Corporate social responsibility helps build sustainable and stable business environments with healthy markets and surrounding communities (McCabe, 2). The key aspects for corporate social responsibility include; firstly, social investment which involves the company contributing to the infrastructure of the community. Secondly, transparency and accountability whereby the company is transparent on what they do, this will help build confidence from the outside on their business. Thirdly, CSR is aimed at enlightening self interest whereby they are able to work well with the community and, lastly, to increase the expectations of the community on their business and that it is not all about getting profits but, also for providing employment and helping the community in their projects. Corporate social responsibility involves a company’s social investment in a society and the trust they build through their CSR activities. A strong CSR is associated with good business and successful leadership; the way they relate to the community will affect their relationship with their customers and stakeholders (McCabe, 4). They, therefore have to be very careful in ‘giving back to the community’. This report will analyze the WD-40 company corporate social responsibility. WD-40 is a global consumer product company that deals with fabrication of products such as cleaning agents, chemicals, and aerosols. The board manages how the company handles its management and social responsibility, which includes compensations. The WD-40 CSR program assists the neighboring community, stakeholders and investors (WD-40 Company). The community is the greatest beneficiary of the CSR program. In terms of leadership and business ethics, they ensure that they treat all the stakeholders, customers and investors in the same way (Samuel & Celine Louche, 28). Leadership ethics involves the company’s culture of making ethical choices. It measures the company’s obligation to incorporating into the social aspects in their laid down objectives. Another important feature of CSR at WD-40 is transparency. Transparency put in place to ensure that the company is open in what it does to both customers and stakeholders. This help build trust in the whole society. WD-40 makes sure that it involves the employees in the verdict making process and administration of the company. This feature of CSR ensures that the company has a list of its stakeholders and how they engage with them and, that its part of global entities. In the aspect of community development, the company shows how it relates with the community through giving, donations and involvement in development activities (O'Brien, 2). The company should show their responsibility in protecting the health of the community at large. If they are engaging in construction activities, they devise ways to protect the environment by carrying out impact assessments and, giving the community a chance to show whether they are comfortable with their activities, i.e. they should be part of decision-making (McKinsey & Company, 5). The category that involves products and services covers the company’s responsibility in development and management of products and their impacts on the community. The company focuses on the health of consumers and market opportunities available. The quality of their products influences how a product or service will sell; they should ensure that their products work especially, that their products deal with cleaning (WD-40 Company). The human rights category measures the company’s commitment to respecting human rights and the freedoms associated with the human rights. This will help the company be recognized as one that values human ...
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(“Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
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(Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1000 Words)
“Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.net/marketing/50028-wd.
The impact of society on business and vice versa is becoming increasingly propagated each year. A firm’s consumers, products, markets, equipment, productivity and public image are all directly influenced by the social policies of a firm. A firm’s social policy must be incorporated into all strategic-management activities and most importantly in the development of mission statement.
'Corporate social responsibility (CSR) reporting to stakeholders is based upon the assumption that companies have wider responsibilities than simply to make money for shareholders.' Discuss the information that might be included in a CSR report to stakeholders, giving illustrations and examples.
ENOC Processing Company LCC is one of its subsidiaries that run the operations of the Jebel Ali Refinery based in Dubai. The corporate vision of the ENOC group is that all the companies or the subsidiaries in the group would meet the highest standards of social responsibilities and would return the benefits to the society, environment and the economy is which it exists as a corporate citizen.
There is very little information on how corporate decision makers can reconcile differences between the public and private interest goals. There are no singular limitations of CSR concept which act in the favour of aligning the personal and business goals (Tapang and Bessong, 2012).
The nature and purpose of CSR varies from organisation to organisation, however the generalised function of CSR-related policies are to ensure internal compliance to regulatory frameworks and government-induced policies, to monitor internal activities of the organisation to meet ethical principles mandated by society, government and business, and also to advance social good (McWilliams and Siegel 2001).
All stakeholders and constituent groups that have an interest in the organization's operations are included in CSR's wide and multiple-level definition of society. Corporate social responsibility can be defined as "the broad concept that businesses are more than just profit-seeking entities and therefore also have an obligation to benefit society" (Werther & Chandler, 2006: 6-7).
Corporate social responsibility came up as the process whereby corporate, firms, business or even the government come up with policies which are beneficial to the stakeholders regardless to the activity of the organization in question.
It came out very clearly that any organization has several stakeholders, which include customers in that the customers buy goods and services from the firm.