Essay Sample on Bank Sohar Corporate Social Responsibility

Corporate social responsibility is a manner in which organizations take responsibility and action for their environmental and social effects on their business operations. Many business organizations worldwide have embraced corporate social responsibility. CSR act as self-regulation technique where organizations monitor and ensure compliance with the law, international practices and ethical standards (McDonald & Rundle-Thiele 2008, p. 173). CSR helps in attracting consumers to purchase company products and services, it motivates, retains and recruit workers, helps in risk management and cost reduction through environmental conservation. Bank Sohar is the leading financial institution in terms of corporate social responsibility. CSR activities are an integral part of the bank's philosophy. Bank Sohar and its employees are engaging actively in educational, social and environmental aspects in the community. Bank Sohar CSR initiatives are as follows:

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Environmental Protection Initiative

According to Khan and Mamari, (2016, p. 10), environmental conservation is the main focus of CSR globally. Bank Sohar has offered and supported various initiatives that promote eco-friendly and responsible practices towards the environment. The bank has supported the initiative which increases environmental awareness by collaborating with Environment Society of Oman (ESO) to sponsor a movie night. The film helped create awareness of the significance of marine life protection in Oman and the world at large. The event comprises of two movies focusing on Whales. The first film discusses critical-acclaimed Sonic Sea on whales in the Arabian Sea while the second was about whale fish in the global context and efforts to help the fish from extinction. There were further discussions also on various ways to preserve the natural beauty of Sultanate and increase Conservation of the seas. Through such event, awareness is raised hence environmental conservation (K.Sangeetha & Pria 2011, p. 7). Bank Sohar also partner with ESO in sponsoring a public speaking contest on climate change, water conservation, consumerism and its impacts on the environment and social media contribution to the environment. The program creates awareness hence fostering protection of the environment.

Bank Sohar also helps in sharing tips on save water to save money and planet. The bank shares tips on how to save water when brushing teeth, watering plants and storing water hence money saving. It educates the community on how to water their plants during dry season hence water conservation. The community members are also encouraged to engage in food cultivation hence green economy and sufficient food. It teaches on energy conservation by maximizing the efficiency of the fridge by setting temperatures between 3.3 and 5.5 degree Celsius and use of a power-save switch (McCracken, et al. 2012, p. 120). The bank received the 'Green Campaign of the Year' award for its efforts in environmental awareness and protection.

Philanthropy Initiative

Bank Sohar has promoted social responsibility by providing financial assistance, services or products to various social development associations in the country. Bank Sohar donates finances in support of Omani Association for Elderly Friends to buy medical equipment, food, increase capacity, and quality healthcare improvement. The bank recognizes the elderly for their successful contribution in the economy in terms of growth and development. The elders shape our society through continuous inspire, guidance and teachings of proper values and respect hence honored by Bank Sohar (Khan & Mazhar 2015, p. 33). Under Sohar al-Atta CSR activities, the bank supported the Oman Autism Society by offering finances which will cover yearly fees allowing the provision of services to more kids hence empowerment and improved education and training. Children are vital in our community despite their attributes and unique abilities hence cannot be abandoned. Bank Sohar has shown commitment to community development through supporting the Association of Early Intervention for Children with Disabilities by donating finances. The finances help in catering for administrative costs and help children develop with good intentions to support any person in need in the society.

The bank also has supported the Oman Heredity Blood Disorder Association (OHBDA) by offering financial assistance (Thaler & Sunstein 2008, p. 48). The bank helps the association in creating awareness of the disorder and equipment of its infrastructure. With the money, the Desfral medical materials can be available in various health centers assisting thalassemia patients in blood purification from excessive iron. According to Sangeetha & Pria, (2012, p. 34), statistics shows that10% of Oman population carry hereditary blood disorder gene, 2.2 % have beta-thalassemia and 0.07% live with the disease. The support allows the association to offer proper medical services to its patients by relieving pain and helping to cure the disease. The bank donated money to the Association for the Welfare of Handicapped Children which assisted in buying of essential equipment like wheelchairs and clothing hence a better society. The bank has offered support to more than 30 organizations in Oman under the CSR program hence receiving various awards internationally, locally and regionally. The bank has been recognized for its various philanthropic initiatives hence awarded 'Golden Order of Merit in the Field of CSR'.

