Corporate social responsibility Research Paper Example

Corporate social responsibility Research Paper Example Corporate social responsibility Paper Corporate social responsibility Paper Corporate social responsibility is the continuing commitment by business to behave ethically and contributes to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. Although the secondary stakeholders such as community, society and environment seem to have lower effect on business, an organisation that sought to act in a responsible way would need to compromise and take into account the secondary effects i.e. the externalities of business practice when undertaking work. These responsibilities are directly linked to the essential functions the organisation performs for society and the influence it has upon the lives of individuals. WPP Media is undertaking many programmes in relation to being socially responsible. In 2002, WPP adopted a Corporate Social Responsibility policy and established a performance baseline comprising a small number of key measures for environmental and social issues. WPPs director, Howard Paster, is responsible for the implementation of this policy. WPPs operating companies, together with the parent company, make a substantial contribution to society e.g. donations to charity and community organizations. They contributed more than à ¯Ã‚ ¿Ã‚ ½12 million worth of time, skills, materials and money to social and community causes in 2001. WPP supports a number of community programmes including the Partnership Against Drugs, a UK-government initiative led by Business in the Community, and has participated in the Prince of Wales Business Leaders Forum. WPP is a founder member of the RSAs initiative, Centre for Tomorrows Company, which advances best competitive and ethical business practice. As WWP Media is mainly a service-based company, their impact on the environment is small, but the Group recognises that the pursuit of economic growth and a healthy environment are inextricably linked. WPP, as a parent company to their operating companies, upholds the principle of subsidiary and charges their companies to adhere to best practice. In their worldwide operations they endeavour to adopt good environmental practice in respect of premises, equipment and consumption of resources. In the last few years they have invested in millions in improving areas such as education, employment and financed government schemes. As part of WPPs strategy of supporting young people through education, they have pledged 60,000 to Londons first Arts College for the Media Arts: Charles Edward Brooke, a state secondary school for girls from multi-ethnic backgrounds. This government-backed initiative aims to equip young people with the skills needed to succeed in business and to make learning more relevant to the needs of future employers. Group companies are contributing help, counsel and equipment to the college. To carry on the social responsibility doesnt mean the company has to give up their profit, WPPs success has proved that socially responsible firms tend to outperform the market average; it shows the company has long term plan. In addition they will obtain good reputation and stable relationships with their external environment. In conclusion of this essay, WPP Media is showing signs of being a Company that is dedicated to high standards of ethical practice. Their behaviour has met the public expectation, customer demand, also the employees desire. They are taking up projects, policies and standards that please all of their main stakeholders and are still improving every year. Therefore they have obtained not only economic profit but also more importantly, the good reputation, which will benefit their business in long run. Their needs are being met and constantly exercised. It remains to be seen what entails for the company in the future; after all ethical practise should be set as a long-term goal for any organisation and its worth the investment. Bibliography Business strategy, an Introduction  Authors: David Campbell  George Stonehouse, www.weblocate.net.