1. Introduction
Managing corporate social responsibility is an effective strategic planning for all the corporate firms across the globe to make the business ethical and contribute economic development (Tai & Chuang, 2014). In the recent era of globalisation, managing corporate social responsibility provides an opportunity to the companies to secure sustainable development in near future by sustaining in the business and running the operational activities of the firms proficiently. The aim of the study is to identify the models and concept of managing corporate social responsibilities through which the multinational corporate firms try to gain high competitive advantage and secure future sustainable development. In the recent years, there are several ethical issues for which the organisations face difficulties in running their business ethically. The corporate firms try to fulfil the long run interest of the organisations through managing corporate social responsibilities. On the other hand, in order o run the business safely without any ethical issues as well as establish public image of the brand across the international nations, the firms try to maintain corporate social responsibility. On the other hand, the study is important in understanding the impacts of managing the corporate social responsibility on the performance of the business. The discussion and evaluation regarding the impacts of the corporate social responsibility are effective to understand the advantages of managing effective strategies through which the corporate firms can run their business activities ethically and safely.
2. Concept of corporate social responsibilities
The companies across the globe try to manage their responsibility towards the community and environment for creating values for the overall social communities. The corporate social responsibility is the concept that encourages the organisations to consider the interest of the society through managing its responsibility. It has direct impacts on all the stakeholders of the companies including the customers, employees, social communities, government, suppliers, distributors, shareholders and managers (Vertigans & Idowu, 2017). The strategies of managing corporate social responsibility mainly provide an opportunity to all the corporate firms across the globe to maximise the quality of life for the employees, local communities and the overall society as a whole. Respect each other, human rights and freedom are the main principles of managing corporate social responsibility in the business firms. It creates more opportunities for the corporate firms in expanding their business strategically by gaining high competitive advantage over other competitive firms (Cheng, Ioannou & Serafeim, 2014).
The first principle of corporate social responsibility is to maintain human rights. Reducing the issue of child labour is another principle where the companies should be against child labour. It is also important to manage social responsibilities so that the companies can contribute for social development and creating values for the social communities. The organisations are also against the issue of forced labour, bribery and corruption. In addition to these, managing corporate social responsibility in the organisations is necessity where the companies try to build strong relationship with all the stakeholders so that it is possible to retain them ion long run (Lins, Servaes, & Tamayo, 2017). Managing the suppliers is also necessary where the companies try to appreciate the contribution of the suppliers and fulfil their needs and preferences. Additionally, managing environmental protection is another principle where the organisations contribute to the sustainable use of resources for environmental protection and the protection of the climate. The organisations are concerned in managing the production, distribution as well as quality of the products and services for making the environment protected. Moreover, the principle of the corporate social responsibility includes that the companies should focus on the consumption of energy, water and raw materials so that the resources cannot be over utilised (Zentes, Morschett & Schramm-Klein, 2017). In addition to these, remuneration, working time, performance related pay is also the principles of corporate social responsibility through which the companies can manage their responsibilities in long run.
Health and safety activities in the workplace is also another principle of corporate social responsibility where the managers and owners of the organisation needs to maintain health and safety of the employees in the workplace so that it is easy to improve trust and loyalty among the employees. In this regard, corporate social responsibility is a company’s concern and commitment towards the society’s sustainability and development (Saeidi et al., 2015). It provides proper principle and tactics of managing ethical behaviour of the company towards its society. It further contributes towards a sustainable economic development as well as towards the improvement of the business and society which are necessary for social environment. It is the responsibility of the companies to carry the business with moral and ethical standard. Moreover, preventing the environmental pollution as well as minimising ecological imbalance is also the responsibilities of the organisations which further contributes towards the development of social health, education, economic development as a whole (Korschun, Bhattacharya & Swain, 2014).
