Corporate Social Responsibility (CSR)

 


Corporate Social Responsibility (CSR)

Actions are taken by organizations in view of doing social good beyond required by the law (McWilliams, et al., 2006).

CSR is concerned with the impact of business behavior on society (Husted & Salazar, 2006).

Over the past few decades, the importance of corporate social behavior has continuously increased along with public awareness of human rights and environmental protection.

Strategic CSR is to define the level of commitment that an organization has towards social issues and creating a corporate social agenda (Armstrong & Taylor, 2020).

According to Porter & Karmer (2006) following rationale were made for CSR

·        The moral appeal – companies have a duty to be good citizens. Builds up commercial success by honoring ethical values and respecting people.

·        Sustainability – make sure the

·        License to operate – agreement from the government and stakeholders.

·        Reputation – improves company image and strengthens the brand.

 

The basis for developing CSR

·       Understanding society – understanding how the business operates and knowing the social and environmental impact that the business has on society.

·       Building capacity – building capacity of other parties to ensure the operation of the business.

·       Questioning business as usual – Individuals question the business on regular basis to develop sustainability.

·       Stakeholder relations – recognize the key stakeholder and their contribution. Work with them and consult them.

·       Strategic view – ensure that the social and environmental views are included in business strategy.

·       Harnessing diversity – respect that the people are different.


CSR at Sampath Bank Plc, Sri Lanka.

1.    “ Wewata Jeewayak” – Organization has implemented an initiative in 2001 a sustainability programme to restore tanks in Srilanka to ensure uninterrupted water supply to farmers. Encourage the development of agriculture and empower agri entrepreneurs to live sustainable livelihoods.

 

 Figure 1 : Details of CSR project "Wewat Jeewayak " (Sampth Bank, 2022)

 

2.     “Future Business Leaders” – Programme focused on entrepreneurship and in view of motivating youth.

3.     E seminar for business entrepreneurs on digital platforms -Encourage emerging business crowd on digital business platforms. Free webinars were conducted to enhance awareness.

4.     “Education for All” – The project supports equal access to quality education. Introduces an Internship programme in Sampath bank and Career guidance at local universities to encourage the youth.

5.     “Hope for Life” – project to enhance national healthcare standards.




References

Armstrong, M., 2011. Armstrong's Handbook of strategic Human Resources Management. 5th ed. London: Koganpage.

Armstrong, M. & Taylor, S., 2020. Armstrong’s handbook of human resource management practice. London: Koganpage.

Husted, B. W. & Salazar, J., 2006. Taking Friedman seriously: maximizing profits and social performance. Journal of Management Studies, pp. 75-91.

McWilliams, A., Siegal, D. S. & Wright, P. M., 2006. Corporate social responsibility:strategic implications. Journal of Management Studies, Issue 43, pp. 1-12.

Porter, M. F. & Karmer, M. R., 2006. Strategy and society: the link between competitive advantage and corporate social responsibility. Harvard Business Review, pp. 78-92.

Sampth Bank, 2022. CSR & Sustainability : Sampath Bank's Corporate Social Responsibility. [Online]
Available at: https://www.sampath.lk/en/sustainability
[Accessed 03 September 2022].

 

Comments

  1. Dinithi4 September 2022 at 06:57

    Without a sense of caring there can be no sense of community. CSR gives a value to the community as well as the company. Appreciate the Sampath Bank's attempt towards social welbeing

    ReplyDelete
  2. Harsha4 September 2022 at 10:44

    Sri Lanka is an agricultural country. 22 milion people's main food is rice. Blog on CSR activity which explain how CSR can reward to a nation is great 👍

    ReplyDelete

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