Australian corporate social responsibility essay

The Global Reporting Initiative The United Nations is further developing the expertise on corporations and human rights. How are human rights relevant to Australian companies? Inthe Parliamentary Joint Committee on Corporations and Financial Services and the Corporations and Markets Advisory Committee conducted inquiries into various aspects of corporate responsibility in the Australian context.

Australian corporate social responsibility essay

However, they do share one common ground on the basis of which CSR can be described as a voluntary activity that a corporation does for its employees and society as a whole as well as the environment around it for its operations and functions.

It is what the corporation gives back to the community after using its resources to make profits. Its Advantages and Disadvantages According to Horriganthere is no definite answer to what CSR is owing to the high level of ambiguity and controversy related to the topic.

In the year ofOrganization for Economic Co-Operation and Development OECD convention was developed to advocate the policies that aimed at achieving sustainable economic growth and employment and elevate the living standards in the member-nations while maintaining financial stability at the same time.

This strategy was aimed to create more stable world economy, stimulate world growth, perish world equalities and work on the worst impacts of poverty.

Australian corporate social responsibility essay

Thereafter, many significant incidents took place that further strengthened the roots of CSR and forced the business developments to see the need for CSR. The corporation innovates in its manufacturing stage to reduce the production of environment harming by-products. It also promotes the use of non-renewable energy sources to prevent harm caused to the environment by burning of fossil fuels.

The companies may extend compassionate leaves like paternity leaves so that the employee can look after his newborn. They can also provide medical insurance to their employees to take care of accidents caused due to occupational hazards.

Charity Based Corporate Social Responsibility CSR In a charity-based CSR, corporations donate to organizations or individuals usually through a charity partner to improve their financial condition and for their general upliftment. This is the most common form of a CSR activity. Most corporations provide direct financial support to organizations or individuals who require such assistance.

Improvement in the image of the Corporation The most obvious advantage that a corporation can obtain by implementing CSR policies is that of an increased goodwill value.

This serves a dual purpose — Firstly, people will want to buy the product that the corporation is selling because of its good and clean image. Secondly, other enterprises will want to do business and be associated with the corporation. People always want to be associated with the best and the most popular, so in that respect, the corporation rises in stature and becomes an important player in its market.

People want to work for companies that care about the well-being of their employees and provide good working conditions. Compassionate attitude towards employees is highly desired by both new recruits and old employees alike.

Appraisals, financial assistance in times of need, and attention given to personal achievements and special days like birthdays make employees want to remain with the company.

This is a huge advantage when there is a tight labor market situation. This will reduce the cost of training new recruits and free up incentives for existing employees. Incentives induce efficient work out from employees. Regulatory Authorities become less hostile A corporation with strong CSR programs will not be scrutinized by regulatory authorities as much as companies without CSR programs.

The authorities will be lenient in their regulation because they feel that the company must be complying with all regulations as it is supported by firms and people alike for its welfare work.

A company with strong CSR programs will always work within regulations to get benefits other than profits from these CSR programs. The authorities will give fast-track preference to this company. It may also forego cumbersome paperwork that is required to set up projects if it thinks that this project is going to help the community to improve.

If the company is engaged in CSR programs, its image gets a massive boost, and so, people invest in its operations heavily. This company will attract capital even from abroad in the form of FII, thus, helping the country to get valuable foreign exchange. It will also attract investment from other firms and industries, and it will become a name that can be trusted easily.

Even the Government of the country may be willing to invest in the company, leading to lesser regulation and red-tapism. Generation of Clean and Renewable Energy from Environmental CSR If the company has invested in an environmental CSR program, it will make sure that its operations do not harm the environment in any way.Others argue that separate and distinct Australian cultures have existed for a long time, as an example, Aborigines.

Culture of Australia and Corporate Social Responsibility Words | 4 Pages More about Culture In Australia Essay.

Geert Hofstede's Five Dimensions of National Culture - Australia Words | 5 Pages. “In , Teys Australia partnered with ACCSR, to help better structure, demonstrate and communicate our credentials as a responsible corporate citizen.

They also worked as a mentor to our corporate social responsibility (CSR) function, in producing our first internal sustainability report.

3 James Hardie case: an example of the impact of lack of regulation of corporate social responsibility on Australian corporate culture and Australian society James Hardie case is the most important and famous case that brings corporate social responsibility into the light.

Corporate social responsibility - Australian Indigenous on - Business, Essay - Dmitry, ID - In , a study by the Centre for Corporate Public Affairs and the Business Council of Australia found around half of Australia's large companies had policies related to community involvement, social responsibility or stakeholder engagement.

More than half of . Publicly listed Australian companies are still falling short of proper corporate social responsibility, judging by most recent reports.

Corporate Social Responsibility & Human Rights | Australian Human Rights Commission