Hereby, overall development of the social communities can be possible through managing corporate social responsibility. In order to manage the corporate social responsibility of the firms, the multinational corporations obey the rules and regulations as well as business ethics successfully (Hopkins, 2016). Regular payment of taxes of the business, providing corporate tax and cooperation with the government in order to create social values is also necessary under the strategies of corporate social responsibility. Through these tactics, the companies try to reduce the loophole of the business and cooperate with the government for more economic growth and social development. Hereby the corporate firms try to manage corporate social responsibility in order to maintain transparency and accountability which are further important for managing business reputation and goodwill of the companies. In order to ensure reasonable rate of return over specific period of time, the companies try to develop effective strategic planning where the corporate responsibility of the companies can also be maintained (Flammer, 2015).
3. Theories of corporate social responsibility
- Carroll’s corporate social responsibility
In order to understand the corporate social responsibility of the companies, the model proposed by Carroll is effective which further helps to discuss the responsibility of the corporate firms in doing their business ethically. As per the model, the first level is economic where the responsibility of the business is to be profitable so that it is possible to satisfy the stakeholders related to the business. It is the responsibility of the firms to fulfil the needs and preferences of the stakeholders and in this regard the companies need to be profitable so that it can meet the requirements of the stakeholders (Ioannou & Serafeim, 2015). It is to perform in a consistent manner for maximising the earning per share which is important to satisfy the shareholders and investors. The business houses need to be committed to maximise the economic benefits of the firms so that it is easy for the business to be consistently profitable. This further influences the corporate firms to enhance the operational efficiency in order to maximise the profitability volume of the companies. It is also the only way to sustain in the business and manage social responsibilities as well in long run. The second stage is legal where the firms need to obey the rules and business ethics for being consistent with the expectations of the government and the law (Chernev, & Blair, 2015). It is also important to comply with the national and international laws and regulations to run the operational activities across the international borders. For being law abiding citizens, it is also necessary to manage its corporate social responsibility and obey the business ethics successfully. It is also the responsibility of the corporate firms to maintain the quality of the products and services that they try to deliver to the society. Without maintaining the quality of the organisational products and services by ensuring fulfilment of legal requirements, the corporate firm scan not meet the legal components of doing business ethically.
Figure 1: Carroll’s corporate social responsibility
(Source: Carroll, 2015)
In order to maintain business ethics the companies also need o be aware regarding employment benefits, competition and health and safety so that they can expand their business sustainably. Employees benefit, safety and security are necessary in the business where the managers and owners need to care the employees and give them safe workplace so that they can work with freedom and proper security (Brammer, & Pavelin, 2016). The third stage is being ethical through doing the right things by avoiding harms. In this regard, the companies are concerned in recognising and respecting the norms and practices as well as moral adopted by the society. In order to meet the corporate goals of the firms, it is also necessary to maintain business ethical conduct and maximise the values for corporate citizens. Hereby, corporate integrity and ethical behaviour provide an opportunity to the firms to be ethical and maximise values for overall society as a whole. Be philanthropic is the fifth stage under the Carroll’s theory of corporate social responsibility (Di Giuli, & Kostovetsky, 2014). The corporate firms try to be a good corporate citizen by contributing resources of the communities and improving the quality of the life of the society as a whole. The firms also need to run their business consistently with philanthropic and charitable expectations of the society. The managers and employees are also participating in charitable activities within the local communities (Kilkenny, 2014). It is also important to assist voluntarily to the projects which further enhance the quality of lives of the individual living in the society. Through the above mentioned strategic planning the corporate firms can run their business ethically and maximise the values for overall social communities.
