Corporate Social Responsibility: Efforts And Philanthropy

Corporate Social Responsibility
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Institution
Corporate Social Responsibility
Corporate social responsibility is the non-profit role to a community and an environment. Categories of corporate social responsibility include morally approvable labor practices, volunteering, environmental efforts, and philanthropy (Abels & Martelli, 2012). Research proves that corporate social responsibility benefits a company by building its reputation. This factor contributes to the retention of the company employees because they feel privileged to work in a company that thinks of developing them and the society. The following is a discussion of the components of the CSR the Barclays bank in the United Kingdom has prioritized so that it can be able to build its reputation. The components include citizenship, governance, and workplace.
The relevance of analyzing corporate social responsibility is to make the people clear the organization’s preparedness to give back to the community by promoting welfare and environment. Most people have the thought that organizations are only after the profits, a notion this paper disputes.
Citizenship is one of the components of corporate social responsibility and it aids in enhancing the reputation of a company. Under this component, it is established if the company is a great entity and if it facilitates decent effects and prevents harm to the environment (Abels & Martelli, 2016). One initiative the Barclays Bank company has engaged in that is associated with corporate citizenship is philanthropy, which involves donating money, commodities, or services to communities, nonprofit organizations, and charities( Eccles, Ioannou & Serafain, 2012). It also involves granting scholarship to students and offering technical expertise and skills to individuals. The company has also embarked on activities that could help in reducing harm to the environment. For example, it organizes conferences where people are educated about the need of conserving the environment. When the company carries out these activities, individuals get to benefit and therefore the reputation of the company is enhanced because they feel the company is not only concerned about making a profit but it is also concerned about other affairs of the society.
Governance is also a component of corporate social responsibility also aid in building of the reputation of a company .Under this factor, it is established whether the company engages in morally upright activities and whether it is open and honest about its work as Barclays bank did (Hopkins, 2012). It takes interest of its stakeholders and has maintains a healthy relationship with the community. Additionally, it had channels of reporting immoral actions around the company and rewards to morally upright employees so (Zerk, 2011). The above activities build the company’s reputation. In return, sales increased because of the built reputation, as many people prefer trading with such companies.
The workplace component of corporate social responsibility builds the reputation of a company (Schreck, 2012). Barclays Company...