Corporate Social Responsibility is the idea that businesses have a responsibility to act ethically and to consider the impact of their actions on society.
How can a business be socially responsible?
Reducing pollution
Contributing to educational and social programs
Improving the quality of life of employees
What are the benefits of a business being corporate socially responsible?
More efficient use of resources
Positive publicity (especially PR)
Increased interest by potential shareholders
Managers need to use a combination of communication and consultation to manage the relationship with stakeholders
Communication is the transfer of information between people
Consultation involves seeking advice from others about how best to proceed
What are the stages in the communication process?
The sender
Message
Medium
Reciever
Feedback
What are the benefits of effective communication towards the business manager?
Good quality decisions
Using information as basis for decisions
What are the benefits of effective communication towards employees?
Positive communication (praise, etc.) should improve performance of workforce
Motivational as employees can feel part of decision-making
What are the benefits of effective communication towards customers?
Can discover customers needs to help fulfill them (market research)
Increase sales and profits
What are the benefits of effective communication towards suppliers?
Supplies arrive on time, important for Just In Time
Quality of goods assured
What are the benefits of effective communication towards the public?
Increased awareness of business which is useful for marketing and recruitment
Increased in profitability and sales
Consultation is when someone talks to interested parties to explain developments and issues
Consultation is done to gather views
The aim of consultation is to ensure that you have sufficient information to make well-informed decisions
Consultation is important for employees who may be affected because consultation provides an opportunity to provide their views and understand the reasons for the decision
Internal consultations will happen when a major change is occurring
Internal stakeholders will be consulted with for major strategic changes to improve the chances of change being successful
The two types of consultation is internal and external