Impact of Corporate Social Responsibility on Profitability at the Bank of Nova Scotia Jamaica Limited

SHAPE MERGEFORMAT Presented in partial fulfilment for the requirements of the course Applied Research Title Impact of Corporate Social Responsibility on Profitability at the Bank of Nova Scotia Jamaica Limited, Duke Street Branch Lecturer Ms. Suzette Sylvester Group Members ID Numbers Samantha Sinclair-Nelson 20071223 Arlene Moulton-Jackson 20031662 Kedeen Morrison 20095967 Amal Davis 20111789 Submission Date March 6, 2018 TABLE OF CONTENTS TOC o 1-3 h z u HYPERLINK l _Toc508212375 TABLE OF CONTENTS PAGEREF _Toc508212375 h 2 HYPERLINK l _Toc508212376 List of Tables PAGEREF _Toc508212376 h 5 HYPERLINK l _Toc508212377 List of Figures PAGEREF _Toc508212377 h 5 HYPERLINK l _Toc508212378 List of Abbreviations PAGEREF _Toc508212378 h 5 HYPERLINK l _Toc508212379 ABSTRACT PAGEREF _Toc508212379 h 6 HYPERLINK l _Toc508212380 ACKNOWLEDGEMENT PAGEREF _Toc508212380 h 7 HYPERLINK l _Toc508212381 CHAPTER 1 PAGEREF _Toc508212381 h 8 HYPERLINK l _Toc508212382 INTRODUCTION PAGEREF _Toc508212382 h 8 HYPERLINK l _Toc508212383 1.1 Background of the Study PAGEREF _Toc508212383 h 8 HYPERLINK l _Toc508212384 1.2 History of BNS in Jamaica PAGEREF _Toc508212384 h 10 HYPERLINK l _Toc508212385 1.3 Definition of the Problem PAGEREF _Toc508212385 h 11 HYPERLINK l _Toc508212386 1.4 Purpose of the study PAGEREF _Toc508212386 h 12 HYPERLINK l _Toc508212387 1.5 Research Objectives PAGEREF _Toc508212387 h 13 HYPERLINK l _Toc508212388 1.6 Primary Research Question PAGEREF _Toc508212388 h 13 HYPERLINK l _Toc508212389 1.7 Sub- Research Questions PAGEREF _Toc508212389 h 13 HYPERLINK l _Toc508212390 1.8 Rationale of the Study PAGEREF _Toc508212390 h 13 HYPERLINK l _Toc508212391 1.9 Significance of the Study PAGEREF _Toc508212391 h 14 HYPERLINK l _Toc508212392 1.10 Limitation of the Study PAGEREF _Toc508212392 h 14 HYPERLINK l _Toc508212393 1.11 Delimitations of the Study PAGEREF _Toc508212393 h 14 HYPERLINK l _Toc508212394 1.12 Definition of Key Terms PAGEREF _Toc508212394 h 15 HYPERLINK l _Toc508212395 1.13 Organization of the Study PAGEREF _Toc508212395 h 16 HYPERLINK l _Toc508212396 CHAPTER 2 PAGEREF _Toc508212396 h 18 HYPERLINK l _Toc508212397 LITERATURE REVIEW PAGEREF _Toc508212397 h 18 HYPERLINK l _Toc508212398 2.1 Customer Loyalty- Contribution to Profitability PAGEREF _Toc508212398 h 20 HYPERLINK l _Toc508212399 2.1.2 Perception of the company PAGEREF _Toc508212399 h 21 HYPERLINK l _Toc508212400 2.1.3 Brand Awareness PAGEREF _Toc508212400 h 22 HYPERLINK l _Toc508212401 2.2 Employee Satisfaction-Engagement of Staff in CSR the Communication of CSR to Staff. PAGEREF _Toc508212401 h 23 HYPERLINK l _Toc508212402 2.2.1 Employee Motivation PAGEREF _Toc508212402 h 25 HYPERLINK l _Toc508212403 2.3 Stakeholders Views PAGEREF _Toc508212403 h 28 HYPERLINK l _Toc508212404 2.3.1 Aim of the Business -Profitability PAGEREF _Toc508212404 h 29 HYPERLINK l _Toc508212405 2.4. Theoretical Framework PAGEREF _Toc508212405 h 31 HYPERLINK l _Toc508212406 2.4.1 Instrumental Theory PAGEREF _Toc508212406 h 32 HYPERLINK l _Toc508212407 2.4.2 The Institutional Theory PAGEREF _Toc508212407 h 32 HYPERLINK l _Toc508212408 2.4.3 The Shareholder Primacy Theory PAGEREF _Toc508212408 h 32 HYPERLINK l _Toc508212409 2.7 Summary PAGEREF _Toc508212409 h 33 HYPERLINK l _Toc508212410 CHAPTER 3 PAGEREF _Toc508212410 h 35 HYPERLINK l _Toc508212411 METHODOLOGY PAGEREF _Toc508212411 h 35 HYPERLINK l _Toc508212412 3.1 Methodology and Research Design PAGEREF _Toc508212412 h 35 HYPERLINK l _Toc508212413 3.1.0 Goal of the Research PAGEREF _Toc508212413 h 36 HYPERLINK l _Toc508212414 3.2 Population PAGEREF _Toc508212414 h 36 HYPERLINK l _Toc508212415 3.3 Sample size PAGEREF _Toc508212415 h 37 HYPERLINK l _Toc508212416 3.4 Sample Method / Techniques PAGEREF _Toc508212416 h 37 HYPERLINK l _Toc508212417 3.5 Conceptualization PAGEREF _Toc508212417 h 38 HYPERLINK l _Toc508212418 3.6 Operationalization Plan PAGEREF _Toc508212418 h 39 HYPERLINK l _Toc508212419 3.7 Data collection methods and instruments PAGEREF _Toc508212419 h 41 HYPERLINK l _Toc508212420 3.8 Validity and Reliability PAGEREF _Toc508212420 h 42 HYPERLINK l _Toc508212421 3.9 Data Analysis Method PAGEREF _Toc508212421 h 42 HYPERLINK l _Toc508212422 3.10 Time Horizon PAGEREF _Toc508212422 h 44 HYPERLINK l _Toc508212423 3.11 Field Setting PAGEREF _Toc508212423 h 44 HYPERLINK l _Toc508212424 3.12 Extent of Researchers Interference PAGEREF _Toc508212424 h 44 HYPERLINK l _Toc508212425 3.13 Ethical Issues PAGEREF _Toc508212425 h 44 HYPERLINK l _Toc508212426 Conclusion PAGEREF _Toc508212426 h 45 HYPERLINK l _Toc508212427 REFERENCE PAGEREF _Toc508212427 h 46 HYPERLINK l _Toc508212428 APPENDICES PAGEREF _Toc508212428 h 54 HYPERLINK l _Toc508212429 Table 5 Activity and Time frame PAGEREF _Toc508212429 h 54 HYPERLINK l _Toc508212430 Figure 1 Gantt Chart PAGEREF _Toc508212430 h 55 HYPERLINK l _Toc508212431 Table 6 Research Budget PAGEREF _Toc508212431 h 56 HYPERLINK l _Toc508212432 Appendix A Informed Consent Form PAGEREF _Toc508212432 h 57 HYPERLINK l _Toc508212433 Appendix B BNS Five Years Statistic Review PAGEREF _Toc508212433 h 58 HYPERLINK l _Toc508212434 Appendix C Proposal Approval PAGEREF _Toc508212434 h 59 List of Tables Table 1 Table of Contents Table 2 – Number of Participants in Population and Sample Table 3 – Operational Plan Table 4- Summary of Research Questions and Data Collection and data Analysis Methods Table 5 Activity and Timeframe Table 6 Research Budget List of Figures 1 Gantt Chart 2- BNS Five Years Statistic Review List of Abbreviations CSR Corporate Social Responsibility ECLAC- Economic Commission for Latin America and the Caribbean EU- European Union IDB- International Development Bank ILO International Labour Organization TBL Triple Bottom Line ABSTRACT This research sought to explore how corporate social responsibility impacts profitability at the Bank of Nova Scotia Jamaica Limited (BNS), Duke Street, Kingston. The researchers took an in depth look at what corporate social responsibility really is, how it is communicated to employees, if employees are motivated by it, how it affects the publics perception of the organization and whether it has a positive or a negative impact on the profitability of the bank.

