The Ethical Context of HRM: Why Corporate social responsibility (CSR)?

Corporate Social Responsibility (CSR) is succeeded by organizations to continue their business activities in an ethical tone. Organizations will show social responsibility in numerous ways like, donate funds for education, support poor kids, support for events, and commitment to environmental protection.

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.

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

figure 02: www.boc.lk

Banks are promoting the future of the people in all the communities in which they operate through CSR programs, which will help their business in the future. Bank of Ceylon is one of the leading banks in Sri Lanka and they have been awarded as Most Valuable Banking Brand in Sri Lanka 2019 - Brand Finance. Following CSR projects should increase their brand name among the people.

Environment’s responsibility

- BOC Celebrates 80 years with “BOC Haritha Arana” 100,000 Hectare Tree Planting Project in the Hurulu Conservation Forest

- 'Kumbuk Arana' Project: The 'Kumbuk Arana' project is a special project used as a the solution to reduce flooding in the highlands of Sabaragamuwa province
-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

Corporate social responsivity is not just a business trend and if the business needs to stay relevant to this rapidly changing economy, should have strong CSR activities. This will increase their profits and efficiency with a respectable company image (Murphy, 2019).

References

Murphy, B.C., (2019). Why Social Responsibility Is Important to Businesses, Available at: https://www.investopedia.com/ask/answers/041015/why-social-responsibility-important-business.asp [Accessed 01 August 2021].

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 [Accessed 01 August 2021].

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