Intangible assets such as company reputation and employee
trust are essential in an increasingly globalized business world. Indeed,
intangible assets are critical achievements to determine the sustainability and
success of the business for the long-time.
CSR refers to voluntary activities in which companies are involved
to contribute to society and environment (García-Sánchez et al., 2019). The
theoretical justification for CSR lies in the concept of being an unwritten
contract between business and society in which a company is expected to fulfill
specific social responsibility actions instead of the license or legitimacy
obtained to operate (Ioannidou et al., 2014).
The real organization’s purpose is not only to generate
profits, but also from the benefits that have been obtained. It can also
provide benefits for the environment (planet) and the people.
Figure 01: concept of CSR
The potential benefits of CSR to companies include:- Better brand recognition.
- Positive business reputation.
- Increased sales and customer loyalty.
- Operational costs savings.
- Better financial performance.
- Greater ability to attract talent and retain staff.
- Organizational growth.
- Easier access to capital.
CSR Practices of B-Lin Apparel Sri Lanka
Blood Drive: Understanding how critical a sustained and consistent supply of blood is to the National Blood Transfusion Service, B-Lin Apparel conducts an annual blood drive as part of an employee-driven initiative across its network in Sri Lanka.
Care for our own: was born out of a simple insight: a large
number of associates hailed from villages where access to safe, clean water was
a luxury. Since 2006, this initiative has been the flagship initiative of B-Lin
Apparel CSR, dedicated to providing access to clean water for underserved
communities
B-Lin Model Village: Aimed to resolve water-related issues
faced by people living within a 5 km radius of B-Lin factories. Based on the
analysis, the B-Lin group is committed to providing these communities with uninterrupted
supply of clean water for homes, schools, hospitals, religious places etc.
Ran Daru Thilina: B-Lin believe the education of children is
among the most pressing needs of this day and age. That is why the Ran Daru
Thilina initiative seeks to drive home the importance of education among the
children of B-Lin employees. As such, children of Associates working at our
apparel manufacturing locations in Sri Lanka are presented with an educational
hamper comprising of stationery and other school essentials.
PACE: Personal Advancement and Career Enhancement learning program, targets at empowering female workers by building their lives and professional skills by creating an environment of constant learning and skill upgrading.
Conclusion
Having an effective CSR methodology is utmost important for
brand recognition. While having a better reputation will be an attractive tool
for recruitment as well as employee retention.
References
García-Sánchez, I.-M., Hussain, N., Martínez-Ferrero, J.,
& RuizBarbadillo, E. (2019). Impact of disclosure and assurance quality of
corporate sustainability reports on access to finance. Corporate Social
Responsibility and Environmental Management, 26(4), 832-848.
https://doi.org/10.1002/ csr.1724
Ioannidou, E., Kipouros, A., Tsourgiannis, L., &
Simet, G. F. (2014). Corporate Social Responsibility in Greek Banking Sector –
An Empirical Research. Procedia Economics and Finance, 9, 193- 199.
https://doi.org/10.1016/S2212-5671(14)00020-3
Learnt importance about the CSR and author has well explained the topic with the examples.
ReplyDeleteCorporate social responsibility (CSR) is a new idea, one in which the corporate sector incorporates social and environmental concerns in its strategies and plays a more responsible role in the world. Project managers have the ability to introduce CSR in their work and promote social good within the firm.
Learnt importance about the CSR and author has well explained the topic with the examples.
ReplyDeleteCorporate social responsibility (CSR) is a new idea, one in which the corporate sector incorporates social and environmental concerns in its strategies and plays a more responsible role in the world. Project managers have the ability to introduce CSR in their work and promote social good within the firm.
All organization must do more than seek strong profit margins for success; being socially responsible is part of organizational survival in today's economy. Companies should take a stance on important social issues to build a brand that consumers trust and respect.
ReplyDeleteCSR is much vital to increase the brand image of the organization, As far as I am concern CSR program motivates employees, as per Apparo, (2017) encourage their employees to volunteer through pro bono work during paid business hours create motivated employees who feel that their company respects their development. Also CSR program will increase high customer loyalty as costumers thinks when dealing with CSR implemented organizations, they also prat of the CSR activities. Additionally positive public attention also could be gain.
ReplyDeleterecently most of the companies conduct the CSR activities align with Covid 19.mostly granted to covid fund and donated the PPE for health industry.
ReplyDeleteCSR is one of the new concept and most companies are trying to engage this. There are lot of benefits of following this.
ReplyDelete1.Can improve the brand image
2.Increase customer loyalty
3.Easier access to funding
4.Can build the internal staff morale.
Author has well describe about the concept. Good article to read and can gather more knowledge.
CSR can increase employees' creative involvement, including generating new but practical ideas, originality, and creative problem-solving. When organizations express their values and passions through CSR, employees may be inspired to develop new and better ways to do their work. Author has taken a good topic to discuss.
ReplyDeleteCSR was the fundamental of societal marketing as an era of marketing. It addresses all stakeholders to boost a org
ReplyDelete