Corporate Social Responsibility and Business Ethics in Barclays Bank - Essay Example

?Corporate Social Responsibility and Business Ethics in Barclays Bank A Dissertation Proposal Introduction 1 Background of the research problem The banking industry is a pillar of the nation’s economy and a vital determinant of the health and viability of business activity. Banks perform four critical functions: (1) their intermediation function, where the banks intermediate between economic units with excess and deficient financial resources; (2) they adapt and modify terms and risks to the market demand and supply, such as borrowing from short-term lenders and lending to long-term borrowers; (3) they manage money over geographic distances, which means accepting financial deposits and other liabilities in other regions; and (4) they evaluate risks in the projects and markets they invest in, as a result of which they act as processors of information on the profitability and risk involved in these potential investments (Cuesta-Gonzalez, Munoz-Torres, and Fernandez-Izquierdo, 2006, p. 290). Important as banking institutions are, they are nevertheless dependent upon the very community and society in which they serve, because while banks are necessary to promote the financial viability of its customers, the financial prosperity of the community is also a pre-requisite for banks to thrive and sustain their growth. Contributing to the benefit of the community therefore redounds to the future benefit of the banking institution, and should be regarded as a strategic goal for management to pursue. To provide context for the research into the nature of corporate social responsibility activities among banks, this study shall focus on an indepth examination of the CSR programs and practices of Barclays Bank. Barclays is a 400-year-old institution that is now one of London’s five largest banks in London, with international operations. Barclays is renowned for its innovations in the banking industry, including the first credit card in 1966 and the first cash machine in 1967. More recently, the bank has made it a central part of its business philosophy to help staff to contribute not only money but their time and effort, thereby adding dimension to the meaning of CSR beyond mere charity. Barclays has adopted the theme of “giving something back to the community” in a manner of the employees’ own choosing. Because of this novel innovation in CSR, Barclays presents an ideal context in which to explore the broader implications of community citizenship among banks. 1.2 Purpose of the study The study seeks to examine corporate social responsibility policies, including business ethics and its impact on Barclays bank practice and key stakeholders. It shall lay the foundations by describing Barclay’s history and environment, its organizational framework and the philosophy underlying its banking operations. The study shall proceed to detailing the bank’s CSR ethos, the programs by which it is fleshed out, and the manner by which the programs are executed. Finally, the study shall determine the effects of the CSR programs among its stakeholders, particularly its employees and customers. From these findings, the study may conclude whether or not its CSR philosophy and programs attain their objectives and contribute to the strategic goals of the firm. 1.3 Objectives The purpose of this research will be achieved by targeting the following objectives: (1) To describe Barclays Bank as a business, detailing its history, organizational structure, operational philosophy, and corporate performance; (2) To investigate the CSR philosophy of Barclays and the manner in which this vision is sought to be realized by its programs and practices; (3) To assess the effectiveness of these CSR programs and practices towards the attainment of the CSR objectives and, ultimately, the organization’s overall strategic goals; and (4) To arrive at insights and recommend possible courses of actions that may contribute to the CSR efforts of banks in general. 1.4 Research questions The degree to which this research will be able to successfully attain the objectives set forth above depends upon how adequately it could provide answers to the following research questions: (1) How closely does Barclays’s CSR program support its strategic goals, and integrate with the operations of the firm? (2) How satisfactorily do Barclays’s clientele perceive the CSR efforts of the bank? How satisfactorily do Barclays’s clientele perceive the CSR efforts of the bank? How do these two perceptions compare with each other? (3) What are the implications of the bank’s stakeholder satisfaction on its CSR implementation? 