Ever since the start of their ventures, entrepreneurs like Sohail F Rahman incorporated the concept of CSR into their operations. The co-founder of BEXIMCO Group, Mr. Rahman, considers corporate social responsibility to be fundamental. It guides the practices of the conglomerate in Bangladesh to a fine extent. Thus, it can be said that for businesses, this consideration is crucial. Modeling practices based on this concept and its aspects can help organizations to act responsibly. They can consciously carry out their measures or initiatives to positively impact the economy, whether at the domestic or international level.
What Is CSR or Corporate Social Responsibility?
CSR can be considered an approach that is part of the business model. It directs an organization to understand its social accountability. It is required to be accountable toward itself, the public, and clients or stakeholders.
As per the top Bangladeshi businessman, Sohail F Rahman. companies that focus on corporate social responsibility operate more carefully. This is because they well-comprehend their role in society. Hence, they aim to make it better and contribute positively.
4 Main Aspects of Corporate Social Responsibility
There are 4 main aspects associated with CSR. These aspects, when focused on, help in developing a beneficial business approach. This approach, as Sohail F Rahman believes, is advantageous for businesses as well as the economy.
- Environmental responsibility is an important aspect that revolves around the notion of sustainability.
- The next facet includes ethical responsibility that guides businessmen to fairly treat those associated with the operations, ranging from suppliers to customers/clients.
- Thirdly, economic responsibility helps in regulating financial measures without affecting the country or its resources.
- The philanthropic aspect is inclusive of contributing to the community through various measures or projects.
Why Does CSR Matter for Businesses?
For businesses, CSR is important to operate responsibly. They can align their measures, initiatives, actions, etc., in sync with environmentally friendly and economically beneficial approaches. The impact of this also falls on the reputation/image of companies.
In the view of Sohail F Rahman, the co-founder of BEXIMCO Group, corporate social responsibility is vital for other reasons too.
To Retain Customers
The concept of CSR can work to build long-term relationships with clients/customers. Its adoption indicates that a business is dedicated to causes that matter whether socially or environmentally. It has the power to turn customers loyal and make purchases from such a business.
For Attracting and Retaining Employees
In the changing times, many employees have grown conscious of firms with which they associate. Thus, they prefer to work with organizations like BEXIMCO that understand their social responsibilities in a corporate setting. This is one of the reasons why the conglomerate in Bangladesh employs around 70,000 people across the world.
To Enhance the Society/Economy
Sohail F Rahman puts forth that his conglomerate is CSR-oriented. Hence, it has made significant contributions to society as well as the economy. They have been made in the form of donations and campaigns.
- The subsidiary of this organization, Korotoa Solar Ltd., in Bangladesh, has donated over 600 blankets in Panchagarh.
- To the Relief and Welfare Fund of the Prime Minister, the associated IFIC Bank has donated TK 100 million.
- Its pharmaceutical division has conducted a free medical camp/program in Mymensingh.
- During the coronavirus pandemic, it conducted the “Where is Your Mask Campaign” in Bangladesh’s 64 districts.
- For the Japanese Red Cross Aichi Medical Center, its health division has donated many PPE products.
For Efficient Operations
Businesses that adhere to their corporate social responsibilities can improve the efficiency of their operations. This is possible, as per Sohail F Rahman, by making the processes sustainable.
- This can be seen through the technologies and approaches adopted by this entrepreneur in Bangladesh.
- His conglomerate’s verticals engage in sustainable practices.
- Therefore, they are not only efficient but profitable in the long term too.
Bringing up the Rear
For a business, CSR is a crucial consideration. Sohail F Rahman has seen fruitful results of the same. The celebrated businessman in Bangladesh has given back to the community through a range of initiatives. The rise of more such entrepreneurs can make society/economy more prosperous.