They will also be demonstrating a clear understanding of the broad role that they play in the wider society which will build trust with the community at large. In order to ensure that employees do not partake in fraud activities with the food that would be donated to the food bank, Company Q. should pay their staff fairly, providing a good work environment and encourage open communication channels so as to ensure the company's overall well being and prosperity. By doing this, the company will win the staff's trust and also increase their innovativeness and efficiency (Werther & Chandler, 2006).
Company Q. has to change its attitude towards its social responsibility as it will benefit its investors. As a business, Company Q. has a responsibility to manage its assets effectively so as to provide its investors with a fair and competitive return, to disclose relevant information and to respect the suggestions and opinions of its investors. Different businesses view the constitution of social responsibilities differently but at the end of the day, there is an applicable common standard. By adopting social responsibility, Company Q. will be able to determine its constraint levels as well as what it aims to accomplish and making it possible to back it up with certification that will be able to vouch that its commitments have been verified (Arthus-Bertrand, n.d.). Social responsibility will enable Company Q. build a reputation as a responsible business (Souto, 2001). According to smekey.org (2001), a survey that was conducted in France, Germany, Italy and the UK found that 88% of the sample of 4000 people would buy from a company that supports and engages in activities that help in improving the society. By doing this, they will be able to increase their market share, maintain key personnel and directing their investor confidence towards social responsibility. Company Q. will also enable them to produce goods that are affordable to the members of the community which will in turn be sold more quickly without risk of there being less produce being leftover. This will prevent unnecessary loss for the company and increase their sales.
Conclusion
In conclusion, social responsibility is important as it will make a company more attractive than its competitors especially if the products it produces are simpler and consume less. It will also help in building the company's reputation which is very important and will add on to its immaterial capital. It is in with this in mind that Company Q. should instead adopt the socioeconomic model of social responsibility. This model sees that the business serves a bigger purpose than just making profit. It also has a purpose of looking at how the decisions it makes affect the community at large.
References
Arthus-Bertrand, Y. (n.d.) Organic and Fair Capitalism-It is Possible. Retrieved August 24,
2010, from http://www.goodplanet.info/eng/Economy/Corporate-responsibility/Corporate-Social-Responsibility/(theme)/284
Hardcastle, J. (2006). Two Views of Social Responsibility. Retrieved August 24, 2010, from http://www.streetdirectory.com/travel_guide/17784/corporate_matters/two_views_of_social_responsibility.html
Kotler, P. & Lee, N. (2005). Corporate social responsibility: doing the most good for your company and your cause. New York: John Wiley and Sons.
Schepers, D. (2006). Three Proposed Perspectives of Attitude Towards Business' Ethical
Responsibilities and their Implications for Cultural Comparison. Business and Society
Review, 111(1), 15-36.
Sharma, S., Sharma, J. & Devi, A. (2009). Corporate Social Responsibility: The Key Role of Human Resource Management. Business Intelligence Journal, 2(1), 205-213.
Smekey.org. (2001). The Business Case for Social Responsibility in Small and Medium-sized Enterprises. Retrieved August 24, 2010, from http://www.csrquest.net/uploadfiles/Business_case%20for%20SMEs.pdf
Souto, B.F. (2008). Crisis and Corporate Social Responsibility: Threat or Opportunity?
International Journal of Economic Science and Applied Research. 2(1) 36-50.
Werther, W. & Chandler, D. (2006). Strategic corporate social responsibility stakeholders in a global environment. New York: Sage Publications.
Sample Source(s) Used
References
Arthus-Bertrand, Y. (n.d.) Organic and Fair Capitalism-It is Possible. Retrieved August 24,
2010, from http://www.goodplanet.info/eng/Economy/Corporate-responsibility/Corporate-Social-Responsibility/(theme)/284
Hardcastle, J. (2006). Two Views of Social Responsibility. Retrieved August 24, 2010, from http://www.streetdirectory.com/travel_guide/17784/corporate_matters/two_views_of_social_responsibility.html
Kotler, P. & Lee, N. (2005). Corporate social responsibility: doing the most good for your company and your cause. New York: John Wiley and Sons.
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