Corporate Social Responsibility Work Culture

Question: Discuss about theCorporate Social Responsibility for Work Culture. Answer: Introduction Corporate Social Responsibility is the newly introduced theme of the current work culture of the corporate. Main objective of this concept is to do something for the society by the corporate to make the society feel about the effort of the corporate. There are different fields of CSR is being practiced by the corporate to make their presence felt in the corporate world with the view of serving the society with different ways. It is mostly found that CSR is being introduced by the big corporate houses to make the awareness of different social issues like environment, drug abuse, exploitation of child labor and awareness of the community for the ill effects of different issues which can hamper the social stability. This activity is mainly part of their social duties with specific budget being allotted for the purpose. The activities related to CSR enhance the position of the corporate in the community and thus makes them proud to be part of the effective contributors to the society (Le xicon, 2016). Body: CSR is being practiced by the corporate for the purpose of enhancement of society with the living standards and raise of awareness of the community related to different issues which affect the society and the respective community. Cost / Benefit of CSR: The event of social responsibility attracts different types of costs which had been classified under three different heads- sunk costs, recurrent costs, and opportunity costs. To exemplify different costs, we can consider different cases of CSR. When any corporate is engaged in environment related activities under their program of CSR, the cost implication is of capital in nature with nil return so far revenue is concerned and thus it is considered as sunk cost as per the definition of economics is concerned. The recurrent costs are involved in such activities of the corporate related to CSR which is developed for mass awareness in different issues with social aspects given priority and at times the accumulated recurrent costs towards these activities cross the capital cost. The opportunity costs in CSR of any corporate is involved in different activities of the corporate which are related to business operations like uplift of employees, community and the society as a whole for the m utual benefit of the corporate and the community. An effective CSR program can enhance the image of the corporate in the eyes of employees, who are the best assets to the corporate. An efficient CSR program raises benefit to the corporate in different ways. While the environmental issues are taken up by any corporate, the same activity makes the image of the corporate in the level of HR and the society. Being a responsible partner to the society, the corporate attract good employees with higher skills and thus the employees add value to the contribution of the corporate by their best of efforts. The effect of environmental activities by a corporate can ensure the control of green gas emission which helps the global environment to make it livable for the future generation and that effort is always being appraised by the stakeholders of the organization at every level irrespective of the nature of the stakeholders. (CSR, 2012) Accounting Concepts and Standards for Sustainability Report: Normally accounting means financial accounting which is more concentrated with the concepts of capital flows in monetary terms. The Financial Accounting Standards Board (FASB) and US Generally Accepted Accounting Principles (GAAP) is equipped with the framework to quantify and report in the terms of fianc the several items of the said curriculum like assets, liabilities and the equity of the owner which is named as capital. Financial accounting is providing some elements of non-financial and sustainability activities. While the assets cover tangible and intangible assets, the evaluation of intangible assets is more on speculation with the justified way of deriving them. For the purpose of determining the sustainability of any corporate, the measures are set by Sustainability Accounting Standard Board (SASB)(Aasb, 2011). The parameters fixed by SASB to determine the credential of any CSR program are mainly depending upon different metrics or indicators which cover both qualitative and quantitative measures which includes following features for determination of sustainability of any corporate: Highlighting of critical capital with proper management Susceptibility of reduction or misuse of these capitals Strategy fixation for arrangement of alternative resources Threats related to wrong management of some environmental or social issues Opportunities towards challenge of sustainability in respect of global or industry (Sasb, 2013). CSR- Compulsion or Voluntary Part of Company CSR is not compulsory but the companies opt for it tog et better mileage of their identity. Mainly big companies go for it. At the same time the companies involved in the industries which may cause hazard to the environment and mankind have to opt for this to ensure the sustainability of the company and the global environment. Two justifications for the compulsory implementation of CSR- a) to ensure the rehabilitation process of the damage caused by the manufacturing process of any company like mining companies, and b) to ensure that the social hazards to be met by the company for its area of operation, like the manufacturer of liquor has to opt for CSR to make people aware also for the ill effect of consumption of this inc case it consume more than the limit. Two justifications for the voluntary implementation of CSR program are- a) to raise the image of the company in the social and community perspective, and b) to make people of the community understand about the sustainability pr ogram which will give rich dividend to the people in long run, like running a school in the community. Conclusion: To opine in the said subject, nobody can ignore the role of sustainability in corporate world. With the cut throat competition to be faced in business, the corporate tries to exploit the opportunities through CSR program with which the company can gain a lot to find the edge in the competition of recent business scenario. References Aasb. (2011, November 10). Australian Accounting Standards Board: Annual Report 2010-11. Retrieved September 18, 2016, from Aasb: https://www.aasb.gov.au/admin/file/content102/c3/AASB_Annual_Report_2010-11.pdf Conceptual Framework Of The Sustainability Accounting Standards Board. (2013, 10). cinceptual framework , 3-4. CSR. (2012). Project, Sino-German Corporate Social Responsibility. Costs and Benefits of Corporate Social Responsibility (CSR) , 3. Lexicon. (2016). Definition of corporate social responsibility (CSR). Retrieved 09 17, 2016, from https://lexicon.ft.com/: https://lexicon.ft.com/Term?term=corporate-social-responsibility--(CSR) Sasb. (2013, 10). Conceptual Framework. 3-4.