Introduction
One prominent factor that boosts a business’s marketability globally is the effective implementation of social responsibility. It is the primary duty of an enterprise to contribute to the growth and development of the local communities and economy. Different companies focus on dynamic approaches to fostering social responsibilities in this case. On the one hand, the initiative offers significant benefits to the public image and consumer confidence index. On the other hand, ethical practice fosters the company’s attainment of a competitive market position within the sustainability niche belt of consumers. The initiative engulfs the incorporation of distinctive strategies such as participation in the completion of community-based projects and the provision of awards among the employees to appreciate the input. Social responsibility is a multifaceted phenomenon that enhances the trickle-down effect of the benefits through the participation of the company’s management in dynamic outbound projects and setups.
Research Questions
- What is the impact of globalization on business competence?
- What is the role of social responsibility in enhancing business competence?
- What is the influence of strategic management on business operations?
Methodology and Research Methods
This research is an exploratory study focusing on the inductive impact of academic insights regarding the interdependent relationship between social responsibility and the globalization effect. In this case, the researcher used qualitative analysis of the dynamic previous literature to affirm the core relationship and necessity of implementing effective and functional policy frameworks. The business management team’s responsibility is to establish the key variables that intensify competitive advantages for distinct enterprise aspects.
Literature Review
Business Performance
Social responsibility significantly contributes to business performance mainly because of the attribution of the voluntary essence to enhance sustainability. Sustainability engulfs the optimal exploitation of resources while enhancing the trickle-down benefits to all stakeholders. There are different approaches to promoting sustainability within the business practice. Over the decades, the intensification of the level of technological advancement fostered an increase in business competency. As a result, social responsibility emerged as a determinant factor distinguishing businesses. In a research study by Bajramovic et al., the researchers establish that the implementation of corporate social responsibility boosts business performance (13). The researchers further argue that the strategy fosters the optimal participation of all stakeholders toward accomplishing a common goal elevating the trickle-down benefit. An excellent example is incorporating a team-building activity involving the cleaning of the shopping center’s dirt. It is a practice that fosters the organization’s positive image while empowering the employees with the connectivity to form relationships and market the products and services.
Technological advancement fostered the efficient flow of information globally, rendering the emergence of a global village. The intensification in the information flow empowered the customers with adequate product knowledge. As kings and queens, consumers rendered the amplification of competition among businesses to attain a competitive market position. Apart from boosting the efficiency of human resource management, the organizations focused on social responsibility. The highly valued asset in an organization is the expertise and commitment among the employees. Stojanovic et al. indicate that there is an interdependent relationship between social responsibility and employees’ performance in an organization (149). The researchers further argue that implementing a social responsibility initiative determines the workers’ pride in associating with the company and improves the level of commitment. On the one hand, intensifying the workers’ performance reflects the customers’ reviews and loyalty to the organization. On the other hand, employees’ loyalty to the organization features through the efficiency of the social responsibility program. Corporate social responsibility is a multifaceted phenomenon that influences the decision-making process among all stakeholders concerning aligning their loyalty.
In a different spectrum, social responsibility positively impacts organizations’ business performance mainly because of the essence of showcasing prioritization. The primary objective of a company encompasses increasing the business profitability and enhancing the market scope and position. This involves incorporating strategic management, and one of the concepts entails focusing on the significance of sustainability. One of the sustainability concepts involves providing channels to elevate the quality of living among the residents and employees. However, Gould et al. indicate that other factors contribute to sustainable business practices, workplace policy guidelines, and organizational culture (29). Ethics in business play a crucial role in determining the productivity of specific engagements. An excellent example of ethical business practice is providing safety guidelines among neighboring residents of chemical plants. It is a form of social responsibility that boosts the confidence index among the workers and the neighboring communities regarding the impact of the operations within the chemical plant.
Employee Satisfaction and Retention
The performance of a company depends on the output of the employees hence the significance of boosting their welfare for optimal results. Reiter and Tzafrir postulate that the collaborations in such activities as social responsibility render a prominent sharing of knowledge and experiences among employees (856). Progressive growth and development among workers foster satisfaction and retention within an organization. According to the researchers, attaining additional knowledge and expertise promotes job satisfaction, while the quality of relationships with colleagues influences loyalty and retention (Reiter and Tzafrir 860). In this case, it is vital to intensify the frequency of the collaboration activities mainly because of the trickle-down benefit. A high turnover rate within an organization leads to increased costs due to the time and financial resources used to train and recruit new employees. Therefore, it is crucial to establish dynamic collaboration activities that elevate employee relationships, outbound and inbound.