The researchers have reviewed previously prepared scholarly literature, as well as to explore what the main theorists have said on the topic. A summary was then provided in the form of a literature review, highlighting the salient points applicable to this research. Due to the research question chosen and the exploratory nature of it, a qualitative design was selected and a small portion of the population was sampled using purposive sampling. As such, the research was conducted with specific perspectives in mind, which have been examined and responses sought from participants, to adequately cover the full range of perspectives. ACKNOWLEDGEMENT First and foremost, we would like to thank our Applied Research lecturer, Ms. Suzette Sylvester.

Without her assistance and dedicated involvement throughout the process, this paper would not have been accomplished. We the members of group four (4), would like to acknowledge the roll that she played in the preparing us for our final presentation. Additionally, all members of the group are to be acknowledged and commended for their respective roles in putting this research together in a short period of time. CHAPTER 1 INTRODUCTION 1.1 Background of the Study This research was conducted out of a need to explore why the CSR activities at BNS were declining. We sought to find out whether the CSR activities being carried out at BNS were affecting their profitability, hence the decline.

The paper entitled New Perspectives on Corporate Social Responsibility in the Caribbean By Fabio Balboni, Wayne Charles-Soverall and Brigette McDonald Levy, that was published in the Caribbean Development Review published by the Economic Commission for Latin America and the Caribbean (ECLAC) stated that, Corporate Social Responsibility in the Caribbean is severely impacted by its constraints. Constraints such as high levels of poverty, social inequity, increasing divide among the poorest and the richest tier of the population, high levels of underemployment and juvenile unemployment, increasing urban violence and crime, high incidence of HIV and AIDS, exposure to natural disasters, brain drain and inadequate access to new information technologies. It is due to these constraints, and the governments inability to adequately remedy or cease them from developing, that they have sought Corporate Social Responsibility, through private governance to assist. An upsurge of interest on the topic of Corporate Social Responsibility has resulted in the rise of national organizations promoting its practices, providing extensive media coverage and increasing the number of Corporate Social Responsibility events region-wide. Corporations needed to be satisfied that their Corporate Social Responsibility activities are in tandem with the Triple Bottom Line objectives of the organization.

This is to ensure that they create benefits that surpass conventional revenue, growth by supporting monetary profit, people, and the planet. Many corporations have added the triple bottom line metrics to their business plans to evaluate their overall performance and reflect on how companies are contributing to society. According to authors, Porter and Kramer in their Harvard Business Review journal (2006), strategic planning and implementation of Corporate Social Responsibility can have a positive impact on the competitive context of a company, which consists of four interrelated elements that affects its profitability. These elements are (i) factor conditions, (ii) demand conditions, (iii) context for strategy and rivalry and (iv) related and supporting industries.

The research team has asked the question, How does Corporate Social Responsibility Impact Profitability at Bank of Nova Scotia Jamaica Limited (BNS) The Bank of Nova Scotia is one of the largest financial institutions in Jamaica and has been in operation for many years. They cater to the public, offering financial advice, savings options and loan facilities. As an international bank originating from Canada and operating in Jamaica, BNS has a unique opportunity to make a positive economic, social and environmental impact in our country. BNS, through their five strategic Corporate Social Responsibility commitments customer, employees, communities, environment and good corporate governance, aim to address the priorities that are most important to the success of their customers, business and communities in which they operate. BNSs Corporate Social Responsibility strategies include Corporate Governance- Adopting best practices and balancing stakeholders interest.

Marketplace- Helping customers become better off. Employers- Providing a place for talented employees to thrive. Environment – Reducing the banks negative environmental footprints by managing risk. Community Investment- Making a positive difference through financial support and volunteering. The work that BNS does in each of these categories is based on their business strategy as well as the expectations of their key stakeholders.

1.2 History of BNS in Jamaica BNS is committed to be the institution of choice in the financial sector, providing superior products and services and being a good corporate citizen to the benefit of their customers, shareholders and staff as expressed on their official website (The story behind Scotia Bank Jamaica). BNS was established in Jamaica in 1889, and has enjoyed a history of changes and transformations from colonialism to independence. What began with a small banking office in Kingston, is today, a sophisticated island-wide network of 35 branches. With a staff compliment of over 2,000 in Jamaica, BNS provides state of the art retail and commercial banking services to the Jamaican public.

Over the past 120 years, BNS has established their reputation as a strong, stable, and reliable participant in Jamaicas continuing growth and development. Their commitment to customers, Discover whats possible, is more than just an advertising slogan it is backed by the experience and stability, accompanying a century of continuous and progressive banking operations in Jamaica. BNS draws on their past to help their stakeholders uncover new opportunities for their future, giving them the power to make better possible. Until the abolition of slavery on August 1, 1834, there had been little need for banks in Jamaica. The merchants soon began to see the advantage of having a local bank where bills of exchange could be converted to drafts in sterling, which would be more readily accepted by their creditors abroad. A barter trade had long existed between the province of Nova Scotia in Canada and Jamaica.

As trade expanded in Jamaica during the middle of the 19th century, the limitations of the bartering system became increasingly apparent. The establishment of a branch of The Bank of Nova Scotia in Kingston, Jamaica in 1889, provided the best means of placing the trade on a monetary basis, and so BNS was born. In most large organizations, Corporate Social Responsibility plays an integral role in its day to day operations, as it is a function that helps to gain and retain customers. This research paper focuses on the impact of Corporate Social Responsibility on BNS, Jamaicas profitability, whether it is positive or negative and to make recommendations of how to improve and maintain a strong relationship within the society.

1.3 Statement of the Problem At the Bank of Nova Scotia Jamaica Ltd, Duke Street branch, the CSR activities have declined and the budget has been reduced. According to Marion Biotech (2012), Corporate Social Responsibility is a process by which an organization thinks about and evolves its relationships with stakeholders for the common good and demonstrates its commitment in this regard by the adoption of appropriate business processes and strategies. BNS is experiencing the following problems as it relates to their CSR activities Customer loyalty- The banking industry in Jamaica, is faced with the increased perception of untrustworthiness which results in a lack of customer loyalty. The bank aims to invest more in CSR to achieve sustainable competitive advantage. This research shows that businesses that practice CSR will improve customers perception of service quality, trust and hence profitability.

