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Corporate social responsibility is the commitment by organization to contribute in economic development and to behave ethically and improving the quality of life of the employees and their families as well as of society and local community at large. It is the concept in which companies join together for environmental and social concerns in their dealing with stakeholders and in their business operations. It is the concept to achieve success in ways that respect people and honor principled values and the natural environment (Arendt and Brettel, 2010). This report is prepared to analyze the role of corporate social responsibility in wider business environment. Here in the report the effects of globalization on national economies, effects of environmental legislation, directive guidance on companies, responsibilities of firm to improve workforce welfare and the impact of regulatory requirements on interest of corporate stakeholders is discussed.
Globalization involves the interdependence of the global economy and increase the integration. It enhances the trade and raises the movement of capital and labor. Globalization highly impacts on the economy of UK. It leads to shift in the economy and increase the international competition for domestic monopolies. This will help companies to reduce prices and cost. Globalization makes it essay for emigrant to work in the UK and it helps nation to plug the job position (Banerjee, 2007). It open the risks for the nation which is outside the control of the government i.e. crisis and capital flows in international market.
It helped to make higher London into the financial center of world. It helps companies of UK to produce wide range of goods and to provide consumer at low prices. Globalization increase the foreign direct investment in the nation as economy of UK is the favored venue for overseas direct investment. It helps in increasing the rate of foreign direct investment both inward and backward in the UK (Bueble, 2009). Country has the extraordinary benefits from FD to the financier. They have the better supply of items and also have ideal assessment framework which resulted in growth of nation.
Globalization provides the benefits to the companies of UK which leads to lower prices for customers. It makes easier for migrants to enter and work in the country which helps UK to fill the job vacancies. It put emphasizes on the importance of human capital for long term economic growth. High level of FDI has been favored venue for overseas direct investment. It raises the level of import penetration that helps them to gain competitive advantages to other countries with respect to industries like clothing and textiles. Globalization proves as a backbone of the economy for the UK that leads to identification of new jobs opportunities and assists them in increased economic growth (Caulfield, 2013).
Organizations which operate in different countries, international institutions and global bodies highly influence them and they play an important role as they provide financial assistance and funds to these types of companies. These institutes provide funds as well as other support to the firm. These institutes have vital importance for global business organizations. Organization manufactures the safety and harnesses for the aeronautical industry and international institutions provides finance, directives and other kind of support to the company which plays very significant role in their business operations.
There are various institutes that provide these types of services such as WTO, IMF, WFO, World Bank, GATT, and UN etc. Organization follows all the rules and regulations which are developed by these global bodies in order to perform their business operations effectively and gain success (Chapple and Moon, 2005). They fallow all the guidelines of these institutions and laws or regulations developed by government and manufacture high quality of products in order to protect the safety of people and to achieve their goals and objectives by satisfying customers.
Organization takes the advice and financial support from international institutes so that they can perform their functions in much better way and can effectively utilize all resources. Global bodies have developed the several policies and guidelines for the companies which operate in the field of pollutions and emission of harmful gases in order to protect environment. They also developed the regulations and directions for companies that manufacture safety and harness for the aeronautical industry (Crane and Matten, 2007). If these firms not follow their regulations then they might have to face grave consequences of it and it can dilute their image in the international market.
General Agreement on Tariffs and Trade (GATT), was an agreement that regulate international trade. The purpose of GATT was the reduction of tariffs and other trade barriers as well as elimination of preferences. The working of this agreement are the responsibility of the council for trade in goods. World Bank provides loans to developing countries for capital programs and is a component of the World Bank Group.
The European Union has developed the code of ethics for organizations which delineate the ethical commitments and principles that display the responsibilities and commitments required of professionals at the time of delivery of supported employment. European Union has established the set of code of ethics to promote healthy environment within the organizations. These principles provide outlines of roles and responsibilities of each within them company.
The code of ethics provides the detailed outline of everyday work practices to the professionals within the firm (David and Gallego, 2009). These principles are developed by considering many economical and social aspects which demonstrates the supported employment. It provides the guidelines to the organization that they should carefully prepare what they will do in order to perform their responsibilities to make risk assessments. Organizations are required to put necessary health and safety measures to protect workers.
