Question: Discuss about the Corporate Social Responsibility and Developing Sustainably. Answer: Introduction Corporate Social Responsibility is defined as an approach, which helps the organization in developing sustainably for delivering economic, social as well as environmental benefits to the stakeholders (Okpara and Idowu 2013). It is adopted by various industries in Australia for maximizing their annual profit. The telecom industry of Australia Telestra uses CSR in staying productive, competitive as well as relevant in the rapidly changing world of business. In this assignment, strengths as well as weaknesses of various phrases are illustrated. The report discusses significance of CSR, role of CSR in telecom industry of Australia, key players of Australian telecom industry, impact of CSR on the success of the business and improvements required in Corporate Social responsibility. Meaning and significance of Corporate Social Responsibility The term corporate social responsibility is a business approach, which helps in contributing towards sustainable development by providing economic, social as well as environmental benefits to all the stakeholders of the organization. Corporate social responsibility is very much significant for telecom industry as it helps the organization in staying productive, competitive as well as relevant in the rapidly changing world of business. It is stated by Okpara and Idowu (2013) that CSR provides opportunity to the telecom industry so that they can work for the betterment of the society in order to make it a better place to live. On the other hand, Schneider and Schmidpeter (2012) stated that CSR plays a significant role in making the brand of the organization more popular not among the competitors but also among the media as well as among the common people. Corporate social responsibility assists in strengthening the bond among various employees. The adoption of Corporate Social responsibility requires numerous changes in procedures. According to Korschun, Bhattacharya and Swain (2014), the telecom industry needs to hire some additional personnel for managing the initiatives of CSR. The actions came at a cost and as a result, it is quite expensive. On the hand, Cheng, Ioannou and Serafeim (2014) stated that many business undertakes the initiatives of CSR for bolstering their public images. The initiatives require the organization to release some important information, which has an opposite effect. Ho: The CSR can be advantageous for increasing the productivity of the organization. H1: The CSR cannot be advantageous for increasing the productivity of the organizations. It is found from the above analysis that the adopted CSR is either significant or disadvantageous for the telecom industry. The organization must adopt CSR effectively in order to utilize it in increasing the productivity of the organization as well as for becoming competitive in the market of Australia. Role of Corporate Social Responsibility in the telecom industry of Australia Corporate Social Responsibility is a term that is required for describing the efforts of an organization for improving its different operations. It is considered as one of the standard business practices by Telestra. The establishment of CSR strategy within the organization plays an important role in gaining competitive advantage. There are numerous roles of corporate social responsibility in the telecom industry of Australia. According to Ofodile et al. (2012), the policies of CSR helps in entailing self-regulation, adherence to various rules and regulations, achieving ethical standards, consumer satisfaction, welfare of the employees and stakeholders benefit. The telecom industries of Australia are always driven by the need of making more profits. The CSR assists the telecom industry in increasing their profits, sustainability, integrity as well as reputation in the business, which is included in the policy of the organization (Mousavi et al. 2013). The adoption of CSR by the organization Telestra helps in promoting the brand of the organization. The organization is experiencing rapid growth by having effective contribution in the gross domestic product of the nation. On the other hand, it is stated by Kobzar, Nikolayeva and Shvets (2014), that the adoption of CSR policies are not always driven or motivated by increased profit. The organization Telestra have realized that for adopting Corporate Social Responsibility, they require special appeal from the stakeholders (Sharma, Sharma and Devi 2013).The organization Telestra have faced number of challenges including insecurity of property, infrastructure problems, lack of credit, high volume cash transaction, environmental challenges and many more. The telecom industry of Australia also faces problems in performing the roles in context with corporate social responsibilities due to the government policies. H0: The adoption of CSR in the telecom industry of Australia Telestra is quite advantageous in increasing profitability. H1: The adoption of CSR in Telestra cannot be advantageous in increasing profit. It can be concluded that CSR have numerous roles in the organization Telestra for increasing the annual profitability but the organization also faces number of challenges in performing different roles within the telecom industry of Australia. Key players of Australian telecom industry and the initiatives taken by CSR The telecom companies in Australia are mainly engaged in maintaining, operating as well as accessing various facilities for proper as well as effective transmission of sound, text, data and many more. The main key players of telecom industries in Australia includes NetComm Wireless limited, My Net Fone Limited, Singapore Telecommunications Limited, TPG Telecom limited, and M2 group limited (Deng, Kang and Low 2013). There are number of initiatives, which are taken by Corporate Social responsibility in the telecom industries. Corporate Social Responsibilities provides basic expectations to the organizations by taking initiatives in protecting public health, safety of the public and the environment. According to Brammer, Jackson and Matten (2012), CSR helps in explaining the concepts of values and ethics for influencing the extent of corporation. The initiatives, which are taken by CSR for the telecom industries of Australia, have a positive impact on the evaluations of the company, which is mediated by the perceptions of self-company congruence for supporting various domains of CSR (Dyck et al. 2015). The initiative, which is taken by CSR in increasing the profitability of the company, also increases competitive advantage for the organizations. (Flammer (2013) opined that the CSR initiatives