Every company has its policy on various areas such as business policy, employee management policy and workplace environment policy. However, there is also a necessary policy for establishing a successful and famous company, Corporation Social Responsibility (CSR) policy. According to Investopedia, CSR policy refers to a self-regulating business model that helps a company to be socially accountable to itself, its stakeholders and the public. An effective CSR policy can lead a company to climb up the ladder of success by promoting a positive reputation to social media and the public and attract the talents. This essay will compare and contrast the CSR policies of Samsung and Taiwan Semiconductor Manufacturing Company, Limited (TSMC) in different areas including Philanthropies, welfare, and education programs to understand deeply the policies of the large companies.
To start with, environment protection are the big part in both Samsung and TSMC ‘s CSR policy. However, they have the different method to protect the environment. Samsung’s policy is protecting the environment directly. It has encouraged employees to attend the environment protection activities such as cleaning gardens, mulching trees and picking up trash in the community. It also organized or sponsored some events about environment protection and invited employees to be a volunteer. Compare with Samsung, TSMC’s policy is not do something to the environment directly.
TSMC required all of their suppliers have to sign and comply with TSMC’s Code Ethics and Business Conduct in order to ensure all of the raw materials procured from the socially responsible sources which means the sources are not harm so much for the environment. Also, TSMC cooperated with suppliers to reduce waste by decreasing the usage of electricity and water and encouraging employees for the paper should be used on both sides. Though the above environment policy, Samsung and TSMC have boosted the positive reputation in the public.
In term of social welfare, Samsung and TSMC have a similar CSR policy. They both emphasis the disadvantaged students. Samsung has enhanced the quality of a special education school of education, teaching ongoing courses and social experiences that help the students better prepare themselves as member of society. Similarly, TSMC setup some scholarships for disadvantaged students to encourage them. The two companies are helping the disadvantaged students, nonetheless, Samsung is doing a bit more to the vulnerable groups. It supported some shop with tools and materials each year to help stabilize the economy and create jobs for socially disadvantaged people including multi-cultural immigrants, elderly and disabled people. In addition, Samsung and TSMC not only provided the helping hand to the people in need, they also put the attention toward the social public. Samsung has partnered with some village to improve the villagers’ living conditions, infrastructure, healthcare and youth education as part of Samsung’s “One heart, One Village” campaign.