Implementing a New CSR Strategy for New Balance Essay

IntroductionNew chemical equilibrium is a large telephoner specialised in manu accompanimenturing footwear products at a global level. The case understand reveals that New offset is currently committed to formulating an integrated Cooperate cordial Responsibility (CSR), which volition change it to place itself in a breach position in a highly competitive market (Veleva, 2010). In 2009, the phoner was still struggling to build a CSR, which would create a reputable name for its products in the global market. However, as Veleva (2010) illustrates, the firm confront various ch wholeenges such as lack of a CSR department, which would foresee the performance of an integrated CSR. This c on the wholes for the analysis of the various strengths and weaknesses of the high society and lay forbidden the go it should follow in implementing an integrated CSR system. New Balance Strengths and WeaknessesOverall politicsAccording to Veleva (2010), take down before the sacred script ure CSR became a common word in the global industries. New Balance evermore insisted on cosmos responsible for all its employees and the communities in which it was operational. Luo and Bhattacharya (2006) agree this argument by explaining that for a comp both to consume an potent CRS, it should start innately before issue remote. New Balance has strong comforts and governance system that manipulates a commitment to office both for internal and external components of its operations. Despite the fact that New Balance was so much committed to CSR, it left stunned important segments of corporate responsibility such as openness and duty (Veleva, 2010). The connections framework did non provide a derriere for its leaders to analyze the risks and opportunities of CSR, and this explains make itly, why it was affected by the economic ecological niche of the year 2007-2009.Products and ServicesFrom the case study, New Balance had many consumers in the global market. One of its main strengths was the designing and marketing of products. The ships lodge stopd that its products met customers expectation, and the very(prenominal) time ensured that these products were produced in anenvironmentally-friendly manner. According to Sen, Bhattacharya, and Korschun (2006), a company should focus on ensuring that its production does not compromise the capability of future generation to evolve such a product or even a better one. New Balance looked for materials and ensured that its production was heartyly and environmentally acceptable in company to increase the social benefits of its production. The case study shows that New Balance decided to take a different approach from other footwear companies by concentrating on recycling. This is one of its weaknesses in its production. Veleva argues that the company did not have a framework in place for accessing the impacts of recycled products. Some of the environmentally-friendly materials that the company use f or its production did not produce quality and durable products, and so did not attract customers. OperationsNew Balance has various strengths in its CSR scheme in terms of its operations (Veleva, 2010). One of the values of this company was to ensure that the working environment was safe for all its employees. By reducing the spell of suppliers almost by half, New Balance was able to gain hold in over all its production, cut down on costs and hence improve efficiency. Another approach employed by New Balance was by getting rid of materials and production methods, which ar harmful to the environment. This company focused on recycling most of its waste products. Therefore, it cuts down on waste, hence reducing cost on disposal and at the equal time protected the environment from pollution. In 2008, a time when US focused on ensuring nil pollution to its environment, New Balance was among the original companies that adopted the green chemicals to replace the cleaners, which were used in previous days to ensure compliance with the set environmental standards. However, the company experienced a challenge in controlling its suppliers, especially those oversea. Another challenge for the company was to manage its CSR activities overseas and hence, there was a gap between its domesticated CSR and oversees CSR. Community SupportAccording to Veleva (2010), New Balance is a company that always confineed the communities in which it had operations. New Balance employees took pride in volunteering and helped the surrounding communities. Accordingto Engardio et al. (2007), kindness and volunteering ar one of the major factors that enable a company to retain and satisfy its employees. Volunteering as a value was steered by the CEOs of the company Anne and Jim Davis, who embraced it and ensured that all their employees were active and valued alliance work. Volunteering and charity work is a value that improves public relations of an organization, its corporate ima ge, parcel out name, employee teamwork and skill building (Margolis, Elfenbein & Walsh, 2007. However, despite the great involvement in society support, New Balance community support strategy was not in line with its business strategy. The company mainly focused on the US communities and lacked a proper communication plan to communicate both to its internal and external stakeholders. AnalysisFrom the strengths and weaknesses identified, New Balance should focus on three of the main areas identified with great risks effective lead, a structure for recognizing CSR risks and opportunities that are of great importance to the business and ordering of CSR strategy with business strategy. With cash in ones chips and effective leadership and a CSR that is aligned with a business strategy any company can reach its highest level of production and transmutation (Luo & Bhattacharya, 2006).Steps for implementing an integrated CSR strategyWho should be intricate?According to Sen, Bhattach arya and Korschun (2006), for any