1.5 Rational and significance of the study It is important that corporate social responsibility as practiced by the banking industry should pursue actions that balance out the interests of its various stakeholders. Be that as it may, the institution has a particular interest in meeting the needs and expectations of the customers to which it directly renders service. After all, banks’ products and services are specifically designed to satisfy consumer expectations; failing this, the bank fails its mandate. It is therefore of great strategic significance to determine whether the consumer’s view of product value and quality may be favorably influenced if the company brand is perceived as having a greater affinity to CSR values. The same may be said of the level of satisfaction experienced by employees. Various human resources (HR) tools, such as the determination of job satisfaction and employee engagement, has to do with the corporation’s relationship towards one of its principal stakeholders, its employees. Among all the publics the firm deals with, it is its employees who define its strategic advantage and who remain committed to the firm for the long-term. Employee satisfaction is therefore a crucial objective in the company’s CSR programs, and which in turn is a vital ingredient in the success of the firm’s principal operations. This research aims to establish a means of assessing the effectiveness of CSR efforts in the context of the banking industry, by ascertaining and correlating the satisfaction levels of the two most important stakeholder groups – employees and customers. While the shareholder group is arguably also an important stakeholder, it is nevertheless the group who by law exercise direct control over the conduct of business operations, through their voting power. Employees and customers, however, could only influence company policy tangentially – the customers through their patronage of the bank’s products and services, and employees through their labor and longevity in the company. This study is therefore a validation of the firm’s relationship with its customers and employees as a driver for the success of the CSR efforts. 2. Literature review 2.1 Definition of corporate social responsibility The notion of corporate social responsibility, despite years of debate, remains vague. One definition is that CSR is a matter of reporting the impact of corporate activities on its various stakeholders - i.e. customers, employees, shareholders and creditors, regulators and the government, communities, and society in general (Holt, 2004). Three schools of thought appear to emerge in CSR academic literature: the neo-liberal school which focuses on industry self-regulation; the state-led school which centers on national and international regulation; and the corporate-centered school which focuses on the role of the organization, depending on whether it is for-profit or not-for-profit (Michael, 2003, p. 115). CSR did not develop as a well-defined concept overnight. The experience of National Westminster Bank, then the eighth largest in the world, mirrored that of many similar other banks. Among employees, as talented staff advanced up the hierarchy, in about 40 years they were at a point when too many people were chasing too few jobs. Some people had to be passed over, leaving them disillusioned and disaffected (Kinsman, 1976, p. 73). Almost serendipitously at the time, however, the British National Gallery issued a request to the bank for money and an administrator to spearhead a fund-raising campaign. The bank assigned a then inactive branch manager to handle the project, which ended in success nine months earlier. Not long thereafter, seeing the success of this and subsequent similar projects, the bank’s personal manager and its board decided to establish National Westminster Enterprises, wherein it assigned more than one hundred of its administrators to assist various charities all over England. The men remain employees of the bank, drawing their salaries from it and remaining eligible for raises and employee benefits. Eventually, secondment of staff is standard practice; it entails no demotion of loss of status, and provides a social service under the auspices of the bank, thereby enhancing its corporate citizenship (Kinsman, 1976, p. 76). 2.2 CSR as strategic component Kirby (2010) notes that corporate social responsibility has ceased to be a mere philanthropic concession of the company towards society, but has developed into an integral part of corporate strategy. A company that seeks to achieve its own sustainability must necessarily invest in the community and society in which it thrives. Majority of Australian companies were found to ascribe to the concept that appropriate corporate response to community needs and social pressures tends to result in long-term returns to shareholders (Kirby, 2010, p. 438). Community partnership works both ways, because as the community gains strength and longevity through its association with the corporations in its jurisdictions, it is better able to sustain and also to support these same communities which rely on it for their survival. CSR has become an effective means for attracting and retaining both customers and employees, thereby ensuring business continuity (Sullivan & Mambrino, 2008, pp. 40-41). The result is a strategically synergistic partnership between public and business institutions (Kirby, 2010, p. 439). The symbiosis between financial firms and the community is not unique to Australia, or to any single country or region for that matter. Akindele (2011) observed the same in the case of the Nigerian banking industry. Likewise in the study of Cuesta-Gonzalez, Munoz-Torres, and Fernandez-Izquierdo (2006) in the Spanish financial industry. In some countries, corporate social responsibility takes on slightly different perspective, such as banks’ compliance with Shariah laws in Malaysia and other countries practicing Islamic banking, but the interdependence of community and banking industry remain nevertheless robust (Rahman, Hashim & Bakar, 2010, p. 22). 