Corporate Social Responsibility: WAVE RIDERS TEAM B1 GURBANI DASSAN SOPHIE BELLONE FARHAAN MIRZA FAWAZ IQBAL NIKHIL NAIR

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1 Corporate Social Responsibility: WAVE RIDERS TEAM B1 GURBANI DASSAN SOPHIE BELLONE FARHAAN MIRZA FAWAZ IQBAL NIKHIL NAIR

2 TABLE OF CONTENTS! Definition Overview Pyramid of Corporate Social Responsibility Advantages of applying CSR to Wave Riders Wave Rider s Vision Applying CRS to Wave Rider s Goals Financial Development Production Development Human Resource Development References

3 Definition Corporate Social Responsibility is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. (Commission of the European Communities, 2001)

4 Overview Apart from wealth creation, businesses have some responsibilities towards resolving social problems that are created by businesses or by other causes beyond its economic and legal responsibilities. CSR is framed in such a way that the entire ranges of business responsibilities are embraced. It is suggested here that four kinds of social responsibilities constitute total CSR: economic, legal, ethical, and philanthropic.

5 Pyramid of Corporate Social Responsibility Philanthropic Responsibility contribute resources to community; improve quality of life Ethical Responsibility Obligation to do what is right, just and fair. Avoid Harm Legal Responsibility Law is society s codification of right and wrong. Play by the rules of the game. Economic Responsibility The foundation upon which all the others rest

6 What Wave Riders will gain from Corporate Social Responsibility? Increased employee attraction Employee Engagement and retention Strong corporate reputation Good brand image Contribute to overall business goals Increased market share Reduced operating costs Support marketing objectives Build a strong community relationship

7 WAVE RIDER S VISION To become the number one company of selling rafts for both the leisure and the military sectors in the next 5 years. Financial Department Increase price of the products to sell in Europe. Ensure the correct utilization of the return on capital employed. Increase the gross margin as much as possible. Properly manage the accountants and assign jobs efficiently. Marketing Department Ensure rigorous marketing techniques inside Europe. Employ advertising through magazines, newspapers, fliers, billboards etc. mainly for the leisure market. Make the advertisements fun and attractive (keeping in mind how it is better than the competitors). Appoint team leaders for appropriate sales management techniques. Production Department Communicate and discuss problems before taking action. Assign only the right amount of workers for the correct jobs and avoid materials wastage. Make exact assumptions about the amount of raw materials required. Human Resource Department Provide convenient incentives to the workers for proper motivation. Avoid resources wastage and reorganize the human resources. Accommodate employee costs within the system. Use motivational techniques in order to get the maximum benefits from the employees.

8 Financial Department Total annual revenues: Total annual revenue gives a good quantitative measure that concerns the shareholders and the society as a whole. A company with large total annual revenues constitutes a powerful company of a high potency, which implies that it would be a good investment for the shareholders. As far as society is concerned a high amount of annual revenues of a company implies that many work positions thereby reducing the unemployment and providing the government with more taxes. Total sum of taxes of all types paid to the government: This is also a quantitative measure that concerns the society. More taxes would help the government implement its programs for the betterment of the quality of life of the citizens.

9 MARKETING DEPARTMENT Improve marketing techniques / Europe Advertising (magazines, newspapers, flyers )

10 Production Department Consumption of alternative sources of energy: use of alternative sources of energy is the key to solving the problem of increasing energy needs of the society and also minimizes the chances of global warming. The use of alternative sources of energy is a quantitative indicator of the environmental concern of a company. Reduce Carbon Emissions Develop products which are better for the environment

11 Human Resource Department Improve our internal organization Equal Treatment of Employees: Equal treatment should be given to all the employees and no discrimination should be made based on age, gender or religion. Number of employees that attend training programs: Employees should be given Equal treatment in terms of imparting education to the employees to improve their skills and qualifications.

12 TO SUMMARIZE FINANCIAL DEPARTMENT MAKE THE COMPANY MORE PROFITABLE AND THEREFORE BE ABLE TO EMPLOY MORE PEOPLE AND ACT ON THE SOCIAL ISSUE (REDUCTION OF EMPLOYMENT) MARKETING DEPARTMENT IMPROVE THE IMAGE OF THE COMPANY HUMAN RESOURCES DEPARTMENT FOCUSE MORE ON OUR SHAREHOLDERS AND EMPLOYEE S MOTIVATION PRODUCTION DEPARTEMENT ENVIRONMENTAL ISSUE

13 RECOMMANDATIONS - Conclusion Set specific goals Shareholders engagement and feedback Sustainability Management Systems (SMS) Develop a framework to ensure that environmental, social and economic concerns are fulfilled Identify and prioritize sustainability aspects and impacts Life Cycle Assessment Crucial point to keep improving our vision and our image

14 References Mostovicz, I., Kakabadse, N. and Kakabadse, A. (2009), "CSR: the role of leadership in driving ethical outcomes", CORPORATE GOVERNANCE, Emerald Group Publishing Limited, VOL. 9 NO. 4, pp Mostovicz, L., Kakabadse, N. and Kakabadse, A CSR: the role of leadership in driving ethical outcomes,corporate GOVERNANCE, Emerald Group Publishing Limited, VOL. 9 NO. 4, pp Maignan L, Ferrell O.C., Ferrell L, A stakeholder model for implementing social responsibility in marketing.european Journal of Marketing, Vol. 39 Iss: 9/10, pp Carroll A The pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders Business Horizons Idowu S, Filho W Global Practices of corporate Social Responsibility. 1 st Ed. Springer.