Corporate Social Responsibility Plan
RUNNING HEADER: Corporate Social Responsibility Plan Corporate Social Responsibility Plan CM225-23 MEMORANDUM Thank you for allowing a platform for me to provide evidence as to why the implementation of a Corporate Social Responsibility Plan would be beneficial to Geometric. The information that follows provides information and examples of CSR plans. There is evidence to support the cost effectiveness of these plans. If you have any questions or concerns about any of the information provided, I would be happy to address these at your convenience. .
Adopting a strategic Corporate Social Responsibility plan provides a business opportunities and possibilities for business growth, attracting employees and maintaining employee retention. By making significant contributions to the communities in which they operate organizations can contribute to the growth of society. Implementing a CSR plan involves taking on responsibility above and beyond the business economics and to exceed law requirements. CSR programs showcases a company has responsibilities beyond generating profits for their shareholders.
Google is listed as one of FORTUNE’s Best Companies to Work For. Eric Schmidt, CEO of Google stated, “The goal is to strip away everything that gets in our employees’ way. We provide a standard package of fringe benefits, but on top of that are first-class dining facilities, gyms, laundry rooms, massage rooms, haircuts, carwashes, dry cleaning, commuting buses – just about anything a hardworking employee might want. Let’s face it: programmers want to program, they don’t want to do their laundry. So we make it easy for them to do both. Along with basic medical benefits, Google offers unique benefits to their employees. Google offers Take-Out Benefits, allowing new parents to expense up to $500 for take-out meals during the first 3 months at home with their new baby. They also have a Gift Matching Program, matching donations up to $3000 per year from employees to non-profit organizations. Tuition reimbursement is offered, up to $12,000 a year. These are a few of the out of the ordinary advantages employees are able to take advantage of at Google.
Coca-Cola has a commitment goal to “Create a culture where diversity is valued, every employee is a respected member of the team, and our workforce is a reflection of the communities in which we operate” Companies must make a commitment towards giving back to employees to ensure the viability and profitability of the business. Adopting a Corporate Social Responsibility plan will make any company more profitable. Implementing a CSR must start with becoming aware of the concept and what it means to be socially responsible to employees.
This will form a solid foundation for understanding and developing a CRS plan dedicated to employee development. Companies that offer training and career development, become an organization with employees that are more capable and willing to accept responsibility and control over the role they play as a part of the company’s success. Well-trained employees often need less supervision, leaving management more time to focus on other vital areas of the business.
Additionally, a well-trained employee more often that not has a higher level of efficiency, and is prone to be more dedicated and have a vested interest in the growth and profitability of the organization. CSR will reduce costs and raise shareholder value by reducing turnover and creating a more marketable staff. There are many advantages that will offset any expense incurred by implementing a CSR program. Business development, the ability to market the program and attract new customers can provide additional sources of revenue.
Resource management will enable better management and the conservation of strategic assets, saving time and money. Stakeholder management, the CSR will create better internal and external relationships for stakeholders. CSR projects do not need to be one department’s responsibility. They may be executed and marketed through many different divisions within the company. A dedicated CSR team, business development teams, the HR department, public relations and the CEO all could be vital in the success of the plan. JP Morgan Chase provides an excellent core value message in CSR reporting.
It includes a brief statement of core values followed by a generic definition of each. “Behaviors and principles that describe what we stand for – integrity and respect – and what we deliver – excellence and innovation. Integrity – Striving at all times to do what’s right and adhere to the highest ethical standards. Respect – Valuing the perspectives and expertise of all to surface the best ideas and insights. Excellence – Achieving high-quality results by continuous improvement and superb execution. Innovation – Going beyond the commonplace to break new ground. J. P. Morgan Chase & Co. , 2004)” Geometric is in the business of providing engineering services to major original equipment manufacturers (OEM’s). The talent pool for engineers has all but dried up compared to this last year, making the challenge of finding qualified candidates even harder. Companies are competing to hire the best talent. Having an attractive CSR plan is a marketing tool that recruiters would be able to “sell” to prospective candidates. Potential employees are not just looking for a job; they ultimately seek a chance for career advancement.
Employees know career development requires a commitment of growth from a company. They will seek out a company that understands a paycheck is only part of the career as a whole. Training, education, and degree-completion programs are some of the most desired benefits sought out by potential employees today. CRS can be an effective tool to influence how a stakeholder views a company (Capriotti, 2007) Advertising information on a company website and publishing reports can be used as a recruitment tool for perspective employees.
Job seekers can use CSR information to compare if there is a choice between competing organizations. A good social responsibility program will not reduce turnover but will impact how employees view Geometric and can improve they interaction between customers, shareholders and community members. In addition to demonstrated corporate social responsibility on all levels, we must offer employees career advancement and development opportunities to retain and engage employees. References Baue, W. (2002, April 29). Good Corporate Citizen. Retrieved August 22, 2010, from Good Corporate Citizen: http://www. oodcorporatecitizen. com Capriotti, P. &. (2007). Public Relations Review. Science Direct , 84-91. J. P. Morgan Chase & Co. (2004). 2003 Community Partnership Report. J. P. Morgan Chase & Co. McGuire, J. B. , Sundgren, A. , & Schneeweis, T. (1988). Corporate Social Responsibility and Firm Financial Performance. The Academy of Management Journal, Vol. 31, No. 4 , 854-872. Unknown. (2008, February 4). 100 Best Companies to work for. Retrieved from CNN Money. com: http://money. cnn. com/magazines/fortune/bestcompanies/2008/full_list/index. html