and financial stock market of the companies does not always have a positive impact on the performance of the organizations. H0: The initiatives taken by CSR may have positive impact on the telecom industries H1: The initiatives, which are taken by the telecom industries, do not have a positive impact on the organization. Corporate Social Responsibility adopted by different telecom industries helps in earning profit by the organizations. After deducting different expenses from the revenue, it is identified that the telecom companies of Australia are achieving profit by adopting CSR. The analysis helps in providing an idea about the operations of the organizations and their market capitalization assists in specifying the position of the companies in the market. Impact of Corporate social responsibility on the success of business Corporate social responsibility helps in increasing the profit of the organizations and therefore all the large companies are actively engaged to it. It is believed by some executives that CSR plays a significant role in improving the profit of the organization (Rupp et al. 2015). CSR helps in promoting the brand of the company in the market place, helps in enhancing the sales of the telecom industries, and increases loyalty of the employees. According to Baumann-Pauly et al. (2013), the activities, which are associated with Corporate Social Responsibilities focuses on various sustainability issues, which further helps in improving the efficiency of the organization. It is stated by Kitzmueller and Shimshack (2012) that adoption of CSR within telecom industries helps in gaining possible listings in the Dow Jones Sustainability Indexes or other indices which helps in enhancing the stock price of the company making the stocks options as well as the executives of stocks more profitable. It is opined by Marquis and Qian (2013), that Corporate Social responsibility does not help the organizations in gaining profit. The growths of profit in the telecom industry in context to CSR are frequently difficult to define as it is considered as a challenging task (Khan, Muttakin and Siddiqui 2013). An environment of tension is created within the telecom industries while efforts are provided in order to maximize profits the corporate social programs are targeted due to the social problems. It is also an important task to trace the benefits of CSR for tracing the performance of the organization. H0: The impacts of corporate Social Responsibility on the telecom industries are positive. H1: The impacts of corporate Social responsibility on the telecom industries cannot be positive. The CSR plays an important role in maximizing the profit of the organization and it helps the organization in resolving the issues that are related with sustainability. The organization needs to generate some ideas as well as policies in order to solve the challenges that the organizations faces due to the adoption of Corporate Social Responsibility. Improvements required in the area of Corporate Social responsibility Improvements in context to Corporate Social Responsibility are very much required for increasing the profitability within an organization. There are number of ways that can be utilized in order to improve the area of Corporate Social Responsibility. According to Morgeson et al. (2013), the organizations must make proper as well as effective decisions regarding sustainable purchasing as the decisions helps in buying sustainable goods and services. It is very much important for the organization to be upfront as well honest in order to provide information properly so that the involved stakeholders will achieve proper insight of the problems as well as challenges. It is stated by (Bondy, Moon and Matten (2012) that is quite important to have proper community development for ensuring positive relationship with the communities for making the organizations involved. It is analyzed that improvement in CSR increases competitive advantage for organizations. It is stated by Flammer (2015), that the operations, products or services that are utilized for improving the CSR of the organizations are not always environmental friendly and as a result it has some negative impacts on the growth of sales and consumption of products. H0: Improvements are required in Corporate Social Responsibility in order to enhance the success of the organizations. H1: Improvements are not required for enhancing the success of the organizations in Corporate Social Responsibility. It is very much important for the organization to use proper and effective operations as well as products so that they do not have negative impact on the environment of the organization. The organization must take help from the governments for supporting cleaner, greener as well as sustainable environment for improving corporate social responsibility of the organization. Conclusion It can be concluded that corporate social responsibility helps in providing positive influence in achieving completive advantage within the organization. It is analyzed that CSR helps in increasing the profit of the organizations, which further helps in promoting the brand of the company in the market place. It helps in strengthening the bond among various employees and focuses on various sustainability issues, which further helps in improving the efficiency of the organization. The CSR assists the telecom industry in increasing their profits, sustainability, integrity as well as reputation in the business, which is included in the policy of the organization. The CSR helps in providing an idea about the operations of the organizations and their market capitalization assists in specifying the position of the companies in the market. The initiative, which is taken by CSR in increasing the profitability of the company, also increases competitive advantage for the organizations as CSR in itiatives and financial stock market of the companies does not always have a positive impact on the performance of the organizations. Therefore, it is quite important for the organization to adopt CSR effectively in order to utilize it in increasing the productivity of the organization as well as for becoming competitive in the market of Australia. The organization needs to generate some ideas as well as policies in order to solve the challenges that the organizations faces due to the adoption of Corporate Social Responsibility. References Baumann-Pauly, D., Wickert, C., Spence, L.J. and Scherer, A.G., 2013. Organizing corporate social responsibility in small and large firms: Size matters.Journal of Business Ethics,115(4), pp.693-705. Bondy, K., Moon, J. and Matten, D., 2012. 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