2.3 The dilemma of implementing CSR standards The specification of standards to be met by companies in line with their corporate social responsibility is at this time nebulous, because the nature of corporate citizenship is itself ambiguous and subjective. As exemplified by the case of Islamic banking institutions, what society considers as beneficial is dependent upon the national culture and the people’s norms and traditions. In a closed economy, this should present no dilemma; however, the exigencies of a global economy require that cross-cultural standards be acceptable to different regions. When CSR is viewed in its global context, it becomes a tool for international development (Michael, 2003). There are attempts to set up ratings agencies as third party assessors to the compliance of banking institutions with standards of corporate social responsibility. However, ratings agencies have a generic approach which creates doubts about how their assessments have been arrived at (Scholtens, 2009, p. 160). More important than assessment by third parties, information provided for the benefit of the various stakeholders will be of greater use in more effectively enlightening these groups so that they may exert the necessary influence over the firm so that an appropriate balance could be attained to protect their respective interests and that of the general public. Such an approach is anchored on stakeholder management theory, which suggests that organizations must manage their relationships with their specific stakeholders on a per group basis, taking into considerations their welfare and interests, and applying the proper action-oriented solution. This approach does not conflict with the profit motive; in fact, a company with above-average earnings could more competently address the concerns and wishes of its various stakeholders than one with average or below-average earnings (Reinig & Tilt, 2009, p. 177). 2.4 Best CSR practices in the banking industry The modern-day concept of CSR has assumed a more integrated approach than just mere donations to charitable purposes. The banking industry already leads in this aspect, accounting for 21 per cent of all corporate monetary donations. Currently, best practices of banking institutions include: (1) early involvement of management in CSR programs; (2) coordination of CSR committee with marketing and human resources; (3) encouragement of employees to be proactive; (4) clear determination of how CSR aligns with CRA (Community Reinvestment Act) activities; (5) define scope of CSR committee’s decision-making; (6) clearly define CSR program parameters; (7) communication of program parameters to all participants concerned; (8) formalizing all requests for bank involvement; (9) tracking program activities; and (10) creating benchmarks and setting goals in order to judge the program’s success (Sullivan & Mambrino, 2008, p. 42). 3. Methodology 3.1 Theoretical Framework In drawing general observations about how consumers regard the social actions of regional Australia’s banking industry, Rugimbana, Quazi & Keating (2008) employed the two-dimensional theoretical framework depicted in the diagram below: Two dimensions are thought to define managers’ and customers’ perspectives on the quality of a banking institution’s social responsibility. The horizontal axis pertains to the scope of responsibility the firm assumes, whether it is wide or narrow. The vertical axis pertains to the extremes in the perception of social actions which are taken by the banking sector. At the lower end, the dimension pertains to the costs, both financial and non-financial, of undertaking specific banking policies and strategies. On the upper side, the dimension is concerned with the benefits that may be realized by undertaking such actions. Specifically, the actions refer to four categories, namely the quality and range of bank products, the communications between banks and their customers, the quality of financial service delivery, and banking sector practices in response to social, economic, and political pressures (Rugimbana, et al., 2008, p. 65). As a result of the cross-implications of these four dimensional extremes, there are four quadrants which define the different views concerning CSR. Counterclockwise from the upper left section (i.e., the first quadrant), is the modern view of CSR which combines a wide responsibility with the benefits of CSR. Banks in this section are well admired by the public and commended by their customers. The second quadrant (i.e. upper right) represents the socio-economic view which seeks to create tangible benefits even if framed within a narrow scope of responsibility. The third quadrant (lower right) represents the classical view wherein banks relegate actions to a narrow scope of responsibility and within only a limited cost allocation, so the bank rarely looks beyond the goal of profit maximization. The fourth quadrant pertains to what is termed the philanthropic view because the banking institution agrees to undertake the pursuit of a broad scope of corporate social responsibility despite the anticipation of substantial cost to the firm (Rugimbana, et al., 2008, p. 65). 