Wednesday, May 6, 2020

Credit Union Australia - Corporate Social Responsibility for the 21st Term Paper

Essays on Credit Union Australia - Corporate Social Responsibility for the 21st Century Term Paper The paper â€Å"Credit Union Australia - Corporate Social Responsibility for the 21st Century" is a perfect example of a term paper on business. Credit Union Australia (CUA) believes that social and environmental sustainability that will last for the 21st Century has never been more relevant. This paper presents to the board how a CSR effort will be an effective strategy to serve our stakeholders.By this we mean, we will extend our commitment to the public by investing in causes, people and organizations that champion social and environmental sustainability. As projected, our CSR strategy will boost our organization’s standing in the market, that in turn, could help improve our long-term profitability and brand value.For several years now, Corporate Social Responsibility has been highly pursued by organizations to improve one's reputation and boost the public image that the corporation wants to project to the public. The ultimate goal through which CSR is enacted is sustainab ility, according to some experts. As defined by Milne and Gray (2007), sustainability as the concept of a system, it is by far, concerned with the provision to render equitable and just social services to the community.As a concept, corporate social responsibility contemplates the role that organizations play in the community through programs that promote human and social development and social justice themes. It is said that when adopted, CSR – that is, it suggests organizations like credit union have a societal duty geared at promoting social justices – would balance any corporation's capitalist impulses of only making of profit and being competitive.Now by adopting a CSR strategy, however, we can heighten our brand value by appealing to our urban, educated stakeholders who more and more are looking to be affiliated with an ethical organization. There are numerous ways through which CSR may be undertaken such as investing in advocacies relevant to our corporate mantr a.There are oppositions to the adoption of a CSR strategy, citing that investments are best spent on ways that will boost profitability and market share. According to Cavett-Goodwin (2007), CSR investments would mean scaling down of investments to broaden market share. As for the positives, one example is that companies who are perceived socially and environmentally-concerned are growing to be more attractive to investors, and therefore perform better financially.DiscussionTo the corporate banking institutions, however, we are apart in terms of the nature of banking services we offer. Although like corporate banks, we offer many of the same financial services that banks do (e.g., savings and cheque accounts, loans, and insurance), however, our concentration is on serving the community in which we operate (WOCCU, 2007).It is this community role and focus that differentiates credit unions from commercial banks. Our customers are called mutuals who are also the owners and the emphasis is not towards generating income for our external shareholders. This explains why any earnings in excess of operational costs are returned to the credit union members either through increased interest on savings, decreased rates on loans, and the like.Now comes the question for our organisation to be socially responsible at the height of global financial crises and enacting measures to be sustainable in the Next Century: how ready are we to adapt to the changes and would the implementation of CSR as a corporate strategy allay fears that we are only concerned with profitability and being competitive.

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