- Freeman stakeholder theory
The stakeholder theory is also effective to develop the concept of corporate social responsibility and it further provides a scope to identify the strategic planning of managing the stakeholders in long run is that the firms can run their business sustainably. According to the theory of stakeholder management proposed by Freeman, there are internal and external stakeholders who are directly or indirectly engaged with the business activities. In this regard the external stakeholders are such as, suppliers, society, government, creditors, shareholders band customers (Wang, Tong, Takeuchi, & George, 2016). On the other hand, the internal stakeholders are employees, managers and owners. It is the responsibility of the organisations to manage the stakeholders buy fulfilling their actual requirements and preferences. Hereby, the CEO if the company and owners need to acknowledge eth needs of the stakeholders so that it is possible to manage them by maximising their values as per their requirements (Petrenko, Aime, Ridge & Hill, 2016).
Figure 2: Freeman stakeholder theory
(Source: Dhaliwal, Li, Tsang & Yang, 2014)
In order to manage the employees, the organisations need to fulfil the needs and preferences of the employees and create values for them. In this regard the companies need to provide safe and secure workplace to the staff members so that they can work freely and fulfil their job responsibilities successfully (Brueckner, Spencer & Paull, 2018). Additionally, it is the responsibility of the corporate firms to meet their expectations through providing effective salary, and implementing the strategy of giving performance related ay, incentives bonus which will be effective to maximise the values for the employees. Moreover, giving the staff member freedom to work, flexibility in choosing working time and encouraging their creativity in the workplace are effective strategic planning to moti8vate the members and retain them for long run (Lim & Greenwood, 2017). On the other hand, it is necessary to manage the owners and managers by giving them proper incentive and other benefits in the organisation which encourage them to conduct their job responsibilities proficiently.
In order to meet the requirements of the external stakeholders, the companies also try to create values for them. For example, meeting the needs and preferences of the customers is the responsibility of the firms and in this regard the companies aim at delivering high quality products and services to the consumers according to their requirements. Moreover, setting affordable price for the products and services is also effective to create values for the customers (Christensen, Mackey & Whetten, 2014). In addition to these, the customer service executives of the companies try to provide high quality service for fulfilling the requirements of the customers which also helps the brand to improve the image and reputation among the customers and it further enhances customer’s retention. In addition to these, it is the responsibility of the companies to maximise values for society as a whole by investing in charitable events which further ensure social development in near future (Kang, Germann, & Grewal, 2016). Moreover, in order to create values for the corporate citizens and social communities as a whole, the companies need to reduce environmental impacts through reducing wastage and emission of green house gases as well as improving the use of renewable resources and recycling the wastage. Through the above mentioned strategic planning, the companies can manage their stakeholders and run the business activities ethically in long run (Frynas & Stephens, 2015).
- Triple bottom line of corporate social responsibility
The triple bottom line of managing corporate social responsibility is effective which provides a scope to the companies to manage the operational activities not only in terms of economic benefit bit also for environmental and social benefits. On this theory of triple bottom line, there are three aspects of balancing the business activities and performance of the brand which are economic benefit, social responsibility and environmental friendly. In order to manage social sustainability of the firms, the companies need to ensure that the activities are useful in developing the society where it can create jobs in the country and improve the living standard of the community as a whole (Harjoto, Laksmana & Lee, 2015). In addition to these, healthy and safety of the workplace as well as quality of the products and services provided by the organisation need to be maintained in order to manage social responsibility. On the other hand, fair standard and investment in social activities are also necessary in order to be socially referable cross the globe.
Figure 3: Triple bottom line of corporate social responsibility
(Source: Rupp, Wright, Aryee & Luo, 2015)
In order to be environmentally sustainable, the companies also need to be concerned regarding minimisation of environmental impacts of the organisational activities. In this regard, the companies need to increase the use of renewable resources so that it is possible to reduce negative environmental impacts (Wu et al., 2015). It also must focus on the resources which can be recycled so that the amount of natural resources can be reserved successfully. Reducing green house gas emission as well as managing production of the companies further gives a scope to expand the business activities ethically. Lastly, as per the theory of triple bottom line, the firms need to manage economic sustainability where it is possible to encourage the stakeholders by giving high rate of return on their investment. Managing the triple bottom line is therefore necessity to retain efficient employees who are helpful to ensure future sustainable growth of the business. Managing socio economic factors helps the brands to enhance skills, job creation, social investment, business ethics and security. On the other hand, it is possible to improve eco-efficiency through resource efficiency, product life cycle management and product stewardship (Carroll, Primo & Richter, 2016).