This will justify the investment of financial and human resources by corporations. Employee Satisfaction- CSR emotionally impacts employees engagement through organizational identification, expectations and reliance. However, the level of engaged and disengaged employees varies across the organization, due to differences in opinion of the CSR and the lack of efficient communication of CSR initiatives internally. Budgetary Constraints- Companies agree that CSR activities are important to the reputation and viability of their business however, they want to limit its impact on profit maximization and this is done through the budgets.

At BNS, CSR projects are confined to a limited budget, which are minor in comparison to others for profit earning centres. The research endeavours to establish that CSR at BNS can lead to a positive perception of the Bank by its customers, employees, investors and the society. It is of great importance to the success of Scotiabank but also for the personal advancement of its employees. The potential benefits that could arise are (i) the bank can become more productive (ii) be able to assess its performance results and (iii) succeed in a competitive environment.

1.4 Purpose of the study The purpose of the study was to evaluate the effectiveness of Corporate Social Responsibility on BNSs, Duke Street branch and its profitability. We have endeavoured to accomplish this by examining the current policies and procedures, as it relates to CSR and how it is integrated as a strategy for the development of the organization. The Bank of Nova Scotia Jamaica was reviewed by focusing on the Branch located at Duke Street, Kingston. The researchers aimed not only to explore, but also to provide recommendations on ways in which BNS can improve its perception by its stakeholders, whilst being ethical and profitable in carrying out CSR in the society.

Another determination was to see how BNS could improve their services to perform exclusively above their competitors by achieving competitive advantage. 1.5 Research Objectives The objectives of the study are to Show that businesses that practice CSR, will improve customers perception of service quality, trust and hence profitability. This justifies the investment of financial and human resources by corporations. Encourage management to ensure that CSR goals are given priority along with other major business objectives because it aids with profitability. 1.6 Primary Research Question How does Corporate Social Responsibility Affect Profitability at the Bank of Nova Scotia, Jamaica Limited, Duke Street Branch 1.7 Sub- Research Questions To accomplish this research, it was important to understand certain critical aspects about this phenomenon.

As a result, these general questions were put forward How does CSR affect customer loyalty at BNS What is the influence of CSR on internal customer satisfaction at BNS Over the last 5 years how has CSR impacted profitability at BNS 1.8 Limitations of the Study It is important to note that limitations according to bpcs.org, are the shortcomings, conditions or influences that cannot be controlled by the research team and places restrictions on the methodology and conclusions. Listed below are the limitations that the researchers encountered – The focus of the research was on one location The time allotted to complete the research was short (13 weeks) Difficulty on occasions, for the team members to meet 1.9 Delimitations of the Study This research paper was delimited in its findings in the following ways The information needed was available at one central location at Duke Street, Kingston, Jamaica 1.10 Rationale of the Study Our team thought it necessary to carry out the research at this time to Explore why CSR activities have declined. To find out if customer loyalty is impacted by the decline in CSR activities. To ascertain if employees are impacted by the organizations participation in CSR activities. To determine how profitability is impacted by CSR activities.

1.11 Significance of the Study The significance of the study was to help the management team and its stakeholders at BNS to recognize that by continuing to practice and improve their investments in CSR, the bank can be both ethical and profitable in the business communities in which they operate. Another significance was that this research paper would add to the body of knowledge already in existence, regarding this topic. Also, through the practice of CSR, the private sector could play a decisive role in addressing some of the developmental challenges that the society faces and offer an example to the banking industry along with other industries. 1.12 Definition of Key Terms BNS Means the Bank of Nova Scotia Jamaica Limited Competitive Advantage Is what sets the business apart from its competition. It highlights the benefits a customer receives when they do business with an organization.

It could be the products, services, reputation, or even the location. (Competitive Advantage,. n.d). Corporate Social Responsibility (CSR) Means that corporations will be held accountable for any of its actions that affect people, their communities and their environment. It implies that harm to people and society should be acknowledged and corrected if possible. It may require a company to forego profits if its social impact seriously hurts some of its stakeholders or if its funds can be used to have a positive social impact.

Lawrence, (2008). Customer Loyalty The result of consistently positive emotional experience, physical attribute-based satisfaction and perceived value of an experience, which includes the product or service. (Customer Loyalty,. n.d.) Customer Perception This is a marketing concept that encompasses a customers impression, awareness and/or consciousness about a company or its offerings.

Customer perception is typically affected by advertising, reviews, public relations, social media, personal experiences and other channels. (Customer Perception,.n.d.) Employee Satisfaction Gaurav (2012, p.3) stated that, employee satisfaction is the terminology used to describe whether employees are happy and contented and fulfilling their desires and needs at work. Profitability According to Investopedia (para.3), profitability is a measurement of efficiency and ultimately its success or failure.(Difference Between Profitability and Profit,.n.d.) Corporate Governance Is the set of rules, practices and processes by which acompanyis directed and controlled.Corporate governanceessentially involves balancing the interests of the manystakeholdersin acompany, these include its shareholders, management, customers, suppliers, financiers, governmentand the community. (Corporate Governance,.n.d.) Shareholders The Cambridge Dictionary defines a shareholder as a person who owns shares in a company and therefore gets part of the companys profits and the right to vote on how the company is controlled.

1.13 Organization of the Study The research is comprised of five (5) chapters, namely the introduction, literature review, methodology, findings and lastly, the analysis, conclusion and recommendations. The first chapter highlights the background of the study and the history of the Bank of Nova Scotia Jamaica Limited. It entails the research question, the problem highlighted by the question and the definition of the problem, why the research is being done and what we hope to achieve from it. Chapter two (2) of this research is the Literature Review. This encapsulates other researchers points of views and finding on this topic.

All sources incorporated into the research is properly cited giving information such as, title of the source, the author, the year of publication. The third chapter is known as the Methodology. This chapter explains the methodology which was used and why it was important to the conduct the research. It further shows the Population, Sample Size, Sample Methods/Techniques, Conceptualization and Operational plans.

This chapter explains Data Collection Methods, the instruments that were used to gather data and the data analysis methods which gives information on how the data to be collected will be analysed. This includes data coding, data entering, data cleaning and verification. The chapter will then continue into Time Horizon, Field setting and Extent of Researchers interference. The ethical issues section of the research will explain all the ethical guidelines that the team must follow to conduct the research and show how the participants rights and safety will be protected.

Chapter four (4) is known as Findings. It contains an analysis of the data and presentation of results received from the study that was carried out. Chapter five (5) gives a summary and discussion of the findings, implications and recommendations. The reference page shows all text sources, internet sources and journal sources. Lastly, an appendix page was included to show all relevant documents relied on. CHAPTER 2 LITERATURE REVIEW 2.0 Introduction According to Hart, (1998), a literature is defined as the selection of available documents on the topic being researched.