3.2 Research strategy and choice of methodology The study is based on perceptions of many respondents belonging to two respondent groups – that of customers and of employees. Because the amount of data sought to be generated is expected to be large, the research strategy adopts the quantitative research method that allows for the handling and processing of voluminous information. Data is generated in quantitative form representing the levels of responses provided by the survey participants. Qualitative information will be gathered from published reports; however, because of the large amount of respondents in the sample, qualitative information will not be sourced on respondents’ perception as these will be too wieldy and varied to process in a coherent manner. The use of both quantitative and qualitative data and techniques classifies this study as hybrid research, where the qualitative and quantitative information are used in tandem to qualify each other and produce a well-rounded conclusion. The key measure of positive reception among stakeholders remains the measure of satisfaction or dissatisfaction among the intended targets – in this case, the customers and employees of the bank. There are studies which aimed at determining reliable metrics for retail banking consumers’ satisfaction or dissatisfaction from a corporate social responsibility (CSR) viewpoint. Rugimbana, Quazi and Keating (2008) undertook such a study, drawing from insights about managers’ perceptions and extending these into consumers’ satisfaction/dissatisfaction indicators. Another such study was is that of Turker (2009) which employed a scale that measures perception of Corporate Social Responsibility, while job satisfaction will be measured using the Short-Form Minnesota Satisfaction Questionnaire (MSQ), such as was employed in Tziner, Bar, Oren and Kadosh (2011). 3.3 Data gathering and analysis Data will be sourced by survey questionnaire that will be patterned on pre-determined scales according to the perceptions sought. Corporate Social Responsibility will be measured according to the scale determined by Turker (2009) that makes use of 42 items categorized into four factorial subscales (i.e., CSR to social and non-social stakeholders, to employees, to customers, and to government). Employees’ job satisfaction will be measured using the Short-Form Minnesota Satisfaction Questionnaire (MSQ, 1967), comprised of 20 items, 12 items measuring intrinsic satisfaction, and 8 items measuring extrinsic satisfaction. Finally, customer satisfaction (i.e., contentment) will be measured using the 20-item scale operationalization of the Lundstrom and Lamont (1976) scale used by Rugimbana, Quazi & Keating (2008). The survey will elicit responses from the respondents which shall be gauged according to a six-point Likert scale. The questionnaire will be fielded through the use of an online service, the Survey Monkey, which ensures the confidentiality of the survey participants’ identities. Correlational statistical processes will be used in the assessment of the aggregate responses collated from the questionnaires, in order to test the following two hypotheses: H1: The perception of corporate social responsibility is positively related to employee job satisfaction. H2: The perception of corporate social responsibility is positively related to customer satisfaction. Qualitative information will also be gathered concerning the CSR programs of Barclays Bank, principally from its Citizens Report which is annually released to shareholders, the Bank’s 2015 sustainability report published in 2011, which expresses its intentions concerning CSR programs and targets, the firm’s annual report to shareholders, and its Form 20-F report submitted to the Securities and Exchange Commission. 3.4 Limitations of the research methodology The results will be limited by the actual number of survey participants whose responses will be tallied; although the study will try to source 200 respondents for the employee group and 200 for the customer group, there is a possibility that these numbers may not be reached. Furthermore, despite the use of scales proven reliable in past studies, there is no assurance that participants will respond in uniform manner to the questions specified in the instruments. 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Appendix A: Operationalisation of the Lundstrom and Lamont (1976) scale to measure consumer satisfaction Appendix B: Short-Form Minnessota Satisfaction Questionnaire to measure Employee Satisfaction Very Very Dissat. Dissat. N Sat. Sat. On my present job, this is now I feel about…. 1. being able to keep busy all the time ……. 2. The chance to work alone on the job …….. 3. The chance to do different things from time to time ………. 4. The chance to be somebody in the community …….. 5. The way my boss handles his/her workers…….. 6. The competence of my supervisor in making decision ……….. 7. Being ale to do things that don’t go against my conscience……….. 8. The way my job provides for steady employment ………. 9. The chance to do things for other people …….. 10. The chance to tell people what to do…….. 11. The chance to do something that makes use of my abilities …… 12. The way company policies are put into practice………. 13. My pay and the amount of work I do ……. 14. The chances for advancement on this job…….. 15. The freedom to use my own judgment ……… 16. The chance to try my own methods of doing the job ……… 17. The working conditions ……….. 18. The way my co-workers get along with each other……. 19. The praise I get for doing a good job …….. 20. The feeling of accomplishment I get from the job …….. Appendix C: Turker Scale for CSR perception Read More