CSR to be implemented successfully, all stakeholders both internally and externally should be involved. While CSR is mainly steered by leaders, New Balance should at all stages involve its employees. Various studies have shown that employees play a vital persona in CSR implementation and making it a success. Suppliers as part of the external stakeholders should also be involved in CSR implementation in invest to give their views on whether it is aligned with business strategy or not. What should the conversation Plan consist of?New Balance should adopt a broad communication plan that pass on effectively communicate its CSR activities internally and externally.Internally, the company can focus on newsletters, meetings, Internet communication, to ensure that employees are always aware of CSR activities and their progress. According to Engardio et al. (2007), frequent and clear communication on CSR to employees enables them to cognise that CSR i s a priority and hence commits themselves to make it a success. Externally, the company should interpose up with a communication plan that will identify all external individuals and groups that need to be made aware of the CSR activities and how to reach out to them. External CSR communication channels can consist of awareness campaigns, advertise, speeches, and even sending hard copies of CSR report to the most important external stakeholders (Luo & Bhattacharya, 2006)What resources are needed?New Balance mainly requires homo resources in locate to implement its new CSR strategy effectively. It should focus on effective leadership apart from Anne and Jim Davis, who are the CEOs. Therefore, it should invest in searching for new and effective leaders internally or externally, who will support the two CEOs in effectively running the business. The company should also focus on feeler up with a CSR department consisting of intellectuals who understand what CSR entails in govern to e ffectively identify risks and opportunities and align the CSR activities with the companys business. According to Margolis, Elfenbein and Walsh (2007), pays are needed in CSR implementation. Therefore, New Balance should form a committee, which will strategize on how the company will get the funds required to finance its CSR implementation. What is the Timeline?For any CSR implementation to be successful, it must be time ensnare (Engardio et al. 2007). The CSR steering team should stick with up with a timetable clearly exhibit all the stages of CSR implementation and their time limits. Each stage should be disposed(p) a time limit and periodically monitored in order to ensure that it is completed within the allocated time. An effective CSR implementation is done during the shortest time cum-at-able to cut down on wastage in terms of human resources and cash in hand and hence save cost. What are the measures of success?New Balance should dumbfound with an approach of measurin g its CSR implementation performance. Primarily, it should identify the objectives, fundamental to its CSR commitment and come up with performance indicators, which should be used to measure the results of CSR activities. When the objective has been achieved, it intend that the CSR is a success while it is a failure when an objective has not been achieved. What are other important items to include?According to Luo and Bhattacharya (2006), a company should ensure that their employees are adequately trained on CSR in order to make its implementation a success. New Balance employees should be correctly trained on the importance of CSR and its implementation to ensure it becomes a success. Margolis, Elfenbein and Walsh (2007) advert out that in any CSR implementation, there are obstacles such as resistance by some employees and stakeholders. Therefore, it is important that New Balance puts in place mechanisms and strategies of dealing with problematic behavior and resistance to its C SR implementation. ConclusionFrom the analysis, it is clear that New Balance is a company that is devoted to community support and volunteering. Its two CEOs are devoted to ensuring that the company creates a good nature and markets its brand by embracing CSR. However, various loopholes that have been identified, prevented the company from achieving its CSR objectives and goals. such(prenominal) loopholes are the lack of an effective leadership body, Lack of aligning CSR with the companys business among others. Therefore, despite much involved in community support, the company did not achieve the benefits that come along with CSR such as reputation, good corporate image, and good public relations among others.Implementing an effective CSR will call for New Balance to bring together both human resources and finances. Effective leadership and CSR personnel are needed in order to analyze the various risks and opportunities related to CSR. The company also needs to align its CSR strate gy with its business in order to rip all the benefits that come along with it. Every stakeholder, both internal and external should be involved in CSR implementation in orderto ensure maximum support and hence make it a success.ReferencesEngardio, P., Capell, K., Carey, J., & Hall, K. 2007. Beyond The Green Corporation. Retrieved fromhttp//static.twoday.net/foehrenbergkreis/files/bw-january-29-2007-beyond-the-green-corporation.pdf Luo, X., & Bhattacharya, C.T. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4), 118 Margolis,J.D., Elfenbein,H.A, & Walsh, J.P (2007). Does pay to be good? A meta-analysisand redirection of research on corporate social and monetary performance. Working Paper, University of California at Berkeley. Sen S., Bhattacharya, C.T., & Korschun, D. (2006). The role of corporate social responsibilityin strengthening multiple stakeholder relationships A field experiment. Journal of the honorary society of M arketing Science, 34(2), 158-166. Veleva V. (2010). New Balance Developing an integrated CSR strategy. Richard Ivey School ofBusiness.