Historically, the world has witnessed a shift from a more traditional hostile approach towards a more accommodating and constructive rendezvous towards notion of Corporate Social Responsibility (CSR). Progressive organizations now realize its importance and recognize the fact that this notion is not limited to just “doing good”. They understand that the notion is here to stay and that it pays back to the organizations in the form of enhanced brand recognition, customer loyalty, employees’ job performance and retention of talented workforce and stakeholders’ satisfaction etc. So much so, that leading researchers such as Porter & Kramer (2011) and renowned journals such as Economist (2008) suggested that engagement in CSR is key for gaining competitive advantage. The US and EU are taking the lead in this narrative and are formulating new models which can be bench-marked for the organizations who also wish to be part of this armada. The recent meeting of more than 190 countries in Paris for The Sustainable Development Goals (SDGs) is one major example of these models. Whereas, those who are left behind, are also feeling the heat in the form of low profitability, less engaged customers, employees and less brand recognition etc.
From the past few years, CSR related activities in Pakistan are also gaining momentum despite its late recognition. Though, Individuals and organizations are engaged in philanthropic and charity work since quite long. Nevertheless, a concentrated and holistic approach to this end is a new phenomenon observed in the recent times in Pakistan. However, they are still at its initial stages of this journey where the focus of many organizations are only limited to philanthropy and legal compliance to civil society and government bodies.
Keeping in mind the numerous benefits of this approach, companies in Pakistan cannot afford to ignore a comprehensive and focused approach towards CSR. Adding to that is the prevailing pressure from various national and international regulatory authorities and stakeholders, because of which, companies in Pakistan are expected to respond positively and catch up with the global trends if they want to stay competitive. Particularly, with the neighboring countries such as India, which focused on a more proactive and future centered approaches towards CSR. Anecdotal evidence suggest that few companies (mostly multinational) in Pakistan realize this trend and are now jumping on this bandwagon where the focus is now moving towards more innovation and sustainability side, however; no reliable data is available to warrant these claims.
The availability of evidence based data is imperative in Pakistan for policy makers to make informed decisions. Very few organizations and consulting firms in Pakistan (if any) attempted to Map CSR practices for the purpose of knowing its exact status. For those who did attempt to work from this dimension, deserve applaud for their work; nonetheless, their work mostly revolves around a certain industry only, or too old to rely on, keeping in mind the current conditions of the country – where the communication flows faster than it was 5 years ago.
These recent technological developments and ease in access to information have also raised awareness level about the environmental and societal responsibilities among consumers, executives, employees, investors and among the mass public in general. As a result, a widespread demand has spawned from the organizations to come clean and take responsible and sustainable business initiatives to protect the environment and society at large from the negative consequences of selfish behaviors.
Similarly, all the stakeholders – customers, employees, investors and society etc – are also demanding for more disclosures of the information about their operations and contribution towards sustainability. A recent study of PricewaterhouseCoopers on the global trends suggests that 33% of the investors are now looking into ways to integrate sustainability into corporate strategies. Securities and Exchange Commission of Pakistan (SECP) is also encouraging companies to not only adhere to their CSR volunteer code of conduct rather, go beyond this. Additionally, different consulting firms are also organizing various CSR awards on the annual performance of the companies towards this notion. This also put pressure on the companies to compete and be part of these initiatives.
As a result, some companies (if not all) have adopted more responsible business initiatives to not only support the environment and society but they have also taken initiative for the well being of all other stakeholders including their employees and customers. However, they still have a long way to go and to catch up with the companies operating in the developed countries. Having said that, a realization however exists among them. Some examples of such CSR initiatives can be found on the websites of Nestl Pakistan, Mobilink, Lifebuoy and Telenor etc. Some of the best practices undertaken by these companies may be bench-marked for the rest.
Source: http://csrpak.blogspot.com/2016/01/csr-trends-pakistan-2016.html?spref=bl
From the past few years, CSR related activities in Pakistan are also gaining momentum despite its late recognition. Though, Individuals and organizations are engaged in philanthropic and charity work since quite long. Nevertheless, a concentrated and holistic approach to this end is a new phenomenon observed in the recent times in Pakistan. However, they are still at its initial stages of this journey where the focus of many organizations are only limited to philanthropy and legal compliance to civil society and government bodies.
Keeping in mind the numerous benefits of this approach, companies in Pakistan cannot afford to ignore a comprehensive and focused approach towards CSR. Adding to that is the prevailing pressure from various national and international regulatory authorities and stakeholders, because of which, companies in Pakistan are expected to respond positively and catch up with the global trends if they want to stay competitive. Particularly, with the neighboring countries such as India, which focused on a more proactive and future centered approaches towards CSR. Anecdotal evidence suggest that few companies (mostly multinational) in Pakistan realize this trend and are now jumping on this bandwagon where the focus is now moving towards more innovation and sustainability side, however; no reliable data is available to warrant these claims.
The availability of evidence based data is imperative in Pakistan for policy makers to make informed decisions. Very few organizations and consulting firms in Pakistan (if any) attempted to Map CSR practices for the purpose of knowing its exact status. For those who did attempt to work from this dimension, deserve applaud for their work; nonetheless, their work mostly revolves around a certain industry only, or too old to rely on, keeping in mind the current conditions of the country – where the communication flows faster than it was 5 years ago.
These recent technological developments and ease in access to information have also raised awareness level about the environmental and societal responsibilities among consumers, executives, employees, investors and among the mass public in general. As a result, a widespread demand has spawned from the organizations to come clean and take responsible and sustainable business initiatives to protect the environment and society at large from the negative consequences of selfish behaviors.
Similarly, all the stakeholders – customers, employees, investors and society etc – are also demanding for more disclosures of the information about their operations and contribution towards sustainability. A recent study of PricewaterhouseCoopers on the global trends suggests that 33% of the investors are now looking into ways to integrate sustainability into corporate strategies. Securities and Exchange Commission of Pakistan (SECP) is also encouraging companies to not only adhere to their CSR volunteer code of conduct rather, go beyond this. Additionally, different consulting firms are also organizing various CSR awards on the annual performance of the companies towards this notion. This also put pressure on the companies to compete and be part of these initiatives.
As a result, some companies (if not all) have adopted more responsible business initiatives to not only support the environment and society but they have also taken initiative for the well being of all other stakeholders including their employees and customers. However, they still have a long way to go and to catch up with the companies operating in the developed countries. Having said that, a realization however exists among them. Some examples of such CSR initiatives can be found on the websites of Nestl Pakistan, Mobilink, Lifebuoy and Telenor etc. Some of the best practices undertaken by these companies may be bench-marked for the rest.
Source: http://csrpak.blogspot.com/2016/01/csr-trends-pakistan-2016.html?spref=bl
