Corporate Social Responsibility Strategy and Stakeholder Management in Standard Chartered Bank Kenya

Abstract

Corporate social responsibility practices adopted by organizations improve and enhance their stakeholder efficiency. The objective of the study was to determine the effect of corporate social responsibility strategies on stakeholder management at Standard Chartered Bank Kenya. The inquiry investigated the corporate social responsibility strategies adopted by Standard Chartered Bank Kenya and how these plans promoted the stakeholder management at the bank. The study was guided by stakeholder management theory and resource-based theories. Using a case study method, data was collected using interview method. The data was collected from various respondents which included the top management from Corporate Affairs within the bank. Specifically, the data was collected from Standard Chartered Bank and the respondents were top management from Corporate Affair Brand and Marketing department (Core business is to organize and plan SCB Kenya viii CSR activities), as well as five of its branches in Nairobi. Four employees from each of the bank branch were contacted for an engagement in an online interview. The study interview included both male and female managers and it was noted that the majority of the firm employees are above 40 years. It was also noted that the majority have higher levels of education and have worked with the firm for more than 4years. The data analysis was done using content analysis method and data was presented on thematic manner. The study established that the bank had adopted various corporate social responsibility strategies such as the use of moral obligation of the company to the society, ethical obligations as well as economic obligations and environmental conservation strategies. The study determined there is a significant relationship between corporate social responsibility stakeholder management at Standard Chartered Bank, Kenya. The study suggested the need for the management of the bank and other companies in the community to adopt CSR programs to increase their customer engagement levels and customer base by meeting the social, economic and moral needs of the customers.