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Hong Kong Shanghai Banking Corporation (HSBC) is one of the largest banks globally. It has the headquarters in London, and its market capitalization consists of USD 180 billion. It operates in 88 countries through an array of 8000 offices. Its shares are listed in London, Paris, New York, Bermuda, and Hong Kong stock exchanges. The company has an extensive international network that has been enabled by the technological advancement experienced in recent years, as well as, the widespread growth of the e-commerce approach. The corporation offers wide range of financial services related to individual, corporate, commercial, and investment banking. In relation to its corporate social responsibility goals, they presuppose not just making profits at any cost. In this sense, they understand that their success is reliant on the trust that they build through their operations. As such, they have to share the responsibility for the community and the nature in conjunction with people and governments in order to reduce the environmental footprint caused by human activities. To the company, corporate social responsibility relates to the management of their business in a manner that supports the society. It aims at addressing the expectations of its clients, employees, shareholders, and other stakeholders. In order to understand and analyse the enterprise’s social performance in regard to its fulfilment of the societal expectations, the analysis of two aspects will be conducted. One of them will indicate the areas where the company has been successful, and those issues that require improvement.
HSBC Holdings is a firm believer of the favourable results emanating from sustainable business operations. It is important for the organization to ensure that its decisions and actions have a favourable impact on the social development and sustainability of the environment. Since it operates in different countries in the world, two of the most evident CSR activities include the support for education and the environment.
HSBC Holdings is involved in numerous educational programs in many parts of the globe. Among the notable programs for its support for schooling there are those implemented in Malta and China. The company’s management is a firm believer of education being a critical factor in the prosperity of any society, and it also plays a crucial role in the economic development. In China, the corporation has sponsored the lecturing and exchange programs for Chinese Economics students. They have provided an opportunity for them to get international exposure, which is a determining action aimed at supporting the future of the economy. The company also invites Nobel Laureates in economics to speak to students and teachers at Peking University. It is an opportunity to promote undergraduates and their teachers to the level of the international economy as they discuss the issues of worldwide business with these economists. HSBC has an agreement with Tsinghua University in a sponsorship deal that looks to develop financial services in the rural China. It also has a program dubbed Students in Free Enterprise, which aims at assisting the students from challenged backgrounds to improve their standards of living through commercial knowledge accorded to them. The company also offers scholarships in various universities that support the undergraduates with financial challenges by rewarding their excellent performance.
The programs also concern primary and secondary schools where the company is in coordination with the China Charity Federation for the provision of national training courses for teachers. The next aim is mainly the improvement of rural elementary schools and those centres where the staff members are taking care of street children and get training. In addition, the company makes donations in the form of books to the underprivileged elementary schools for the purpose of constructing libraries. They also donate teaching instruments to the boarding schools in rustic areas. The corporation also has a program for the youth in primary and secondary schools to instil financial management skills, which they will need for the future. Furthermore, HSBC launched a program for pre-schools in the UK. It is dubbed “Zippy’s Friends”, and it is designed in order to assist children aged from five to seven in order to improve their emotional health and develop social and cognitive skills. The education campaign also presupposes that the company makes donations to the health care facilities to be constructed in schools for children with special needs and welfare homes. In addition, the corporation holds an annual art exhibitions and concerts for the kids with disabilities. Similar projects have been set up in Malta.
HSBC also offers financial management education to the small and medium enterprises in their areas of operations. Such services promote the economic performance of businesses, which in turn advance the economy of the society. The support that the company is offering for the education is critical and has been implemented in an all-inclusive manner. The focus on the young people, as well as, the old ones in addition to the small and medium enterprises indicates the company’s intention to improve the overall welfare of the society. The program is transforming the entire generation; moreover, it will promote financial understanding among parents and their children, and as a result, facilitate the societal welfare.
Environmental Support Programs
The organization is also involved in the environmental programs aimed at the reduction of the pollution to the environment. The company conducts a campaign on educating the public on the environmental protection. Through the program, HSBC has assisted the government, enterprise representatives, and professionals to get awareness on the latest approaches to be used in the preservation of the natural world. The company does these initiatives through the invitation of globally-renowned environmentalists and scholars who share their knowledge and insight. It has also been involved in conservation projects in conjunction with other environmental organizations in China. HSBC has invested in programs aimed at researching the approaches that can be used in order to reduce the consumption of energy and preservation of the nature. Furthermore, the company has set up initiatives within its operations to ensure that it is saving energy and reducing its carbon footprint. One of these strategies is the reduction of energy used at the corporation’s data centres. It focuses on improvement of the effectiveness of the power usage, however, this has not been fully implemented and there is a lot that has to be done. The organization needs to involve external experts and partners in their supply chain to proceed with their program that intends for reducing the consumption of power. The company needs to install drives the speed of which can be varied and investigate to get additional opportunities that will enable the control of temperatures across their data centres.
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Furthermore, HSBC has aimed at the reduction of emissions that emanate from the travels made by the employees. The expansion of the corporation has seen the growth of amount of the kilometres travelled. However, even with the increase in the air travel, the company has continued to reduce its fleet of vehicles, which works towards offsetting the differences in emissions. However, this is not working properly with the reduction; rather, it is just maintaining the same level of emanation. HSBC needs to invest in technology and ensure that most of its work is done remotely. For example, it should focus on the use of video conferencing and reduce the travels. Thus, this will not only decrease its carbon footprint, but also save resources including time and money for commuting. In order to cut the costs related to new technologies the company should incorporate the use of personal devices, such as mobile phones and tablets for work purposes. The focus should also include the encouragement of the members of staff to make sustainable and efficient travel arrangements. The corporation has also been successful in the implementation of the paperless banking that has been made available to the retail and commercial clients. However, there is yet to be a zero policy on the use of paper, and the focus is to ensure that the current paper needs are sorted out utilizing the sustainably sourced material. Therefore, although the company is participating in the environmental protection and rehabilitation programs, there is a lot of improvements that have be introduced.
HSBC is a participant in the social responsibility projects as an initiator or a collaborator with other organizations. Consequently, the communities in the areas of its operations benefit from the social initiatives by the company. It is notable that the educational programs on financial management and investment will be advantageous to the different generations of people. However, there is a significant improvement that needs to be implemented in regard to the environmental initiatives. It means that the company has not managed to do all that has to be done in relation to the prevention of environmental pollution, especially within its operations. Prior to teaching the communities on the best approaches for the natural protection, it should reduce the in-house contribution to the contamination.