These documents contain information such as, ideas, data and evidence, written from a particular stand point to express certain views on the nature of the topic and how it is to be investigated. The relevant theorists and their accompanying theories were thoroughly examined. This research has highlighted the drivers of CSR and the benefits of CSR found by different writers. It also revealed sources of data that were previously unknown to our research and provided us with new ideas and approaches that did not occur to us.

This review helped us to evaluate our own research efforts by comparing it with the similar efforts of others. Our research group undertook a historical review of CSRs impact on the profitability of a profit-making financial institution. This was done by examining the concept of CSR and how through customer loyalty, employee satisfaction and sound strategic governance, BNS could remain profitable whilst implementing CSR as one of their business strategies. We looked at the history of CSR, how customer loyalty, staff satisfaction, the overall perception of stakeholders and the buy-in of Management would aid the conversation about the financial benefits of CSR in organizations.

Businesses in the 1900s engaged in philanthropic donations to charity, service to the community, enhancing employee welfare and promoting religious conduct (Banerjee.2009). The term Corporate Social Responsibility (CSR) may have emerged in the 1950s and back then, businesses perception was that their sole purpose was that of profit maximization and it was the governments duty and responsibility to manage community building and public service issues (Visser.Matten and Pohl.2010). Banerjee (2009) further elaborated that there has been a shift from the philosophy driving CSR discourses from the 1950s onward, which was an attempt to cultivate civic virtue in corporations. However, in the 1980s, the focus of CSR shifted from CSR as obligation doing good to do good to CSR as strategy doing good to do well Banerjee (2009). According to Carroll (1979, p.40), corporate social responsibility comprises of four responsibilities that are interrelated and without these components corporate social responsibility cannot be achieved. The four responsibilities are economic, legal, ethical and philanthropic responsibilities.

The economic responsibility serves as the foundation upon which all other responsibilities are built. The main aim of an organization is to be efficient, productive, competitive and consistently profitable. The legal responsibilities refer to an organizations ability to discern between what is socially right and wrong. It speaks to their compliance to the laws within the boundaries in which they operate. Ethical responsibilities refer to what is morally right, wrong or fair, to values, norms and belief systems.

Ethics are not laws but help to steer a business in the direction of performing acts that are good and which avoid harm. The philanthropic responsibilities refer to being good corporate citizens by making resources available (time, money, machinery etc.), to assist in improving the overall quality of life for all. In an article in the New York Times, Friedman, M. (1962), said that .

there is one and only one social responsibility of business to use its resources and engage in activities designed to increase its profits so long as it stays in the rules of the game, which is to say, engages in open and free competition, without deception or fraud. Friedman (1962), was absolute in his stance, that a corporation exists with the single purpose of maximising returns for its shareholders and that executives are employed to achieve this sole objective. He argued that corporations should not focus on charitable activities that do not directly generate revenue. there has been the claim that business should contribute to support charitable activities and especially to universities.

Such giving by corporations is an inappropriate use of corporate funds in a free-enterprise society. Contrary to Milton Friedmans theory, many organizations have come to realise what the consequences of being socially irresponsible are and they are choosing to address it by not only focusing on the way they operate to make profits, but also on the way in which their organization impacts the society and the environment. Rasche et al., (2017) states that CSRis a self-regulatingmechanism which is integrated into the business models of some organizations and then executed. Using this mechanism, an organization can monitor its operations to ensure that it is compliant not only with the law but also to ethical standards and norms. Some business models allow corporate social responsibility to be implemented in such a way that appears to expand beyond the firms interest to satisfy some deeper social good. 2.1 Customer Loyalty- Contribution to Profitability Porter (2006), stated that markets have taken on a highly competitive landscape, therefore, customer experience programs are the most effective way to differentiate organizations from their competition.

Castro, et al., (2004), suggests, such differentiation effectively drives loyalty when customers are engaged on an emotional, intellectual, or even spiritual level, and when a customer cherishes a product or service before, during and after its use. Shaw, C., Hamilton, R. (2016), in their book, The Intuitive Customer 7 imperatives for moving your Customer to the next level, purports that in terms of customer loyalty, customers interact with management via the implementation of CSR programs and it creates a sustainable competitive advantage for them which will improve their financial stride. Maignan, I.

Ferrell, O.C. J., (2004), identified several studies on CSR programs positive effects on customers. Handleman and Arnold (1999), indicated that consumers heaped praises upon firms that were committed to actions that were linked with institutional norms (Maignan and Ferrell, 2004). Maignan et al., (1999), identified a positive correlation between CSR and customer loyalty in a managerial survey. Studies by Barone et al., (2000), Berger and Kanetkar (1995), and Creyer and Ross (1997), propositioned that consumers are willing to support organizations involved in cause-related marketing, environmentally friendly practices, or ethical behavior.

In many industries, CSR has led to store loyalty and emotional attachments. This resulted in improved customer support, evidenced by the greater percentage of shopping done at the store (Lichtenstein et al., 2004). 2.1.2 Perception of the Company Regardless of how a company gives back to the society, the receivers behaviour is triggered by key emotional concepts (Kim et al. 2015 Nielsen et al., 2010).

By assisting customers, organizations have not only influenced the customers perception of the company but are also building their brand whilst creating customer loyalty. Additionally, according to Burke and Logsdon, (1996) and Sen and Bhattacharya, (2001), CSR is about emphasizing a corporations obligations to the society and so the sponsorship of events help to improve consumers perception about the sponsors contributions to the community. Sponsoring events is a form of philanthropy, engaging in corporate socially responsible activities that contribute to consumers perception of intrinsic value (Peloza and Shang, 2011). A consumers perceptions of a sponsors CSR are associated with the evaluation of brand credibility (Uhrich and Groeppel-Klein, 2014), brand commitment (Close and Lacey, 2017), and purchase intention (Lacey et al. 2010). Sports sponsorships have been shown to affect the sponsors CSR image (Plewa et al.,2016), and it has been established that events and sponsorship linked marketing, are a way to simultaneously enhance the CSR image of the sponsor as well as that of the event which is being sponsored.

When strategically used, CSR practices can bring long-term benefits to the corporate entity (Burke and Longsdon, 1996). These benefits may include positive brand and product evaluations from consumers (Brown and Dacin, 1997), enhanced competitiveness (Bansal and Roth, 2000), favourable attitude toward the company (Nan and Heo, 2007), and the intention to purchase (Becker-Olsen et al., 2006). 2.1.3 Brand Awareness Lafferty and Goldsmith (2005), says that alliances with non-profit organizations boost attitudes towards the brand, irrespective of whether the cause is familiar or not. Corporate philanthropy initiatives fostered a positive attitude in customers who were aware of them.

This also resulted in stronger identification with the organization, improved brand purchase, investment intent and greater intent to seek employment with the company than those unaware of any initiative (Sen et al., 2006). Lemke (1987, p.4), outlined how a bank in Massachusetts successfully opened 138 new accounts at a value of 11 million, after assisting endangered animal species with donations through the World Wildlife Fund. A direct, positive benefit of CSR. Some studies sought to explore the collective impact on consumers exposed to multiple CSR programs.

