IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON THE ACHIEVEMENT OF ORGANIZATIONAL OBJECTIVE
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IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON THE ACHIEVEMENT OF ORGANIZATIONAL OBJECTIVE
Chapter one
1.0 Introduction
Corporate social responsibility is the integration of social, environmental, and economic considerations into an organization’s decision-making structures and procedures for service delivery and production.
Social responsibility is the degree to which a firm understands and acts on what it means to be a decent community and global citizen (Ejiwunmi O.M. 2005).
According to Davies & Co. (1975), “Social Responsibility is the obligation of decision makers to take actions which protect and improve the welfare of society as a whole along with their own interest” .
According to Davies & Co, protecting includes directing against detrimental influences on business and society, whereas improving entails providing some beneficial benefits for both business and society.
This is accomplished because corporate social responsibility entails leveraging innovation to discover unique and value-added solutions to societal and environmental concerns facing a company organisation. Social responsibility can be regarded from three perspectives: obligations, reactions, and responses.
Social duty is concerned with society’s request that enterprises or organisations supply all goods and services, as well as chances for everyone who want to earn a living through organisational activities.
Social obligations include paying taxes, ensuring that safety laws are followed, and so on. Social reaction is the immediate reaction to a social interest group. This reaction is voluntary because these special interest groups have significant power over the firm. Examples of these groups are stockholders, customers, and employees.
Social reaction can be evident in a corporation not only when it complies with the law and most society pressures, but also when it (the firm) makes attempts to anticipate potential societal problems and respond timely to avert them.
At this point, it is critical to note that corporate social responsibility serves a variety of stakeholders, including shareholders, customers, suppliers, the government, host communities, employees, and the general public. There are numerous arguments for and against corporate social responsibility, which will be addressed in a later chapter of this study.
Organisations must become more aware with their surroundings in order to adapt to rising social, economic, and environmental pressures. During the process, management may have to make a trade-off to address concerns that could harm their firm.
1.1 Statement of Research Problem
Over the years, a few organisations have encountered operational and financial difficulties that, surprisingly, are not the result of poor quality or marketing of their goods or services
but rather of a failure to recognise the need to do something to improve their corporate image and increase their profitability. This issue mostly affects oil industry organisations operating in Nigeria’s Niger Delta region.
1.2 Aims and Objectives of the Study
The purpose of this study is to investigate, evaluate, and analyse the relationship between corporate social responsibility and the achievement of organisational goals.
1.3 RESEARCH QUESTIONS.
Some of the relevant questions for this study are:
1) What is corporate social responsibility (CSR)?
2) Can social responsibility activities help organisations improve their performance and image?
3) What is the cost of social responsibility?
4) Do the benefits of being socially responsible outweigh the costs?
1.4 Research Hypothesis
The thesis of this study will be:
1. Ho: Is there a good and significant link between social responsibility and organisational success?
Hi: There is a positive and strong link between social responsibility and organisational success.
2. Ho: Is there a strong relationship between society’s response to the organization’s social duties and the organization’s involvement in society’s well-being?
Hi: There is a strong link between society’s reaction to the organization’s social duties and the organization’s interest in the well-being of society.
3. Ho: Employees of the organisation are not important in terms of social duty.
Hi: Employees play a vital role in corporate social responsibility.
1.5 Scope of the Study
This study will look at all of the different stakeholders involved in corporate social responsibility at UNITED BANK FOR AFRICA PLC.
Data will be gathered from the bank (UBA PLC) by administering questionnaires to employees and conducting brief interviews with bank employees and customers. Browsing the internet is another method I will use to gather information, and text book consultations will not be excluded.
1.6 Limitations of the Study
The prejudice of respondents was a key issue in carrying out this investigation, not to mention that some of the questionnaires were not returned by the respondents.
Inadequate funding hampered the significant work that needed to be completed.
1.7 Significance of Study
The study’s conclusions would be more advantageous to the banking industry and other financial services organisations seeking a strong corporate image.
It could also be used as a resource for other organisations interested in learning about the numerous ways in which they can be socially responsible.
1.8 Operational Definition of Key Words/Terms
(i) Corporate image: The way an organisation presents itself to the public in order to create a perception of the organisation in the eyes of the public.
(ii) Policy: A set of principles that govern the activities of an organisation.
(iii) Social responsibility: This simply refers to meeting the basic needs of society while also ensuring that their activities do not hurt the society.
(iv) Organisational achievement: The ability to achieve the primary reason(s) for the firm’s formation.
(v) Organisational objectives: These are the goals that the organisation aspired to achieve.
(vi) Business ethics: The firm’s ability to deal efficiently with the outside world while remaining moral and appreciated.
(vii) Stakeholders: A group of people or individuals who are positively or negatively influenced by the firm’s operations.
(viii) Society/Public: The immediate environment and/or individuals influenced or affected by the firm’s operations, whether directly or indirectly.
(ix) Profit: Profit is the difference between a company’s total revenue and its total expense.
(x) Organisation: This consists of different individuals working together to achieve a common objective, with work separated into manageable units, each with a task and led by a person.
CONCLUSION
Corporate Social Responsibility (CRS) is critical in ACHIEVING ORGANISATIONAL OBJECTIVES because it is a concept that encourages organisations to consider the interests of society by accepting responsibility for the impact of their activities on customers, employees, stakeholders, communities, and the environment across all aspects of their operations.
This commitment is viewed to go beyond the legislative obligation to comply with legislation, with organisations voluntarily taking additional efforts to improve the quality of life for employees and their families, as well as the local community and society as a whole.
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