4. Importance of corporate social responsibilities
Managing corporate social responsibility is important for all the multinational corporations to run their business operational activities efficiently in long run. The strategic planning for managing corporate social responsibility is also advantageous for reducing the social cost which further helps the company to enhance the performance level and creating social values. In order to enhance the performance of the employees, it is also necessary to manage corporate social responsibility so that it is possible to motivate the employees and retain them for long run (Pai, Lai, Chiu & Yang, 2015). It is a type of investment which contributes in maintaining industrial peace as well as improves public image of the brand in long run. Through managing the strategic planning of the corporate social responsibility, the multinational corporate firms also can gain high competitive advantage over other competitive brands which in turn provides an opportunity to the companies to improve their market share across the international nations. Maintaining corporate social responsibility is also effective for maximising the profitability of the firms by ensuring high sales volume (Sierra‐García, Zorio‐Grima, & García‐Benau, 2015).
The sales volume of the companies can also be increased through managing the corporate social responsibility as it helps the companies to create positive brand image in the market. The customers will be beneficial if the companies are concerned in managing their corporate social responsibility (Zhu, Liu & Lai, 2016). Hereby, the companies also can retain more long run customers by ensuring loyalty and trust as the corporate social responsibility is effective for improving loyalty among the customers. Hereby, the corporate firms can strengthen their customer base by managing the corporate social responsibility. Moreover, the companies have moral justification as well as the firms can satisfy all the stakeholders engaged with the business (Wang, Dou & Jia, 2016). Through managing the corporate social responsibility, it is possible to make the stakeholders satisfied by making the operational activities ethical. Hereby, it is also possible for the companies to retain the stakeholders for long run and run the business activities strategically. It is the responsibilities of the companies to satisfy all the stakeholders including employees, managers, suppliers, distributors, government, customers and overall social communities. It also helps to manage the government regulations and control in long run which provides a systematic path to the corporate firms to run their business ethically. Through corporate social responsibility the companies also can provide positive impacts on the environment where it is the responsibility of the companies to maintain the environmental sustainability so that the organisational operational activities can not affect the environment negatively. In addition to these, through managing the corporate social responsibility, the corporate firm can reduce the issue of environmental damage, improper treatment of the workers, and faulty related to production procedure as well as customer inconvenience (Edinger-Schons, Lengler-Graiff, Scheidler, & Wieseke, 2018).
There are some consumers who are concerned about the corporate social responsibility so that there will no such negative impacts for the organisational operational activities. This is important to satisfy the customers by providing positive environment and it can also be possible for the brands through managing corporate social responsibility. In order to satisfy the investors and shareholders, the companies also try to maintain their corporate social responsibility so that they can provide high return on investment and ensure that the investment will be fruitful. The use of the strategic planning of managing corporate social responsibility is increasing in such an era of globalisation, to make the business activities ethical as well as fulfil the requirements of the stakeholders (Slack, Corlett & Morris, 2015). The customers and investors in the recent years are sensitive towards the environmental and social issues and it is difficult for the companies to resolve the issues. The corporate social responsibility is one of the main strategic planning through which it is easy to reduce the social and environmental issues and maximise the values for all the stakeholders including the customers and investors (Rao & Tilt, 2016). Hereby, managing corporate social responsibility is important as it minimises the negative impacts of the business activities and it further creates wealth and values for all the stakeholders including the overall social communities. Hereby, through managing corporate social responsibility the corporate firms can establish their business ethically across the international market.
