Management Theory and Practice Economic Benefits

Question: Discuss about theManagement Theory and Practicefor Economic Benefits. Answer: Introduction Corporate social responsibility is a type of business approach which helps the organization to maintain their sustainability within the market in future. The companies are able to maintain the sustainable development of their business by providing social, environmental and economic benefits to their stakeholders. In the recent days, the activities related to the corporate social responsibility are very important for any business corporation (Clarke, 2014). By the help of these CSR activities, the companies are able to improve the relationships between the organization and the stakeholders of that particular organization. Nowadays, the business employers engage their focus on performing some social activities like the well-being of society, health, safety, education and the entire environment. Corporate social responsibilities help the organization to provide a clear idea about the organizational goals to their stakeholders considering their each and every expectation. Recently, the C SR is an important activity which is incorporated by every business employer within the market strategy to develop and increase the growth rate of their organization (Collins, 2013). Several bid and middle size organizations already incorporate the corporate social activities into their future marketing strategy to maintain the sustainability of the business process. For these reasons, within those organizations, CSR has a great impact on the organizational development and growth. By the help of these CSR activities, the organizations are able to influence their society and surrounding environment. There have no companies who have the ability to run the business independently. Each and every company is bound to think about the welfares of the society and community within the environment. For getting strategic advantages for the company in future and for maintaining the uniqueness of the organization, the organizations need to perform some socially responsible activities. Within this research paper, the researchers explain about the application, responsibility, and evaluation of the CSR activities in Telstra Company. Main Context According to the Telstra Company, CSR is actually a value-based approach to their organization towards the environment. They consider the CSR activities as their responsibility and humanity towards the society and environment. The reporting of CSR in Telstra is managed by Community Relation Group of Corporate Relations which is a part of Communication Business unit and Public Policy (Sutherland Sutherland, 2016). Recently, the CSR is an important activity which is incorporated by every business employer within the market strategy to develop and increase the growth rate of their organization. During the period of the financial year of 2004, the Telstra Company introduces a program and named it "Mental Health-Creating a supportive workplace". By the help of this program, the Telstra Company can able to increase the awareness regarding the issues of mental health and also help the company by providing support to their employees within the workplace (Pinto Villiers, 2012). Telstra also supports several numbers of awareness and health programs. They also celebrate National Skin Cancer Action week to aware the people about the impacts of Skin Cancer. They also celebrate Womens day to motivate the women and aware them about their rights through all over the world. After that, the women representation within the management of Telstra increases from 19.86% to 21.1% in the financial year 2004 to 2005. In the recent year, Telstra Company again provides a benefit of $160 million to the low-income Australians. They provide this benefit through a range of services, products, and concessions. CSR has become a competitive advantage for Telstra. By the help of CSR, Telstra can able to differentiate their company from their competitor companies. Corporate Social Responsibility can also able to reduce the effort of marketing towards their employees and customers regarding the brands (PINTO DE VILLIERS, 2014). By the help of the corporate social responsibilities, the Telstra Company can able to reach every corner of the world and also able to establish a strong brand image within the mind of the people through all over the world. They also provide relief packages to those people who are suffered from different types of natural disasters (Saxena et al., 2012). Corporate social responsibilities help the organization to provide a clear idea about the organizational goals to their stakeholders considering their each and every expectation. The growing numbers of Stakeholders which include customers, employees and shareholders always represent that the company is very successful and can able to become a good corporate citizen. Telstra is one of the leading telecommunication and information Service Company in Australia. They perform several CSR activities to maintain the sustainability of the company within the market. By the help of the annual report, the managers and marketers of the Telstra Company have the aim to give information about the issues related to the sustainability which is relevant for their business operation and also important for their stakeholders (Wreford et al., 2013). By the help of these CSR activities, the companies are able to improve the relationships between the organization and the stakeholders of that particular organization. The company can become more powerful when they show their growing interest in the social responsibility and performing ethical activities towards the society and environment (Davidson et al., 2014). Each and every company is bound to think about the welfares of the society and community within the environment. For getting strategic advantages for the compa ny in future and for maintaining the uniqueness of the organization, the organizations need to perform some socially responsible activities. A positive impact of CSR on a company always helps the company to achieve success in future and also help them to increase the profitability. Conclusion The main aim of this research paper is to give a detail explanation about the fact that how corporate social responsibilities can influence the Telstra Company to develop their social needs. The actual aim of the activities related to the corporate social responsibility is to determine the responsibilities of an organization towards their environment and society at the time of running their business.In Telstra Company, the CSR is considered as charity and humanity, not as a business strategy. The Telstra Company also perform several activities or programs to aware the people and their employees about the issues related to mental health and skin cancer. By the help of these CSR activities, the Telstra Company is able to get huge success within the market. References Clarke, T. (2014). CSR provides the moral compass that will empower good corporate governance. Collins, R. (2013). Sustainability at the crossroads.Waste Management and Environment,24(2), 38. Sutherland, E., Sutherland, E. (2016). Corporate social responsibility: the case of the telecommunications sector.info,18(5), 24-44. Pinto, S., de Villiers, C. (2012). Do companies reduce CSR disclosures during recessions?. PINTO, S., DE VILLIERS, C. H. A. R. L., SAMKIN, G. (2014). Corporate Social Responsibility Disclosures During the Global Financial Crisis: New Zealand evidence.New Zealand Journal of Applied Business Research (NZJABR),12(2). Saxena, P., Saxena, D., Kishore, N. (2012). Corporate Consciousness Towards Corporate Sustainability.Corporate Consciousness Towards Corporate Sustainability (August 19, 2012). Wreford, J., Davidson, F., Pervan, G., Penter, K. (2013, March). Opaque Indifference and Corporate Social Responsibility: A Moral License for Offshore BPO?. InInternational Workshop on Global Sourcing of Information Technology and Business Processes(pp. 192-209). Springer Berlin Heidelberg. Davidson, F., Wreford, J., Pervan, G., Penter, K. (2014, March). Capturing CSR: Doing Good Offshore. InInternational Workshop on Global Sourcing of Information Technology and Business Processes(pp. 98-113). Springer International Publishing.