Corporate Social Responsibility in HRM

Introduction

Today’s organizations are immersed in a global market any detail can provide a competitive advantage over rival companies and condition their sustainability. Corporate Social Responsibility and Human Resource Management have become very powerful tools within companies.

Armstrong (2014) noted that corporate social responsibility is exercised by organizations when they carry on their business in an ethical way, taking account of the social, environmental and economic impact of how they operate and going beyond compliance.

CSR and its growing importance/ Source: greatepeopleinside.com 

CSR in the Global context

Companies agree that CSR will lead the progress toward long-term societal improvement. Once meant a couple of big financial donations a year, but now organizations are investing more than just their money. Current CSR trends are much more about strategically aligning philanthropic work with business goals in order to bolster both.

2020 CSR Trends

·         Sustainable Development Goals

·         Synergistic Approach

·         Measurement

·         Corporate Activism

·         Employee Volunteer Programs

CSR in ABC Bank

ABC bank considers CSR as an ingrained aspect of the organization process and hence strives to develop a sustainable existence for all stakeholder categories of society through CSR initiatives. The CSR initiatives of the Bank go beyond the natural obligations which govern our activities in the ordinary course of business and aspire to attain the ultimate objective of the CSR by being sensitive to societal needs.

With proven expertise and professionalism in banking and finance, the Bank mainly focuses its CSR efforts towards economic development growth of the individual and society at large.

The bank's CSR initiative is tripartite in nature and is facilitated through the contribution by the Bank, Team and the Community

What is corporate social responsibility/ Source: www.youtube.com

Conclusion

Corporate Social Responsibility (CSR) and Human Resource Management (HRM) have evolved and interacted over time, but both are described and analyzed from different perspectives. CSR and HRM-related because of their ecological foundations, but also economic and social, although not without controversy, with sustainability. The implementation of CSR in business organizations and the interconnection with all its subsystems, in particular with HR, has awakened interest, causing literary production that interrelates CSR and HRM.

Post-Author: Sameera Galagoda

Reference         

                       

Armstrong, M (2014) Armstrong’s Handbook of Human Resource Management Practice. London, Koganpage

EVERFI. (2019). 5 Corporate Social Responsibility Trends for 2020 | EVERFI CSR. [online] Available at: https://everfi.com/blog/community-engagement/corporate-social-responsibility-trends/.

great people inside (2018). CSR and Its Growing Importance - Great People Inside. [online] Great People Inside. Available at: https://greatpeopleinside.com/csr-growing-importance/ [Accessed 11 Dec. 2019].

Servier International (2019). What is Corporate social responsibility (#CSR) ? YouTube. Available at: https://www.youtube.com/watch?v=1bpf_sHebLI [Accessed 18 Jun. 2020].