In addition to these, managing corporate social responsibility helps to build strong relationship with local communities, customers, shareholders and other stakeholders which are necessary for running the business in long run. Moreover, the corporate social responsibility is important to built good corporate image so that it is possible to secure future sustainable development (Hawn, & Ioannou, 2016). In order to run the business internationally and improve market share it is essential to manage the corporate social responsibility where the companies can provide positive brand image. The strategic planning for managing corporate social responsibility is also beneficial for increasing branding and promoting the products and services successfully. Hereby, managing corporate social responsibility of the business activities is one of the main strategic planning of the corporate firms in order to run their business sustainably without any ethical issues and environmental problems. Therefore, all the multinational corporate firms are concerned about managing the corporate social responsibility so that it is possible to retain more loyal customers in long run and secure sustainable development in near future.
Moreover, through managing corporate social responsibility the companies also can establish the brand ethically and maximise social values by fulfilling the requirements and preferences of the stakeholders (Su, Peng, Tan, & Cheung, 2016). As it is the responsibility of the organisations to maximise the benefits for all the stakeholders, it is necessary to manage corporate social responsibility and run the business ethically. Through maintaining corporate social responsibility, the companies can have the practice of fair business where the managers and owners of the companies can ensure transparency and accountability of the business activities which further provides a scope for building trust and loyalty making all the stakeholders. Additionally, managing corporate social responsibility is helpful o encourage healthy competition and to provides an opportunity to the corporate firms to gain high competitive advantage as compared to other competitive firms operating in the market by strengthening their customer’s base and maximising organisational profitability.
5. Impacts of corporate social responsibilities on business
Managing corporate social responsibility is essential; for all the corporate firms to maintain the responsibility of the corporate firms. Through the strategic planning of the corporate social responsibility, the companies can manage their responsibilities towards the society. The multinational corporate firms can carry their business with moral and by maintaining ethical standard. The corporate firms also can prevent the environmental pollution through managing the responsibility towards its society. The business also can minimise the ecological imbalance which is also required for balancing the whole society sustainably. Overall development of the locality also can be possible through corporate social responsibility. Apart from that the companies can develop effective technology which will provide an innovative tactics of doing the operational activities proficiently. Moreover, through corporate social responsibility, the firms can contribute towards the development of social health and education and in this regard social development can be possible in long run. Hereby, there is a positive impact of managing corporate social responsibility on the business performance and the corporate firms can manage their responsibility towards their society.
The brands also have the responsibility towards the government and managing the corporate social responsibility provides an opportunity to manage the responsibility towards government. The companies can obey the rules and regulations as well as they are concerned in paying regular taxes to make the business ethical. Cooperation with the government further provides a scope to create social values so that it is easy to giver safe and secured environment to the social communities for better living standard. Managing corporate social responsibility also has direct positive impact on the business as it helps to manage the responsibility towards its shareholders (Cohen, 2017). The companies can ensure a reasonable rate of return over time to the shareholders as per the agreement. The corporate firms also can survive in the industry and build their reputation and goodwill in the market. Hereby, corporate social responsibility is beneficial for the multinational corporate firms to run their business ethically and improve brand image in near future.
Transparency and accountability of the business activities can also be maintained through managing corporate social responsibility where it is possible to build trust and loyalty among the stakeholders of the company. Managing corporate social responsibility is also beneficial for the companies in having better brand recognition as well as positive brand reputation. It further helps the companies to improve the customer retention which is necessary in running the business activities strategically. Moreover, managing corporate social responsibility is a cost saving tactics throu8gh which the organisations can improve their financial performance. On the other hand, the companies can ensure organisational growth which further helps the brands to expand their busi9ness activities in near future. Easier access to the capital by satisfying all the stakeholders including shareholders and investors also can be possible through managing the strategies of corporate social responsibility. In addition to these, the organisations can satisfy the employees through managing corporate social responsibility and in this regard the companies have greater ability to attract talent and retain more efficient staff members for managing the performance of the corporate firms.