Each company should assess the risk assessment of each work and their competence while they appointing any worker in their firm. Assessment process must be effective where people can demonstrate their competence by showing that they have necessary skills and abilities where they are able to assess the risk (Galbreath, 2009). Companies are required to provide sufficient training and development to their employees so that they can effectively accomplish their responsibilities. Organizations needs to provide equal opportunities to the worker and should make sure that fairness in diversity. To maintain the effectiveness the activities of organizations needs to be monitor and protective or preventive measures required to be made by firms. There are various directives are developed by EU such as Fixed-term work, Employment contracts, Working Time Directive, Racial and ethnic discrimination, Part-time work.
Corporate governance is the system that regulates the effectiveness in business management that includes certain legislations, codes of practices and contracts. It is the procedures, policies and rules governing the relationship among the directors, shareholders and management of organization as defined by the appropriate formal policies, laws, bylaws and corporate charter. The corporate governance of a company includes pans and values that is effective expulsion of responsibilities of board towards the shareholders interest which can result in good performance o organization (Jones, Parker and Bos, 2005). Organizations are required to follow the basic principles of codes of principles and practices of corporate governance which will leads to increase the economic and financial performance of firm. The importances of responsible corporate governance within the organization are as follows:
Reduces risk: The given organization manufactures the safety and harnesses for the aeronautical industry and it operates in the environment which highly unpredictable and volatile. There are many threats and risk connected with organization operations. Corporate governance helps organizations to identify and manage the risk. It helps to control the several internal and external environmental risks.
Stability of business: Corporate governance involves the code of conduct which is forms the backbone towards the good performance and stability of organization (Lantos, 2002). It also provides the integrated business to the company by joining together the departments and functions together. This is the way to improve the performance of organization.
Corporate governance is the structure of responsibilities and rights between the parties with a stake in the organization. Company is required to be honest for the regulatory obligations and accountability of shareholders. Organization is legally responsible to perform their responsibilities by the laws of UK and European Union. The UK sets the code of corporate governance for the guidelines on how firm should followed good governance practices and direct them effectively in their operations (Mallin, 2009). They are also liable to disclose all the necessary facts and information to their stakeholders in order to satisfy them and to gain their commitments which is required for attainment of goals and objectives.
The managements of company are required to be honest and clear so that several reports of firm can be prepared. If organization is failure to fulfill with the rues and regulations then they are require to give explanation for non-fulfillment. The UK corporate governance has sets out various good practices that have to be followed by an organization. For successfully implementation of corporate governance within the firm, they have to ensure that there is complete transparency in their business operations (Manning, 2013).
The government of UK developed Equality Act 2010 and other employment law in order to promote interest of stakeholders. It highly shape the corporate governance of organization as they are required to follow these regulations in their business operations and to provide satisfaction to their stakeholders.
For effectively development of corporate governance within the organization, it is important that management of company should comply with all the legal rules and regulations. With this respect company should evaluate that how the interest of stakeholders can be influenced by corporate governance (Morsing and Schultz, 2006). The impact of regulatory requirements in terms of their influence on interest of stakeholders can be assessed with the following points:
Every organization has to focus on different types of policies which can improve the workforce welfare. The companies are supposed to design various policies which can help them to ensure the safety of the employees. It is to acknowledge that if the organization will not focus on employee’s welfare they won’t be in position to gain the confidence of the employees (Morsing, 2003). Being a manufacturing organization the responsibility of company towards the employee’s welfare increases at very large scale.
It is a responsibility of organization to provide complete training to their managers or to the employees that how they can work on the machineries and equipments and how they can handle such aspects. In the process of training the employees will be able to enhance their efficiency and they will surely work in effective manner. The training program for this type of industry could be considered as apprenticeship which is highly essential for employees (Mulleart, 2011). Thus it exonerates that providing the high level of apprenticeship and practical training is the key responsibility of organizations.
Other than this if the organization is showing their committed efforts towards the employee welfare then employees are working in highly secure and safe environment and it can prevent the unpleasant activities or incidents. Further employee welfare can be ensured if company is having appropriate HR polices. During the construction of the Human resource policies the company have to focus on various other aspects like no place for discrimination and inequality on the ground of sex, caste, creed and religion. If employees are working in such kind of working environment then it can hamper their efficiency and can prevent them to ensure their growth. Further it is to acknowledge that human resource polices plays an important role in the employee welfare (Navarro and Martínez, 2009). If there in any loop hole in the human resource polices then it could be eradicated with immediate effect.
