CORPORATE SOCIAL RESPONSIBILITY PRACTICES

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In the banking industry, Corporate Social Responsibility plays a significant role which, by extension, is not replicable in most of the production industries such as manufacturing firms (Wang & Anderson, 2011, p. 59). Barclays Bank in London has outperformed most competitors due to its close attention to the societal requirements: the needs that, when fulfilled, make a client more loyal and inherently attached to the organization. In the Barclays Bank, there exist various aspects of CSR such as societal concerns geared towards keeping the interests of the people in the frontline. Besides, The Barclays Bank of London focuses on environmental and Ecological preservation. According to the information extracted from (Barclays Bank of London, n.d), massive improvement has been spearheaded to minimize the ecological pollutants: such development includes paperless banking system that saves our environment a great deal. Finally, the aspect of financial stability is put into consideration in all its operations.

In principle, Corporate Social Responsibility plays a vital role when planned and implemented in the right way. In the case of Barclays Bank, CSR has enabled the firm to efficiently operate gaining a significant command in the market segment as a result of a good relationship with its immediate clients. According to Pérez & Del Bosque (2012, p. 150) “people feel more attached to an organization that can give back to the society, and at the same time, showing greater concerns to the future generations.” Its responsiveness to the demands of the clients, pressure group, and the legal requirement is the primary reason that has placed Barclays in its current position. For example, when the bank offer scholarship for the less privileged students and academically outstanding students, it may not reap the reward in short-run, but the awards are significant in the long-run.

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