Mohammad Mosaddek Hussain :
In the current age of rigorous competition, it is the pertinent time to assess the impact of CSR on the performance of the business world and the success of other organizations, It is the demand of the competitive business environment in both developed and the developing countries as a whole. It should be started with describing newer trends of measuring business performance, showing that one can observe a shift from the classical short-term analysis with particular focus on indicators like shareholder value, revenue and market share toward taking also into account soft indicators, such as employee and customer satisfaction that contribute to the long-term success of a company. Latest trends in the field of Corporate Social Responsibility and then offers a possible way to measure its impact on Business Performance on the basis of the stakeholder concept as it would be well-thought manners.
Regarding the CSR strategy formulated by the European Commission in 2011 and other relevant publications, a considerable focus is being set on the benefit of CSR to society as a whole. Consequently, much effort is being made to promote CSR in all member states and companies of all sizes. Furthermore, member states are not only asked to update their individual CSR strategies, but also to prepare for some further regulatory intentions. Some are rather hesitant to accept mandatory CSR requirements promoted by the Commission, although the value and importance of CSR for society is acknowledged. Also, there is more and more awareness that CSR activities are not only merely of charitable nature, but that they also contribute to a positive image of the company, to increased employee and customer satisfaction as well as to other soft factors that need to be taken into account when measuring business success.
Success of Business Performance
Leaders and business giants of large companies paid a good deal of attention to performance of business , because it gives vital information about the state of the company, its success, development and future outlook. However, even though for large companies it is inevitable to employ Business Performance Measurement Systems, which are usually supported by Information Technology like Data Mining or Data Warehouse,
In the case of small and medium sized companies traditionally lack well-performed strategies in this area. In addition, little research has been done in the area of Performance Measurement of business
All business processes eventually revolve around the target of contributing to the success of the company in one way or another. While the term “success” describes the positive sides of a company´s activities, the term Business Performance in itself is a neutral descriptive concept for the effectiveness and the efficiency of the company´s actions in general or of certain parts or processes of the company in particular.
Business success and its performance is of key interest for the top management of a company. If business performance is weak, managers need to intervene in order to return to the path of growth. Especially in a market in which competition is increasing and globalization demands for better competitivity, business leaders need to pay close attention to Business Performance.
Business analysis and evaluation in order to improve policies and processes are easily nderstood in theory, putting this concept into practice is not as easy as it may seem in theoretical discussion or debate
(To be continued)