For instance, Brown and Dacin (1997), contemplated the combined influence of corporate donations to worthy causes, community involvement and environmental concern. They found that CSR associations influenced how the organization was evaluated as a corporate citizen and this in turn affected consumer attitudes towards those firms products. Murray and Vogel (1997) investigated the effect of CSR on consumers of combined programs of socially responsible business practices, cause promotions, community volunteering (employee volunteer program), corporate social marketing, as well as pro-active economic factors (participation in the economic development of the region) and consumer protection (consumer panel program). Their study revealed that CSR programs resulted in improved attitudes towards the firm, including beliefs about the companys honesty, consumer responsiveness, truth in advertising, pro-environmental and pro-employee attitudes, and increased support for the firm in labor or government disputes, and for recommending a job application to a friend (Murray and Vogel, 1997). Sen and Bhattacharyas (2001) research, supported suggestions that a companys efforts in multiple CSR domains could have a positive effect on the companys evaluations by customers. There was also a direct effect on the attractiveness of the companys products.

2.2 Employee Satisfaction-Engagement of Staff in CSR the Communication of CSR to Staff. Managers have increasingly realized the strategic importance of investing in CSR initiatives to improve the relationships between corporations and their stakeholders. Although a great amount of attention is paid to external stakeholders, CSR programs are most effective when employees become the enactors while the employers act as facilitating enablers (Chen Hung-Baesecke, 2014). As internal stakeholders, employee CSR participation reflects a companys culture associated with giving back to the community.

It helps persuade external stakeholders to trust that the companys CSR actions are fundamentally rooted in values rather than a consequence of the external pressure it faces. A good CSR initiative should not only be sustainable, but also co-developed with the companys employees. CSR studies have built the connections between employees involvement in CSR activities and increased job satisfaction (Kundu Gahlawat, 2015), organizational citizenship behaviour, identification with employers (OConnor et al. 2016), organizational commitment (Chen Hung-Baesecke, 2014), employee morale and self-development (Chen Hung-Baesecke, 2014). According to Chen and Hung-Baeseckes (2014), several key drivers for employees participation in CSR at various levels have been identified such as activity, organizational and personal.

For an organization to satisfy the expectations of its existing and potential customers, they ought to effectively communicate how it has been acting socially responsible (Cho et al., 2016). It is thought that there are two primary CSR communication strategies the informing strategy and the interacting strategy. According to Morsing and Schultz (2006, p.56), When applying CSR communication, the informing strategy provides employees with logical and consistent CSR information to promote their understanding of CSR initiatives, and enhance trust from them. It focuses on communicating CSR as a shared concern between a company and its employees, providing employees with visible evidence, connecting CSR efforts with corporate business, and reporting CSR results. The interacting strategy however, involves the company engaging their employees in formulating CSR plans and implementing CSR programs strategically. Morsing, (2006).

It emphasizes open communication, a co-creation process, and the cultivation of a partnership with their employees in doing corporate good deeds. It is found that corporations benefit from CSR more when both strategies are used for communicating CSR activities. Capriotti, (2011). To explain what the motivations are for an organization to embark on CSR initiatives, researchers have proposed a two-dimensional model which comprise of symbolic and substantial components.

In the symbolic model, CSR is perceived as a technique used to polish the corporate image, and making them look good in the publics eye. In the substantial model however, the company has a genuine desire to help others, it exists partly to give back and serve the community. Donia and Sirsly, (2016). According to Chen and Hung-Baeseckes (2014), companies that engage in CSR attracts same minded employees, they want a sense of pride and fulfilment from their work, a purpose and importantly a companys whose values match their own. Research conducted by Cone Millennial Cause group, confirms, it is widely accepted by the young workers, loosely referred to as Millennials, that the focus on people, planet, and profits known as the new triple bottom line is increasingly becoming the main way organizations attract and retain new hires.

2.2.1 Employee Motivation Additionally, employee motivation is based on the notion that workers are not motivated only by the need for money but that non-financial elements are also important for employee motivation (Frey 1997). It is difficult to speak to motivation without acknowledging some of the theorists associated with the subject matter such as Herzberg Motivation-Hygiene Theory, Vrooms Expectancy Theory, Alderfer Threefold Conceptualization of Human Needs and Hackman and Oldhams Model of Job Enrichment. The Hertzbergs Motivation-Hygiene theory refers to primary causes of unhappiness (or dissatisfaction) on the job that are extrinsic to the job, such as company policy, interpersonal relationships and working conditions whereas, there are also intrinsic factor that makes people happy and motivated on the job, such as achievement, responsibility and recognition for achievement (Herzberg 1987, pp. 113120).

The Expectancy Theory ofmotivationwas first proposed byVictor Vroomof theYale School of Management in 1964. This theory emphasizes the needs for organizations to relate rewards directly to performance and to ensure that the rewards provided are those rewards deserved and wanted by the recipients. Vroom (1964), proposed that people are motivated by how much they want something and how likely they think they are to get it. He suggests that motivation leads to efforts and the efforts combined with the employees ability as well as environmental factors, result in productivity through performance. The Existence Relatedness and Growth theory commonly known as the E.R.G theory was developed by Clayton Adelfer in 1969.

This theory was a threefold conceptualization of the three basic human needs Existence, relatedness and growth, which must be met by an employee to enable him, increase performance and productivity. These three core needs that (a human being) strives to meet …include obtaining his material existence needs, maintaining his interpersonal relatedness with significant other people, and seeking opportunities or his unique personal development and growth (Alderfer, 1969). In Alderfers theory, a lack of satisfaction at one level leads to stronger need at the level below and satisfaction at one level leads to stronger need at the level above. Hackman and Oldhams (1976) model of job enrichment proposed that jobs can be made more motivating by increasing the following skill variety (the number of different skills required by the job), task identity (the degree to which the job produces something meaningful), task significance (the importance of the work), autonomy (the degree to which the individual has freedom in deciding how to perform the job), and feedback (the degree to which the individual obtains ongoing criticism be it constructive or otherwise). The role and result of employee motivation in conjunction with CSR is widely discussed with the notion that workers are not motivated by the mere need for money and/or personal differences but by combined causes.

McClelland (1961), believed workers could not be motivated by the mere need for money and/or personality differences. McClelland envisages that individuals have three major motives the need for achievement, affiliation, and power. The need for achievement is a distinct human motive which is related to personal responsibility for performance. It is accurately considered as an efficiency motive since the notion of doing things well or better involves efficiency. The affiliation motive is also critical as it is based on human natures basic need or desire to be with other people.

It is a persons need to feel a sense of involvement and belonging within a social group and is related to love, cooperation, conformity and conflict. The need for power is an urge to control the means of influence. It arises in individuals who have more certainty about the outcome of their power impulses. Power does not always lead to aggression but is an impulse to assertiveness in a highly controlled and regulated modern society. 2.3 Stakeholders Views The website, (Total Quality Management, n.d), defines stakeholders as individuals or groups that have interests, rights, or ownership in an organization and its activities. There are two types of stakeholders primary and secondary.

Examples of primary stakeholder groups are customers, suppliers, employees, and shareholders, they all have a vested interest in how the organization performs and interacts with them. Secondary stakeholders include governments, unions, non-governmental organizations, political action groups, and the media. These stakeholders are just as important as the primary ones because they are likely to take action that can either damage or assist the organization. The objective of being a socially responsible business is achieved whenits activities meet or exceed the expectations of all its stakeholders.