Volunteer Activities

Road safety initiative is a major component to Bank Sohar CSR (Wong & Wong 2015, p. 212). The bank has taken part in road safety campaigns in education institutions and school zones with an objective of accidents reduction and ensuring safety. The bank has collaborated with various stakeholders like Royal Oman Police, Public authority for Radio and TV and Oman Road Safety Association (ORSA) in raising awareness of the campaign. Bank Sohar in partner with ORSA regularly visits schools to demonstrate to students on how to prevent accidents. Children are taught on road safety so that they become safety ambassadors and responsible beings in the future. Human life is important and needs to be protected therefore road safety awareness helps in the reduction of human life lost due to accidents. Through its 'Sohar al-Atta' CSR activities, Bank Sohar has offer support to Oman Cancer Association (OCA) by having training workshops, counseling, cancer treatment, and quality healthcare. In 2009 for instance, Bank Sohar controlled the OCA's mobile mammography unit which moves nationwide screen individuals for cancer house to house (Valeri 2009, p. 59). It also supported Dar al Hannan's 'Home Away from Home' campaign meant for treating children.

The bank also took part in cancer awareness walkathon which results in raising of funds for improvement of Dar al Hannan and mammography unit. In 2015 the bank offered resources to mammogram screening to promote breast cancer awareness among women aged 40 and above since they are most at risk (Schreck 2009, p. 125). Bank Sohar sponsored and volunteered in beach cleaning at Mussanah beach. The activity was organized by the bank and all the staffs and various volunteers took part. Any activity that conserves the beauty of the environment and improves community lifestyle is in line with the bank's CSR. The beach clean-up activity act as a lesson to people on the benefits of environmental conservation by having clean and litter-free surroundings.

Ethical Labor Practices

Ethical and fair treatment of employees in an organization signifies corporate social responsibility. Bank Sohar promotes its staff and allows them to assume higher duties in the organization. The promotion is the bank's objective to allow capable and talented staff to advance their career and produce greater output in the organization (McDonald & Rundle-Thiele 2008, p. 176). Sohar Bank together with the Ministry of Civil Service awarded its employees for their excellent performance. The awards were given to employees with remarkable performance and excellent managerial skills. Appreciating the employee encourages high work performance and motivation to succeed further at work.

Sohar bank empowers women employees alongside male workers. It recognizes women as an important resource in the delivery of banking services and the success of its organization. The bank celebrates Omani Women's Day by offering the gratitude and congratulating them for being at the forefront in economic development in the country (Khan & Mamari 2016, p. 12). It encourages women to be a good example to the future generation. Honoring and recognizing employers are part of Bank Sohar corporate social responsibility initiative.

References

K.Sangeetha & Pria, S., 2011. Factors Influencing CSR Initiatives of the Banks in Oman: A Study Based on the Stakeholders' Perspective. Journal of Management Research, 3(2), pp. 5-11.

Khan, F. R. & Mamari, A. S. A., 2016. corporate social responsibility (CSR) activities of selected companies at Sohar port, Oman. International Journal of Management, Innovations & Entrepreneurial Research, 2(1), pp. 01-12.

Khan, F. S. & Mazhar, S. S., 2015. Corporate Social Responsibility: Understanding the Legal Framework and Philanthropic Indian Companies. International Journal of Management, Innovation & Entrepreneurial Research, 1(2), pp. 32-36.

McCracken, S. et al., 2012. Everett and McCracken's banking and financial institutions law. In: Pyrmont: Thomson Reuters, pp. 112-128.

McDonald, L. M. & Rundle-Thiele, S., 2008. Corporate social responsibility and bank customer satisfaction: a research agenda. International Journal of Bank Marketing, 26(3), pp. 170-182.

Sangeetha, K. & Pria, S., 2012. Resources Affecting Banks' CSR in Sultanate of Oman: A Stakeholders' Perspective. Electronic Journal of Business Ethics and Organization Studies, 17(1), pp. 31-34.

Schreck, P., 2009. The business case for corporate social responsibility: understanding and measuring the economic impacts of corporate social responsibility. In: Heidelberg: Physica-Verlag, pp. 123-135.

Thaler, R. H. & Sunstein, C. R., 2008. Nudge: improving decisions about health, wealth, and happiness. In: New Haven: Yale University Press, pp. 45-53.

Valeri, M., 2009. Oman: politics and society in the Qaboos State. In: London: Hurst, pp. 56-63.

Wong, H. & Wong, R., 2015. Corporate Social Responsibility Practices in Banking Industry. Journal of Management Research, 7(4), pp. 206-220.