Corporate Social Responsibility in the 21st Century - Essay Example

Corporate Social Responsibility in the 21st Century With the changing times in the 21st century, there has been increased need to change on the performance of enterprises through enhancing the businesses role. The changes done should respect the ethics of the society, economic, legally accepted, and should determine on improving the economic status of any enterprise (Mullerat, 2010: 142). The enterprise should also demonstrate responsibility on maintaining the environment and solving some of the problems within the social level. The laws and regulations of the state govern how the business relates with the entire society of consumers, employers, shareholders, and competitors. The complexity of cooperate social responsibility has attracted many scholars from all fields in an attempt to describe its many aspects. This essay will discuss some of the impact that cooperate social responsibility has effected in the economic and management strategies. It will also check on the various roles and importance in event management. It creates awareness on the various models of responding to various problems (Hopkins, 2006: 10). Different institutions have used this strategy with the emergence of globalization, which has raised the needs of the business to diversify with the diverse cultures, and the geographical settings that it serves (Horrigan, 2010: 352). Application of the strategy has helped create competition among event planning institutions serving the customer’s needs effectively and enhancing the sustainability of the enterprise (Jones, 2010:25). Institutions that apply this strategy have been able to diversify their services. This depends on different factors like the geographical settings hence increasing the country’s demand to serve the emerging social demands. Event managers that use this strategy have enhanced environmental friendliness and the health of the society since it respects the laws and the demands of the public. The government and society are quite vital when determining the success of any operation. The use of cooperate social benefit strategy hence produces long-term positive impacts on the health status (Zu, 2009:113). Event management involves the participation of the society at some point and hence, based on cooperate social responsibility; one will be able to structure on ethically acceptable plans. The morals, standards, and monitoring the general plans of the people to ensure no tragic flaws experienced as after effects (Mullerat, 2010: 144). The society recognizes the enterprises need for to maximize on their profits, but still on the same, it demands the enterprise to intervene on other matters that affect the society. This helps enhance the impression of the society to increase their abilities of gaining profits from the public and globalizing their event organizing activities (Hopkins, 2006: 15). In addition, by interacting with the various societies the enterprise gets to interact with different cultures, which enhance its ability to satisfy the diversifying demands in the international market. With globalization, no enterprise should for-go cooperate social responsibility with the aim of addressing the urgent issues in the international market. Event managers need creativity and new strategies that are attractive to consumers. By applying the cooperate control strategy which has tremendously improved in the 21st century to satisfying the demands of their consumers. The extended environmental boundaries to serve and the diversified social cultures to interact with have raised the need for creativity on any organization in branding its products. Social responsibility may involve getting ideas from the public, or financing and supporting other creative enterprises and giving them rewards or collaborating with them (Zu, 2009:115). This may help bring about a change of ideas and do away with some of issues such as outdated products, which would have been modified to suit the revolutionized times and create impact on the environment and the societal challenges. Cooperate social responsibility gives the event managers task to abide by law by presenting the audited reports to the public. This enables the public to analyze the reports and access the exemplary practices of the institution like environmental and social consideration (Horrigan, 2010: 354). This helps the organization in the personnel selection according to merit and performance to help boost the enterprise in satisfying its goal of profit maximization and the demands of the government and the society too. Social responsibility enhances financial discipline in managing between incomes and total expenditures ensuring consideration of workers welfare by proper payments made in time. Financial discipline gives the enterprise the ability to handle risks Incase any occurs. The ability of the enterprise to stand the storms in the market builds more trust with the society and avoids unnecessary attention from media sources, law enforcement agencies, and even the government (Mullerat, 2010: 146). The advanced application of cooperate social responsibility in event management helps in the creation of self-sustenance in businesses. It creates opportunities for businesses to come up with affordable solutions and quality services maintaining their performance standards and enabling appraisal of the organization's performance (Jones, 2010:33). Cooperate responsibility helps do away with cumbersome and obsolete practices that only result to time wastage. Before the advanced 21st century, people relied on time wasting, expensive, and unreliable means of preserving their ideas or even business plans. The globalization effects have created awareness to the public hence this has raised the demand to the managers to follow trends at the international standards. In addition, the increasing speed at which events occur has raised demands for speed from the event organizers, which is achievable by applying the globalized new trends in social responsibility (Zu, 2009:117). Business that apply the strategy of cooperate social responsibility maintain their peace with the society and the legal systems too. Event manager, who does not apply it, is always at conflict with legal regulations that are expensive to settle and only consumes the businesses finances (Hopkins, 2006: 29). This is unlike event managers who apply the strategy; it helps the enterprise improve on its management and communication to increase its demand by consumers and in the long-run results to income gaining incomes. Therefore, cooperate social responsibility can be an effective way of managing profits gained and influencing change on business performance (Horrigan, 2010: 356). To conclude, event managers who have used the strategy of cooperate socials responsibility in their enterprises have significantly enhanced their profit outputs; made possible by their ability to abide by the morals and demands in the society. The government and the society hence play a significant role in determining the progress of any enterprises. It has enhanced the aspect of inter-disciplinary responsibilities to enterprises (Mullerat, 2010: 148). Effective description of the institutions role and goals help enhance sustainable management of energy, water, waste materials, and even resource exploitation all aimed at maintaining an environment that is suitable for human life. Cooperate social responsibility has undeniable relations to the law and hence this enhances respect for all human rights. It also ensures that businesses stick by the international environmental laws for a sustainable environment. Bibliography Hopkins, M. (2006). Corporate social responsibility and international development: are corporations the solution? Sterling, VA, Earthscan. Horrigan, B. (2010). Corporate social responsibility in the 21st century: debates, models and practices across government, law and business. Cheltenham, UK, Edward Elgar. Jones, M. (2010). Sustainable event management: a practical guide. London, Earthscan. Mullerat, R. (2010). International corporate social responsibility: the role of corporations in the economic order of the 21st century. Austin, Wolters Kluwer Law & Business. Zu, L. (2009). Corporate social responsibility, corporate restructuring and firm's performance: empirical evidence from Chinese enterprises. Berlin, Springer. Read More