There is an interdependent relationship between business performance and employee satisfaction and retention. The lack of incorporation policies that enhance the well-being of the workers leads to the misalignment of interests among the parties. On the one hand, the company intensifies the work pressure on the employees to incur profound profitability. On the other hand, employees determine their loyalty based on the benefits attained and their healthy relationship with colleagues. In this case, social responsibility plays a significant role in bridging the disparities between management and employees’ interests. Research by Gould et al. indicates that the introduction of corporate social responsibility within an organization fosters the inclusion of all workers in the event (30). The researchers focused on the essence of inclusivity of people with disabilities and the relative impact of corporate social responsibility. Social responsibility is a practice that elevates the value of the business and the identity of the workers within the firm. The intensification of the inclusivity of all parties, including people with disabilities working in organizations, enhances their productivity and commitment. Essentially, the integration of social responsibilities with business activities fosters the exclusive engagement of all stakeholders, thus rendering optimal benefits such as consumer and employee loyalty.
Social responsibility features a multiplicity of activities implemented by an organization to foster sustainability. The overexploitation of natural resources globally to sustain the human population led to compromising aesthetic value. In this case, international organizations focused on establishing regulations that promote sustainability. Mitev postulates that the utilization of ethics in business practice eliminates illegal trades such as selling poor-quality products (2). In a different spectrum, the researcher argues that it is vital to establish the relative initiatives that promote social growth and development, such as corporate social responsibility. According to Mitev, corporate social responsibility spans dynamic activities such as coordination, maintaining good relationships, and providing safe working conditions (3). Social responsibility is a management practice that emerges as a competitive advantage for organizations while being recognized as a sustainable entity.
Corporate social responsibility has different approaches to implementation, especially in the promotion of employee satisfaction and retention. Gould et al. categorize social responsibility into passive and active (31). Passive social responsibility encompasses activities and events in which the organization initiates directives without engaging the employees or other stakeholders. These include job security through establishing non-discriminatory policies, enforcing measures to protect the stakeholders’ investment, upholding human rights, contributing to the preservation of environmental biodiversity, and adhering to rules and regulations. Active social responsibility enshrines the creation of employment and wealth, the accountability to the public regarding managerial decisions, and spearheading the protection of wildlife and plants through research. Additionally, the active status involves implementing initiatives that enhance the environment’s protection and supporting non-governmental policies and dynamic social programs. The researcher articulates that the diversification of social responsibility is an empowerment tool for the management team based on the company’s necessary values. The collaborative events enhance the interaction among employees, both inbound and outbound while motivating them to boost their productivity during service delivery.
Strategic management is a phenomenon that plays a significant role in promoting employee satisfaction and retention based on the articulation of the critical duties of the parties. The poor implementation of social responsibility ideologies within a company renders a significant negative impact and the completion of tasks by the workers. Gould et al. postulate that the dimensions of social responsibilities engulf particular perspectives (34). The first perspective is the leadership and the organizational culture that influences the implementation of procedures, policies, and ethical regulations. Other social responsibilities include marketing, workplace environment, local community, and environment. These entities play a crucial role in enhancing employee satisfaction and retention under the spectral view of social responsibility by influencing the alignment of loyalties.
The integration of branding and social responsibilities initiatives fosters an improvement in the level of employee satisfaction and retention. Ikram et al. depict an interdependent relationship between internal branding and employee satisfaction and retention (52). The research focuses on exploring the impact of implementing an internally-based corporate social responsibility. It is an approach that encapsulates the analysis of the human behavioral perspective during the customer service experience. In this case, the researchers realize that internal corporate social responsibility is a form of branding that advertises the intentions of the management and the valuation of the employees’ well-being and career growth. As a result, effective implementation of the internal branding concept fosters employee retention mainly because of aligning their loyalties to the organization.
Analysis
Public image is an essential value to any organization mainly because it fosters the prominent factor of ethical and moral code adherence. Research by Gould et al. established that the incorporation of social responsibility contributes to an organization’s public image, especially in enhancing the inclusivity of people with disabilities (35). Over the decades, the consumer market evolved, and a significant percentage of the segment aligned their loyalties with organizations that promote sustainable practices. As a result, enhancing the inclusivity of people with disabilities in the company’s social responsibility promotes a positive public image of implementing sustainable practices and attaining the interests of the niche market. The consumer market is dynamic and requires the diversification of social responsibilities with critical observations of recent trends, such as the importance of sustainability globally.