Nan and Heo, (2007) said that when CSR is properly implemented, customers will show loyalty to the organization and prefer their products and services over their competition. It mentioning as well that Barnett (2006) provides an argument indicating that the principle of maximizing shareholder wealth is not in the interest of shareholders. Barnett contends that excessive financial performance leads to decreasing the ability of the company to influence its stakeholders. Barnett (2006, p. 808) explains Doing too well can lead stakeholders to perceive that a firm is not doing enough good.

Excessive share value indicates that a firm is extracting more from society than it is returning and can suggest profits have risen because the firm has exploited some of its stakeholders to favour shareholders and upper management. This can indicate untrustworthiness to stakeholders looking to establish or maintain relations with the firm. Governments will be able to access for high taxation on profits as well when there is in influx of profits. 2.3.1 Aim of the Business -Profitability Making profits is an economic responsibility which according to Carroll, (1991) is the foundation on which all the other components of corporate social responsibility sit. The organization must always aim to operate at a high level of efficiency, place themselves in a competitive position and be consistently profitable to maximize their earnings per share. In the banking industry, financial performance refers to the measure of how well a firm can use assets from its primary mode of business and generate revenue (Haber Reichel.2005).

Different perspectives of how to evaluate a firms financial performance have different theoretical implications (Hillman and Keim.2001). Porter (2006) states there are numerous ways in which addressing societal concerns can yield productivity benefits to a firm. Consider, for example, what happens when a firm invests in a wellness program. Society benefits because employees and their families become healthier, and the firm minimizes employee absences and lost productivity. Porter concludes that societal problems can be solved through shared value solutions. But shared value offers corporations the opportunity to utilize their skills, resources, and management capability to lead social progress in ways that even the best-intentioned governmental and social sector organizations can rarely match.

In the process, businesses can earn the respect of society again. He also surmises that awareness of the five forces can help a company understand the structure of its industry and stake out a position that is more profitable and less vulnerable to attack. The factors include limiting the bargaining power of suppliers, balancing the bargaining power of customer whilst avoiding sacrifice to customer service, being innovative to limit the treat of substitute services, and new entrants to the market. In 1994, John Elkington coined the term Triple Bottom Line or TBL to describe a three-dimensional accounting framework to measure performance and sustainability. The components of this framework are social, environmental, and financial also known as the 3Ps (people, planet, profits). Many organizations have adopted the TBL framework to evaluate the performance of their company on a broad scale.

In traditional accounting, the term bottom line refers either the profit or loss, that a company makes and is usually recorded at the very bottom on a statement of revenue and expenses. The triple bottom line adds two more bottom lines social and environmental which are difficult to add measurement to. For years, environmentalists have wrestled with the issue of measuring sustainability, so much so, that people inside and outside academia agree with the general definition of Savitz, (2013), for TBL which says that TBL captures the essence of sustainability by measuring the impact of an organizations activities on the world including both its profitability and shareholder values and its social, human and environmental capital. The problem therefore isnt defining TBL, its measuring it.

According to Elkington, (1994), to achieve measurement, it is best to measure the individual variables within the three dimensions. Namely social, economic and environmental. Elkington, (1994), says that social variables refer to social dimensions of a community and could include measurements of education, equity and access to social resources, health and well-being, quality of life, and social capital. Economic variables are those that deal with the bottom line and the flow of money.

It could look at income or expenditures, taxes, business climate factors, employment, and business diversity factors. Environmental variables should represent measurements of natural resources and reflect potential influences on its viability. It could incorporate air and water quality, energy consumption, natural resources, solid and toxic waste, and land use/land cover. Savitz, (2013), posits that businesses, non-profit organizations, and government entities can all use the TBL.

The TBL and its core value of sustainability have become compelling in the business world due to accumulating anecdotal evidence of greater long-term profitability. Many non-profit organizations have adopted the TBL and some have partnered with private firms to address broad sustainability issues that affect mutual stakeholders. Companies recognize that aligning with non-profit organizations makes good business sense, particularly those non-profit companies with goals of economic prosperity, social well-being, and environmental protection. The Triple Bottom Line concept has changed the way businesses, non-profits and governments measure sustainability and the performance of projects or policies. Beyond the foundation of measuring sustainability on three frontspeople, planet, and profitsthe flexibility of the TBL allows organizations to apply the concept in a manner suitable to their specific needs. Elkington, (1994).

2.4. Theoretical Framework A theory can be described as a set of assumptions, propositions, or accepted facts that attempt to provide a plausible or rational explanation of cause and effect relationship among a group of observed phenomena (Krishnaswami and Satyaprasad, 2010). 2.4.1 Instrumental Theory Instrumental theories purport that organizations social responsibility rests at creation of wealth, only the economic aspect of the interactions between business and society is considered. Any social activities that are undertaken must be consistent with wealth creation. Friedman shares this school of thought.

This group of theories could be called instrumental theories because they understand CSR as a mere means to the end of profits (Lanis Richardson, 2012). 2.4.2 The Institutional Theory CSR is purely a voluntary action and is theorized to be embedded within a wider field of economic governance, characterized by different aspects of the organization, including the market, government regulation and beyond. In definition, institutional CSR appears to be right at the centre of what CSR is all about (Hawkins, 2006). 2.4.3 The Shareholder Primacy Theory Initially shareholder primacy theory professed that a corporation is primarily responsible to its shareholders to maximize wealth, and as such, social factors should not interfere in an organizations business operations. In modern times, a companys core objective of profit maximization must be underpinned by a proactive approach to CSR to manage and mitigate a broader array of risk factors. Managing risk via community engagement and the implementation of socially responsible strategies, is increasingly linked to business success and stakeholder confidence.

Intangibles such as trust, ethics, corporate culture, employee satisfaction, environmental behaviour and community responsibility are increasingly relevant to consumers, business partners, governments, special interest groups, existing and potential employees and investors, (Corporate Social Responsibility. (2001)). 2.7 Summary In summary, todays consumers are looking for more than just high-quality products and services when they make a purchase. Theyre prioritizing corporate social responsibility (CSR), andholding corporations accountablefor effecting social change with their business beliefs, practices, and profits. Also, organizations have come to realise what the consequences of being socially irresponsible are and are choosing to address it by not only focusing on the way they operate, but also on the way in which their organization impacts the society and environment at large. Undertaking socially responsible initiatives provides a true a win-win situation.

Not only will the company appeal to socially conscious consumers and employees, but they will also make a real difference in the world. Upon reviewing the literature for this research, a gap was identified. Whilst there are numerous articles on CSR, there are not many that link CSR with Profitability in the banking industry in Jamaica. Additionally, it has proven to be difficult to quantify the supporting elements of CSR such as employee satisfaction, customer loyalty and corporate governance. As such, since it is difficult to quantify CSR, it becomes difficult to measure its impact on profitability.