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In the list of organizational responsibilities the company has to ensure that employees must work in motivated and highly pleasant environment. All the organizations are required to put more emphasize on providing the equal growth opportunities to their employees. According to various management experts’ career growth and equal opportunities is one of the major responsibilities of the company which is supports the workforce welfare activities. If employees are aware with the future possibilities and growth rate then they will surely put their best to deal with the various work related challenges or issues (Schwartz, 2011). It will further lead towards their personal as well as professional development. Thus these are the main responsibilities which must gained special considerations by the organizations.
None of the organization can claim that they don’t have any sort of cultural diversity within the organization. Now days the organization employed various kinds of people belongs to various groups, cultures and creeds. Sometimes it creates lots of trouble on the ground of handling the operational and functional aspects. But there are lots of strategies and approaches which can help them to deal with this aspect (Simons, 2011). However the organizations can’t rely on any set or particular approach but they can practice various management elements in order to get rid of diversity related issues.
Communication is key elements of which can help the organization to deal with this factor. First of all they can disseminate high level of communication level among the employees. It will improve the level of interaction and will enable them to create some sort of emotional bonding with each another. Inter-personal communication is another aspect which can also gained huge priority in this scenario (Tencati and Perrini, 2011). If company is having good communication then they will be in position to manage the diversity or to reduce the negative consequences of the cultural diversity.
Further second approach which company can apply is related to the group formation. Here in this strategy the company can form the various teams and groups which will be having cultural diversity and all people will be having different backgrounds. Then it will surely put its positive impact at the organizational culture. The team members will be having some sort of targets which they need to achieve within a stipulated period of time (Corporate Social Responsibility (CSR), 2013). It will be having strong two way impact at the organization. First it will improve the organizational productivity and secondly they can create sense of respect among the team members. Thus it is clear that team formation can also show its expediency in managing the diversity within the organization.
Again this factor can’t neglect the discussion of HR polices. If company will be having good and concrete Hr policies then it will definitely help them to manage the diversity. The company can form some policies through which the employees will hesitate to practice unethical behaviour and will support the cultural diversity. Adherence to HR policies will generate huge level of fruitful results for the organization (Misani, 2010). Hence above mentioned aspects or approaches can help in eradicating the negative consequences of diversity.
Now Hr policies can also support the workforce welfare and management of diversity in different ways. The construction of rules and regulations or mentioning the international law in HR policies can show its long term expediency. Further the company can declare it in their code of conduct which is also effective technique or approach to manage the diversity. Positive policies include the prevention of discrimination act and proper equality act. These policies can prevent the employees to adopt the discriminatory behaviour and the managers can avoid having such unethical business practices (Corporate Responsibility, 2013). They will provide fair growth opportunities to the employees on the basis of their work performance and their calibre.
Further the organizational culture and the personal belief of the top management can also help in dealing with above mentioned issues. If the personal belief of the top management is so stringent then they will surely not allowed to spread such kind of thought process within the organization and other employees or managers will also follow them . Thus in this way the policies can be designed for workforce welfare and cultural diversity.
The senior management has an instrumental role to play in ensuring that workplace diversity is managed in an effectual manner. If the top cadre itself shows no interest in maintaining the interest of its diversified workforce, then the middle management will not be in a position to do anything. Hence, the senior level employees should form policies and guidelines with meticulous care and thought. The company can also invest in cultural sensitivity training for the entire workforce for facilitating enhanced communication and promoting tolerance (Managing corporate responsibility and business ethics, 2009). An effective training program is one which the people consider a positive experience and one which circumvents employing an accusatory tone.
Timely feedback from management and staff in the form of survey should also be taken. In addition to this, encouraging teamwork and open communication will be more appropriate in current business environment. Moreover, teamwork across different work functions should be encouraged. Not only this, keeping regular team events and ice breaking sessions will also help the employees and management to better know their peers and subordinates (Urip, 2010). Team building exercises are a great means of augmenting the inter-employee communication and interaction. Hence, if the management takes care of all these points then it will benefit a lot as far as managing diversity is concerned.
From the above report it can be articulated that management of corporate social responsibilities in the organization is very important in order to gain success in the competitive environment. Corporate governance is also required to manage and operate business in effective manner. It helps in development of strong brand image in the eye of society and employees. Organization is required to follow all the rules and regulations developed by European Union and government of UK in order to perform their business operation in effective manner. Organizations have to provide health and safety measures to the worker and to provide equal opportunities for development.
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