Corporate Ability and Social Responsibility MyAssignmenthelp.com

Question: Discuss about the Corporate Ability and Social Responsibility. Answer: Introduction Corporate Social Responsibility is conceptualised as the management functionality that helps in integrating the social and environmental concerns while undertaking the business operational process. According to Nikolaou, Evangelinos and Allan, (2013), CSR is the most effective way of achieving the economic balance, social, and environmental imperatives. The business organisations usually need to address the expectations and demands of the stakeholders. The corporate social responsibility is one of the most significant management strategies that help the organisation to achieve the strengthened position in the competitive ground (Harjoto, Laksmana Lee, 2015). The study will disclose the maintenance of corporate social responsibility by Woolworths, the retail giant in Australia. The study will also explore the theoretical perspectives of the company to determine the effectiveness of the CSR process in strengthening the reputed position of the organisation. The application of the theor etical view in Woolworths strategy will also be presented in this study. Theories or Approaches to the Corporate Social Responsibility The focus on the traditional view of the corporate social responsibility determines that the organisations use such process to make the remarkable profits for the future sustainability. However, the corporate social responsibility is mainly associated with three major approaches or theories, such as Corporate Social Responsibility (as a broader view), The Triple Bottom Line and Stakeholder Theory (Baumann-Pauly et al., 2013). These approaches are discussed further: As the specific term of corporate social responsibility, it can be reflected that this is used as the process used by the corporations to interact with the environment. The maintenance of the CSR process is based on several major obligations and these are as follows: The economic responsibility: Corporations usually pays attention towards the economic responsibilities to make more money. The company usually undertakes the simpler method of achieving the economic parameter (Habel et al., 2016). However, with the help of such process, the companies can avail the capital benefits gathered from the market. The legal responsibility: It is important to maintain the legal and regulatory policies while conducting the business operation in a community or in a country. It is notable that the laws do not create boundaries for the business; rather it provides the numerous opportunities for the business operations. The ethical responsibility: Every organisation needs to consider the ethical standards of the business while undertaking the operational behaviour (Saeidi et al., 2015). The maintenance of the ethical corporate culture is essential for ensuring the long-term sustainability. The philanthropic responsibility: The organisation needs to contribute to the societys project in spite of conducting business independently. Several extra initiatives undertaken for the society would be much helpful for the business to promote the brand and strengthening the organisational position (Walsh Bartikowski, 2013). These obligations are essentially needed to be taken into consideration to operate the business successfully. According to Schramm-Klein, Morschett and Swoboda (2015), triple bottom line is another significant approach of maintaining corporate social responsibility. It dictates that the corporate leaders require focusing on the effects of the social realm as well as the economic values. The major focus on this approach is to maintain sustainability in a significant way. It is essential to maintain the balance in terms of economical, social, and environmental. Economical Sustainability: The triple bottom line suggests that financial benefits determine the long-term financial benefits of the firm (Christensen, Mackey Whetten, 2014). It is essential for the large corporations to create the sequential business plan that demands the prolonged and stable action. Social Sustainability: Maintaining the ethical responsibilities towards the community around the business is necessary for surviving in the business scenario. If the society collapses, it will bring the revolution that may turn into the negative aspect to retain the organisational position. Hence, it is essential to keep the products and services that can be served for the societal benefits. Environmental Sustainability: The firms need to provide the attention towards the environmental factors before launching any product or service (Servaes Tamayo, 2013). For example, the excessive amount of carbon footprints may affect the environment. Hence, the firm needs to pay attention towards such issues related to the environmental sustainability. The obtained information from the above analysis specifies the approaches of the triple-bottom-line. The further study will provide the insights regarding another approach associated with the corporate social responsibility. Edward Freeman introduced the stakeholder theory to present a transparent and mirror image of CSR process. The responsibility of CSR is attached with the responsibility of the owners to facilitate the safety parameter for the environment (Korschun, Bhattacharya Swain, 2014). The stakeholder theory determines the role of the various stakeholders who are directly and indirectly associated with the organisational operations. The major stakeholders of the firm are: Owner of the firm Workers of the firm Potential customer of the company Suppliers of the company Community people Competitors The involvement of these stakeholders is essential for conducting the business in a community. The identification of the stakeholders needs and demands drive the organisation towards success (Servaes Tamayo, 2013). Woolworths, the Australian retail giant also divided the stakeholders into two groups, such as the internal stakeholders and external stakeholders. Internal Stakeholders External Stakeholders 1) Owner 1) Potential customers 2) Shareholders 2) Suppliers 3) Employees/workers 3) People from the surrounded society 4) Managers 4) Competitors Identification of the organisational stakeholders is necessary to maintain the corporate social responsibility in a significant way (Walsh Bartikowski, 2013). On the other hand, the business operations even depend on the basic needs and demands of the stakeholders. Hence, the stakeholder signifies the important part of the CSR programme of a firm. Woolworths has captured the remarkable position in the retail sector of Australian market. The company offers the high quality retail products and service to the people all over Australia. The company has been operating more than 873 stores in Australian markets (Woolworthsgroup.com.au, 2017). Woolworths Group has been maintaining the corporate social responsibility in a significant way to ensure the long-term sustainability of the business. The company has determined to achieve a set of corporate social responsibilities that includes the commitments and goals that are going to be implemented by the financial year of 2020. These goals and commitments include a range of stakeholders, such as customers, suppliers, communities, and team members. The business organisations usually need to address the expectations and demands of the stakeholders. The corporate social responsibility is one of the most significant management strategies that help the organisation to achieve the strengthened position in the competitive ground. The company has been focusing on promoting the effective initiatives that can serve well for the community surrounded in the business location. In the further section of the study, the initiatives undertaken by the company to achieve such parameter will be explored. Application of the theory to Woolworths The company aims to strive for gender equity by targeting almost 40% of the senior management and female executive positions. The company has even ensured that the wages will not be discriminated and both the male and female employees will receive the equivalent position in the company. The company is looking forward to embrace the diversity by increasing the amount of the indigenous workers in line with the employee parity of Federal Government. The company is strictly concentrating on working towards the zero waste of food products. Moreover, the company ensures that the carbon emissions from the products of Woolworths will be almost 10% below of the level was in 2015 (Woolworthsgroup.com.au, 2017). The business engages the equitably and fairly treating of the suppliers for the future business. The company is even paying attention towards healthy and sustainable products for the potential consumers. Furthermore, the company is looking forward to invest more capital resource for promoting the partnerships and social welfare programmes. The initiatives determine that the company is maintaining the significant approach in maintaining the corporate social responsibility. It is necessary to mention that the company has already captured the leading position in the country among all other retail organisations. However, in order to maintain such reputed position, it is necessary to keep the focus on the continuous improvements and identification of the stakeholders demands. Conclusion The study reveals the in-depth ideas about the approaches and necessity of corporate social responsibility. It has been observed that the organisations have been securing the competitive position by undertaking the remarkable initiatives related to the corporate social responsibility. Failure to this approach may lead towards the negative influence on the business. In a specific way, corporate social responsibility is mainly associated with three major approaches or theories, such as Corporate Social Responsibility (as a broader view), The Triple Bottom Line and Stakeholder Theory. Woolworths have been paying the closer attention towards these purposes and has introduced the fruitful initiatives to achieve the long-term sustainability in a significant way. References Baumann-Pauly, D., Wickert, C., Spence, L. 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