We the researchers have sought to explore the extent to which BNS has been able to quantify revenue from its CRS activities. As a spin-off from being a good corporate citizen, the company may benefit in the following ways Customer loyalty which manifests itself through Brand Advocacy – where the customer becomes a brand ambassador, Price Insensitivity – where no matter the changes in price the customer still buys the brand and Direct Referrals – where the consumer recommends the brand to others, improved brand perception and increased brand awareness. Employee Satisfaction Corporate social responsibility programs are most effective when the company engages their employees in open communication about the CSR initiatives. When they are included in the process and are given information to promote them. Understanding, it fosters a healthy relationship and a more sustainable partnership between the employer and the employee.

CSR also acts as a motivator for those employees who do not value financial rewards as much as they value giving back to the society. Profitability The main aim of businesses primarily, is to make a profit (unless its a non-profit company). Stakeholders take unwavering interest in the financial performance of the business that they have rights, or ownership in. There triple bottom line is a framework put together to measure the sustainability of a company, although there are challenges to putting the TBL into practice, once executed it will allow organizations to evaluate the ramifications of their decisions from a truly long-run perspective.

Corporate social responsibility aids an organizations mission as well as provide a guide to what the company represents for its consumers. Through corporate social responsibility, an organization strives to improve on its long-term profits as well as to build shareholder trust through positive public relations and high ethical standards and taking responsibility for corporate actions. A good CSR strategy allows the company to make a positive impact on the environment andstakeholdersincluding consumers, employees, investors and the communities. CHAPTER 3 METHODOLOGY 3.1 Research Design The research design that was used was a qualitative one, and as stated by Neuman, (2006), involves the characteristics, or qualities that cannot easily be reduced to numerical values in our society. A qualitative researcher typically aims to examine the many nuances and complexities of a phenomenon. The qualitative method was used because historical data would be analysed, predominantly secondary data, such as financial statements and, CSR yearly activities.

The purpose of this study was to identify and evaluate the CSR impact on the profitability of the Bank of Nova Scotia, Jamaica Limited at its Head office located on Duke Street Kingston Jamaica. This chapter provides details of the Research Design, Population and Sample, Instrument(s), Data Collection Procedures, Triangulation, Data Analysis and Ethical Considerations. According to Neumans (2006) exploratory research intends merely to explore the research questions and does not intend to offer final and conclusive solutions to an existing problem. Exploratory research design is also useful as it creates a comprehensive investigation of the study undertaken.

It facilitates a better understanding of the phenomenon. Furthermore, qualitative research design, allows the research question to be sharpened as the study progresses. This was crucial for the study, as several questions had to be changed as the research paper got more intense. Also, qualitative research is justified over other strategies such as quantitative research and reciprocal analysis, as the intention of this study is to promote quality as described by Neuman (2006) rather than quantification, generalization, randomization and prediction that are the of quantitative research. 3.1.0 Goal of the Research The goal of this research is to explore how CSR impacts profitability at the Bank of Nova Scotia Jamaica Limited.

BNS, participates in several CSR activities and it is hoped that via this research we can implore on the management, to invest more financial support, encourage staff volunteerism and invest in efforts to ensure that their current and potential customers are made aware of these efforts. This research also sought to identify CSR as a viable means of emphasizing a better perception of the bank to all its stakeholders. We therefore found it important to visit the Duke Street branch, to interview and focus groups with the relevant personnel integral to the research topic and to audit secondary data (the financials), to better understand the extent to which CSR is being used as a strategy within BNS to achieve profitability. 3.2 Population Population in research generally refers to a large collection of individual or objects that is the focus of a scientific query. Research benefits the entire population when it is done. The researchers population consisted of approximately seventy (70) employees, of which seven (7) were Directors, twelve (12) were Executive/Senior Managers, thirty-two (32) were Branch Managers/Supervisor and nineteen (19) were support staff from both the Finance department and Marketing of which three (3) members worked as representatives in the CSR department.

Due to the small population size chosen, the research team agreed to have a sample size of 15 employees. The table below outlines the employees structure and their respective hierarchy Table 2 Number of Participants in Population and Sample Participants Population NPopulation ()Sample NSample () Directors71017Executive/ Snr. Mgmt.121717Managers/Supervisor3246533Support staff in Finance Marketing1927853Total70100151003.3 Sample size Sample size is an important concept in statistics, and refers to the number of individual pieces of data collected in a survey. A survey or statistic sample size is important in determining the accuracy and reliability of a surveys findings. There are two ways to choose a sample either randomly or non-randomly. The sample size the research team used was fifteen (15), two (2) Elite Managers and five (5) Supervisors.

Additionally, a focus group comprising of eight (8) Support staff was also done. Since the research is qualitative in nature, there was no need to use all the personnel in the entire population. 3.4 Sample Method / Techniques The researchers also used a non-probability sampling technique. Non-probability research speaks to sampling techniques for which a persons chance of being selected in the sample is unknown.Kumar, R.

(2014). The purposive sampling technique is useful in exploratory researches that are qualitative in nature. The purposive type of non-probability sampling was used to focus on persons of interest, who would best enable the researchers to get answer to the research questions. Maximum variation sampling, also known asheterogeneous sampling, is a purposive sampling technique and was used to capture a wide range of perspectives relating to the phenomenon. It states that some members of a population have no chance of being selected. Kumar, R.

(2014). Elite personnel such as mangers who work directly with CSR and Finance departments at BNS Duke Street, were interviewed to receive specific and valid primary data. A focus group was also conducted at the branch, to get more open, diverse and reliable responses. 3.5 Conceptualization This research paper shows a conceptualisation of CSR that emphasizes the impact of CSR on profitability at BNS, Jamaica. The framework first depicts CSR initiatives as the actions undertaken by BNS to display conformity to both organizational and stakeholder norms. The research looked at the managerial processes needed to monitor, meet, and even exceed, stakeholder norms.

Finally, the analysis explains how CSR initiatives can generate increased stakeholder support. Keywords stakeholder theory corporate social responsibility market orientation ethics community. Several authors have depicted CSR in terms of concrete organizational processes often analysed under the label of corporate social responsiveness, for example, Ackerman (1975) outlined three main activities representative of corporate social responsiveness (a) monitoring and assessing environmental conditions, (b) attending to stakeholder demands, and (c) designing plans and policies aimed at enhancing the firms positive impacts. Similarly, Wartick and Cochran (1985), along with Wood (1991), suggested that issues management and environmental assessment constitute two sets of managerial processes useful to achieve a proactive social responsibility stance.

Given the variety of the viewpoints outlined above, it is evident that no single conceptualisation of CSR has dominated past research. 3.6 Operationalization Plan Table 3 Operationalization Plan ConceptDefinitionLevel of measurementMeasures/IndicatorsStakeholder CommunityAstakeholderis any person, organization, social group, or society at large that has a stake in the business. Thus,stakeholderscan be internal or external to the business. A stake is a vital interest in the business or its activities.Number of articles on their websites.Content analysis of the press releases related to CSR over the five years span and assessing the actors that have been advocating this issue based on press articlesStakeholder issues and normsThe concern that stakeholders embrace about organizational activities and the residual impactLook at the polices and procedure in place at BNS, to see if they support the culture Stakeholder interviews with management evaluation of their norms and concerns with respect to the activities of an organizationStakeholder power and engagement levelAstakeholderis anybody who can affect or is affected by an organization, strategy or project.