Hereby, there is huge number of advantages for which the organisations try to maintain their corporate social responsibility which further helps to improve the corporate image of the firms in long run. The strategic planning for managing corporate social responsibility also provides an opportunity to the firms to minimise the resource use, waste and emission which further helps to improve environmental impacts of the firms. This is also helpful for managing corporate image of the companies (Hafenbrädl & Waeger, 2017). By implementing the strategic planning of corporate social responsibility is important for the companies as it makes the brand sustainable and responsible towards the society as a whole. It is also sustainable for the business firms to recruit the right employees who are efficient in managing the organisational responsibility successfully and retain for long run through motivation and fulfilling their requirements. Managing corporate social responsibility also has positive impacts on the businesses as it attracts positive media attention as well as identifies new business opportunities in near future. It also helps the corporate firms in accessing finance successfully as well as reducing regulatory burden of the fi8rms which further giver a scope to the businesses to run their operational activities sustainably.
6. Discussion and evaluation with real life business practice
The issue of corporate social responsibility is a salient feature in the financial sector in UK and in this regard the UK financial institutions aim at maximising their corporate values by implementing effective strategic planning of corporate social responsibility. The above mentioned theories and concept of corporate social responsibility are effective to implement effective planning which can fosters growth of the firms as well as ensures social development in long run. The banking sectors as well as other financial institutions in the UK are concerned about maximising the social values as they are committed to being responsible for their social communities (Treball, 2012). In this regard, the managers and owners of the financial institutions are enhancing employee’s monitoring, volunteering and sponsorship of the local activities which can support corporate social responsibility activities in long run. Besides enhancing the community relationship, the financial institutions are also trying to improve internal environmental and social management so that they can maximize their values as well as improve welfare of the social communities. The managers try to maintain transparency in reporting their investment so that it is possible to manage business ethics as well as build trust and loyalty among the stakeholders. There is high risk of investment in the financial sectors and in this regard, the managers and owners of the financial institutions in the UK try to maintain transparency and share the business related information, financial transaction, customer’s deposit, right price of the dividends and utilisation of the organisational resources so that there will be equal opportunities in business.
The initiatives taken by the managers of the financial institutions are related to maximising social commitment, respecting environment and enhance sustainable development in near future. The managers also try to build strong corporate relationship with the shareholders of the financial institutions as they are the main investors in this sector and in this sector, it is necessary to maintain transparency and share the valuable information to retain them for long run. In addition to these, the managers try to empower the employees in the financial institutions and ensures that the working place will be safe as well as the employees are secured in the workplace (Herzig & Moon, n.d.). Improving working condition, communicating with them, high cooperation and team building activities in the financial institutions in the UK are effective to create values for the employees and manage employment benefits successfully. On the other hand, it is also necessary to manage their customers by managing financial services, resolving the customer’s complaints and creating values for them. In order to improve the local community, the financial institutions in the UK also try to invest in charity actions and fulfil the needs of the community. Partnership with social organisations is also another strategy for economic and social development in the UK.
7. Conclusion
It can be concluded that, managing corporate social responsibility is an effective strategic planning for all the corporate firms in doing their business activities strategically. Through this study it is possible to analyse the strategic move of the financial institutions in the UK financial sector and it has been found that the organisations including banks and other financial institutions implement effective strategies for managing corporate social responsibility. Through creating values for all the stakeholders who are engaged with the financial institutions, the companies in the UK try to improve their brand image and manage sustainability in near future. Maintaining transparency and accountability of the business, sharing information with all the stakeholders as well as managing business ethical conduct are important strategic planning for creating values for both internal and external stakeholders. The strategies enhance public image of the financial institutions in the UK and improve internal banking environment. These are also effective for attracting new investors and secure future sustainable development. Apart from that, the strategic planning of corporate social responsibility in the financial industry in the UK also provides an opportunity to gain high market share and improve price value of the dividends successfully due to high commitment of the business and values maximisation of the stakeholders.
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