The integration of technological advancements and business practice contributed to the definition and impact of public image. Before the advent of the internet, businesses attained the position of king and queen mainly because of the monopoly in the provision of product information (Puchalska-Kamińska et al. 2). However, the emergence of the internet altered the narrative, and a profound percentage of the companies incurred losses due to the proficiency in the sharing of information globally through the various social media platforms. An excellent example of a factor that leads to the loss of customers is the provision of an incompetent customer service experience. Consumers post reviews on different websites regarding the quality of service. As a result, the marketability of the products and services is negatively affected by the optimal sharing of the details within the global village (Dielini, 19). Public image is an essential element in promoting business practices and one of the solutions to enhance its effectiveness is social responsibility. It is an initiative that renders dynamic impact, such as the management team’s interest in contributing to improving the quality of living among the local communities.
Primarily, sustainability is one of the emerging trends that influence the public image in addition to social responsibility. Tong et al. view the interdependence under the spectrum of employees as the mediator of the entire concept (2). In this case, the researchers establish that the effectiveness of social responsibility for public image encompasses the optimal engagement of the employees. It is an insight that justifies the attribute of corporate social responsibility. Although social responsibility poses an interrelation among stakeholders, it is essential to involve the workers during the implementation mainly because it enhances the diversification of their engagement while boosting their motivation (Božić et al. 282). An employee aligns loyalty based on the company’s approach to handling social relations and the public image. In this case, the optimal engagement of the employees indicates their significant position towards the company’s marketability within the consumer market.
Conclusion
Social responsibility influences business performance, employee satisfaction, retention, and public image. It is a strategic initiative that focuses on the diversification of the company’s activities while appreciating the employees’ expertise. In this case, the concept of social responsibility attributes to the promotion of sustainability that enhances the trickle-down effect of accrued benefits. Employees’ engagement in dynamic activities influences the perception of the company’s mission and vision, thus motivating the workers for optimal productivity. There is an interdependent relationship between corporate social responsibility, public image, business performance, and employee satisfaction and retention. It is the responsibility of the management team to implement policies that boost the competence and marketability of the company. In this case, the frequent collaboration rate among the personnel fosters the prominent factor of promoting sustainability due to the practical trickle-down effect. On the one hand, the reputation of a company lies in the quality of service rendered by the employees to the consumers. On the other hand, the public image depends on proficiency and consistency in enhancing sustainable practice. It is vital to ensure the optimal participation of all stakeholders.
Works Cited
Bajramovic, Ermin, Damie, Hodzic, and Esad, Bajramovic. “Social responsibility recognition and involvement of interested parties.” Acta Technica Corviniensis-Bulletin of Engineering 14(1). (2021): pp.13-16.
Božić, Barbara, Matilda, Kolić-Stanić, and Jelena, Jurišić. “The relationship between corporate social responsibility, corporate reputation, and business performance.” Interdisciplinary Description of Complex Systems: Indecs 19(2). (2021): pp.281-294.
Dielini, Maryna. “Evolution of business ethics: From general philosophical principles to corporate social responsibility.” Skhid 5(169). (2020): pp.18-23.
Gould, Robert, et al. “Disability, diversity, and corporate social responsibility: Learning from recognized leaders in inclusion.” Journal of Vocational Rehabilitation 52(1). (2020): pp.29-42.
Ikram, Amir, et al. “Internal corporate responsibility as a legitimacy strategy for branding and employee retention: A perspective of higher education institutions.” Journal of Open Innovation: Technology, Market, and Complexity 7(1). (2021): p.52.
Mitev, D. “Corporative social responsibility as a factor to improve worker motivation in hospitals in Bulgaria.” Trakia Journal of Sciences 17(1). (2019).
Puchalska-Kamińska, Malwina, Agnieszka Łądka-Barańska, and Marta Roczniewska. “Social purpose in an organization from the perspective of an employee: A self-determination outlook on the meaning of work.” BMC Research Notes 14(1). (2021): pp.1-6.
Reiter, Vered, and Shay S. Tzafrir. “Collaborations: A combination of outlook, vision, and social responsibility among different parties: The key to success.” Voluntas: International Journal of Voluntary and Nonprofit Organizations 32(4). (2021): pp.856-868.
Stojanovic, Andelka, et al. “Corporate social responsibility as a determinant of employee loyalty and business performance.” Journal of Competitiveness 12(2). (2020): p.149.
Tong, Zelin, et al. “Employees’ perceptions of corporate social responsibility and creativity: Employee engagement as a mediator.” Social Behavior and Personality: An international journal 47(12). (2019): pp.1-13.