SUSTAINABILITY AND ENVIRONMENTAL MANAGEMENT

Sustainability and Environmental Management

[Name of the Institute]

Sustainability and Environmental Management

Course work (Patch work) 1 - Part A

Corporate Social Responsibility

Corporate Social Responsibility or may also be called as sustainable responsible business is primarily a form of business self-regulation incorporated into a business model. Corporate social responsibility policy works as a self-regulating and built-in mechanism whereby a business guarantees and monitors its conformity with the ethical standards, international norms and the spirit of the law. In various models, a company's accomplishment of corporate social responsibility is more then just compliance and involves in actions that become visible to further some social benefit, beyond the concerns of the organization and that which is specified in legislations.

A worldwide study looking at the relationship between corporate social responsibility and organization stock valuation over three areas of the planet in excess of a 10 year period uncovered that socially mindful firm in the Europe, Asia and the United States beat their long haul monetary execution desires. A meta-evaluation of fifty three studies yielding a sum specimen size of 33,880 perceptions prescribed that corporate goodness as social responsibility and, to a lesser degree, environmental responsibility is prone to pay off. The dissection discovered that corporate social execution and fiscal execution are for the most part emphatically identified over a wide assortment of industry and study settings. It additionally affirmed that social execution helps firms to fabricate a positive notoriety and goodwill with their outer stakeholders (Leslie, 2005).

Recommended Social Responsibility (CSR) for the Current Employer

Before recommending any social responsibility plan for the current employer, it is first necessary to discuss the arguments on which the business case for CSR is based. There are four arguments associated with this plan:

Human Resources: A Corporate Social Responsibility program may facilitate in retention and recruitment mainly within the competitive market of graduate students.

Risk Management: Risk management is considered as a main part of various corporate strategies. Incidents such as environmental accidents and corruption scandals may ruin organizations reputation in hours. These may also portray undesired attention from courts, media, regulators and governments. Creating an authentic culture of doing the right thing and taking correct steps within an organization may compensate these risks.

Brand Differentiation: Organizations struggle to build their stable and reputable position at crowded and competitive market places. In this regard, CSR may play a vital role in developing customer devotion founded on unique moral values (Schaltegger eial., 2003).

Operating License: Organizations are usually enthusiastic to avoid obstruction or intervention in their business through regulations or taxation. Through CSR program, organization may persuade governments and public that they are interested in solving social issues related to diversity, health, safety, environment and various others. In all, it is clear that besides providing benefits to the environment, these plans or programs also provide various advantages to the organizations including those mentioned above.

This recommended “Corporate Social Responsibility” plan is for an oil and gas company where I work. Social responsibility of an organization may be viewed in two perspectives; firstly according to its business ...