From a worldwide perspective, all the private and government organizations are ramping up the forces on social responsibility. this will be protecting the environment, championing children's and women's s rights, or forestall poverty on a domestic or world level. CSR activities are a lot of engaging to stakeholders and it'll have an effect on positively the lowest line of the organization (Strandberg, 2013).
According to Murphy (2019) organizations are progressively ramping up their target corporate Social Responsibility to get the following advantages.
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| Source: https://blog.reputationx.com/csr-and-reputation |
- Engaging Customers
Implement
socially held policies necessary bring new customers in addition as retain
existing customers and ultimately, it's essential for the durable success of
the organization.
- Retaining high Talent
Socially
responsible organizations tend to fascinate staff who are wanting to build a
change eager to the world. A pool of highly talented employees will increase
workplace morale and boost productivity and direct organization accomplish
substantial results.
- Brand name
The
world’s largest organizations pay billions of promoting of marketing money to
improve the approach customers have faith in them. There’s no quicker way to do
this in a very memorable and lasting fashion than to be seen as an organization
with a social conscience
- Helping organizations stand out from the Competition
Community-oriented the organization typically gain a competitive advantage over others by attracting
customers toward their business with the assistance of CSR projects.
- Serve the lowest Line
Promotes
good brand awareness increases fan loyalty and attracts high-quality
employees. These factors are essential to achieving accumulated profits and
long-term success.
Corporate Social Responsibility in The banking industry in Sri Lanka
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| figure 02: www.boc.lk |
Environment’s responsibility
- BOC Celebrates 80 years with “BOC Haritha Arana” 100,000 Hectare Tree Planting Project in the Hurulu Conservation Forest
-Twin Tree Project: This project aims to promote tree planting among the general public through the concept, linking tree planting and childbirth.
- Green Net Planting trees in identified areas in a wetland.
Ethical responsibility
- BOC Takes Action to Help Children with Heart Problems by joining the “Little Heart” Project. In response to the urgent need to build a Cardiac and Critical Care The complex at Lady Ridgeway Children's Hospital, Bank Ceylon in partnership with Sri Lanka College of Pediatricians is expected to build a Cardiac and Critical Care building at Lady Ridgeway Hospital Center for Children in Need.
Philanthropic Responsibility
- BOC Ran Kekulu Awards successfully concludes the awarding of 2000 Scholarships to Grade five highflyers
- BOC’s Little Picasso Art Exhibition successfully concludes at BMICH Rewarding 780 young artists in the country
- Ran Kekulu None - Grade 5 Seminar Series
Economic Responsibility
- Bank of Ceylon Becomes State First Organization to Provide 1 Mega Watt on National Grid
- Conduct training programs to SME and entrepreneurs
Bottom Line
References
Strandberg, C., (2013). 7 reasons why CSR programs are good for industry associations, Available at https://www.greenbiz.com/blog/2013/10/15/7-reasons-why-csr-programs-are-good-industry-associations
Schooley, S., (2019). What Is Corporate Social Responsibility? [Online] Business News Daily Available at: https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html [Accessed 01 August 2021].
Figure 01: https://blog.reputationx.com/csr-and-reputation
Figure 02: www.boc.lk
Youtube: https://m.youtube.com/watch?v=9ElNGpQEDH4
The term corporate social responsibility (CSR) refers to practices and policies undertaken by corporations that are intended to have a positive influence on the world. The key idea behind CSR is for corporations to pursue other pro-social objectives, in addition to maximizing profits. Examples of common CSR objectives include minimizing environmental externalities, promoting volunteerism among company employees, and donating to charity. Simple, what the organization returns for the world, against the resources taken by the company from world.
ReplyDeletethanks for your feedback!
DeleteCorporate Social Responsibility arises because companies’ action affects or may be influenced by relationship with stakeholders, so the engagement with them in support of the social responsibility of an organization should be guided by ethical criteria and arise from dialogue with them. Thanks for sharing.
ReplyDeletethanks for your feedback!
DeleteAs you have clearly explained here,CSR is a type of business self-regulation with the aim of being socially accountable. There is no one "right" way companies can practice CSR; many corporate CSR initiatives strive to positively contribute to the public, the economy or the environment..
ReplyDeletethanks for your feedback!
DeleteConsidering the Sri Lankan economy, service sector play vibrant role and huge potion support from banking and financial institutions According to the Damayanthi and Rajapaksha (2009), there is rising trend to report on listed companies in Sri Lanka and that in the banking and finance, insurance, plantation, food and beverage and tobacco sector the CSR reporting is mostly common.
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DeleteA good article Umesh. In today's world CSR activities perform a crucial role by creating a competitive advantage towards the Organisations.And necessarily there should be a synergy between CSR principles / initiatives and HR (Dirani et al., 2009). HRM should function with elaborating, promoting and strengthening the CSR philosophy within the workplace and aligning those in turn with community needs and aspirations. Thankyou for sharing.
ReplyDeletethanks for your feedback!
DeleteCompany social responsibility (csr) is a self-regulating enterprise model that facilitates a employer be socially accountable—to itself, its stakeholders, and the public. through training corporate social responsibility, additionally referred to as company citizenship, businesses can be aware of the form of impact they're having on all factors of society, which include monetary, social, and environmental
ReplyDeleteYou clearly explained here Umesh,thanks for the sharing.
thanks for your feedback!
DeleteVery good explanation with Sri Lankan example. HR has a crucial role and responsibility in doing CSR work. Without the contribution of HR there is a risk of CSR losing attention (by employees of firm) due to incorrect explanation of it being a PR activity or shallow ‘window dressing’. HR gets an chance to prove its strategic focus and act as a business partner by means of CSR.
ReplyDeletethanks for your feedback!
DeleteCompanies can boost employee engagement and satisfaction by implementing corporate social responsibility CSR programs. CSR initiatives can be an effective marketing tool, assisting a firm in positioning itself favorably in the eyes of customers, investors, and regulators. Such efforts have the ability to attract potential employees who have strong personal convictions that align with those of the firm.
ReplyDeletethanks for your feedback!
DeleteThe organizations are operating in the society and it is their responsibility is to take care of them. It also helps the organization to get a good reputation and even good business as the end of the day the income generates from the community that they goin to invest.
ReplyDeletethanks for your feedback!
DeleteCSR activity in an organization demonstrates their values and brand and engage their employees and communicate with the public about how they operate and their contribution towards corporate social responsibilities for a sustainable future. A very important practice to be implemented by organizations in order to support and contribute and to take care the social responsibilities. Worth to read.
ReplyDeletethanks for your feedback!
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