They can be internal or external and they can be at senior or junior levels. Some definitionssuggest thatstakeholdersare those who have thepowerto impact an organization or project in some way.Participation of the staff in CSR ActivitiesManagerial interviews managers perceptions of different stakeholders power and engagement of staff in decision for CSR projectsStakeholder resourcesStakeholderscan affect or be affected by the organizations actions, objectives and policies. Someexamplesof keystakeholdersare creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws itsresources.Check broadcast of information to staff and customers, their awareness of the CSR efforts.Customers loyalty, positive word of mouth, brand equity measures Employees assessment of commitment and job satisfaction Suppliers measure of cooperation, investments in assets Investors amount of invested capital, shareholder loyalty Media number of positive press releases All stakeholders reputation measures 3.7 Data collection methods and instruments There are two (2) types of data collection methods primary and secondary. For this research, both primary and secondary data were used. The research team used two or more instruments to gather the necessary data for analysis.

The researchers utilized various text sources that gave information on related topics in addition to organizational information received from BNS, Jamaica on the related topic. The Primary Data Collection Methods that were used are Telephone interviews were conducted with the Elites, as they were unavailable for face to face interviews. A focus group was also conducted at the branch, in a round table setting, with the support staff. Some of the questions posed to the elites were also posed to the focus groups.

This was done to verify that the information received was reliable and valid. The Secondary Data Collection Methods that were used are The secondary data gathered from the company were annual reports, CSR activity listings, Organizational objectives Performance Targets or Job Targets Client and customer feedback reports and other documents that were relevant to the study being conducted. The Profitability – The financial statements were selected by the researchers as a source of secondary data. We have included an excerpt of BNS Annual Report with a five-year statistical review, which showed the profitability of BNS over the years, even while participating in some CSR activities. We would also examined other financial banks in the industry namely JMMB and VMBS in Jamaica. (Appendix ).

3.8 Validity and Reliability For a research to be accurate, its findings must be reliable and valid. Reliability means that the findings would be consistently the same if the research study were done over. On the other hand, validity refers to the truthfulness of the findings ( Who said this). The researchers sought to extract reliable and valid information through gathering such information from persons in authority within Scotia Banks Corporate Social Responsibility and Finance Departments.

These interviewees have provided the researchers with a more precise, accurate and measurable finding. Alongside these interviews the researchers have requested reports and studies to counter the information received to reduce errors in the study. 3.9 Data Analysis Method The Thematic Analysis technique was used for this research. The Thematic Analysis method is a process in which any newly collected data is compared with previous data that was collected in one or more earlier studies.

Guest, Greg (2012).Applied thematic analysis. This is a continuous and ongoing procedure, because theories are formed, enhanced, confirmed, or even discounted because of any new data that emerges from the study. Coding was utilized using Thematic Analysis technique to identify the core categories that were common in the interview transcripts. Coding gave more precise and logical data to be analyzed as it represented a theme or idea to which each idea was associated. Coding was used to critically examine the information received from BNS to that of the literature review.

Table 4 Summary of Research Questions and Data Collection and data Analysis Methods Research QuestionsData Collection MethodsData Analysis MethodsHow does Corporate Social Responsibility Impact Profitability at BNS Kingston, Jamaica Interview/Case Study/Focus GroupQualitative description How does CSR affect customer loyalty at BNS InterviewFrequency and percentage Qualitative description What is the impact of CSR on internal customer satisfaction at BNS Interview/Case Study/Observation/Focus GroupFrequency and percentage Qualitative description, Analytical comparison3.10 Time Horizon The study was undertaken in thirteen weeks, during which the data was gathered just once, to answer the research question. Such a study is cross-sectional. 3.11 Field Setting The Bank of Nova Scotia Limited, Duke Street, Kingston, Jamaica 3.12 Extent of Researchers Interference The team did a qualitative research, which allowed for some degree of subjectivity by the interviewers. 3.13 Ethical Issues The team followed all ethical guidelines to protect the participants rights and safety. The intent of the research team is to acquire information that is unbiased, confidential and accurate. As such, therefore the following ethical standards were used Consent Forms This is a document which was signed by participants prior to the interview to confirm that he/she agrees that whatever information is received by the team can be used in the research being conducted.

The document was issued to all participants for execution giving the team permission to use the information received. This document was very important to the research team because if it is not signed then the participants could declare after the interview that he/she no longer wanted the information that they have given to be used in the research. Confidentiality Agreement Forms This is a document that was prepared for each participant and interviewer to sign before the interview began. This was to assure the participants that their identity would be kept anonymous and to show the research teams sincerity.

Voluntary Participation The research team aimed to have the information received, be unbiased and truthful and therefore all respondents participated voluntary and no monetary compensation was given to anyone participating in the research. Accepting monetary rewards for participation would have likely led to participants telling the interviewers what they wanted to hear and not necessarily the reality of the situation. This would have distorted the research conducted, thus making it null and void. A participative CSR program is necessary for the well-being of both businesses and their stakeholders.

With the emphasis on the protection of the environment, people and profits, businesses must look to CSR to facilitate not only obligatory but a voluntary means of achieving their overall objectives. It is hoped, that this research will cement the focus that a business can both be profitable and ethical todays society. When companies understand the impact that CSR can have on their bottom line, they are more inclined to implement programs to keep their Stakeholders satisfied. CHAPTER 4 FINDINGS 4.1 Overview The primary objective of this research was to explore the impact of CSR on profitability at the BNS Jamaica Ltd, Duke Street Branch. This was done not only to learn more about the phenomenon but also to allow the research team to make recommendations on how the existing activities can be improved to positively influence banks profitability based on CSR activities. In doing an exploratory analysis of the data with a sample size of fifteen (15) persons, the researchers aimed to illustrate the findings of the research questions studied.

This chapter presents the findings and analysis of the qualitative research study, which was gathered using interviews and focus groups. The researchers, upon completion of the study, have successfully ascertained the views and opinions of the respondents which have allowed them to determine if CSR at BNS Duke Street, Kingston have been prioritized and implemented efficiently and effectively in order to achieve profitability. 4.2 Response Rate The chosen sample population was seventy (70) employees from the BNS Head Office Branch, Duke Street, Kingston. The focus however was on a sample size of fifteen (15) employees utilizing the purposive sampling approach, where it was a mix of employees from the Finance, Administration and Marketing departments.

They all consented to participate. The response rate from this study, given the number of interviews and participation in answering the interview questions was 100 of the targeted sample size. This we felt was considered significant enough to give reliable findings for the topic being studied. 4.3 Data Analysis 4.3.1 Results Demographics and Characteristics The sample population consists of 70 employees. Of the 70 staff five (5) were males ranging from ages 35-55 years old and ten (10) females ages 30-55 years old. Of the 70 (n70) 41 or 59 were males and 29 or 41 were females.

The year of employment ranges between one (1) to twenty-five years (25). This depicts years of experience and gives a better understanding based on how employees view CSR and its impact on profitability to the organization. Table 3 Question 1 Table showing years of employment at BNS Head Office Branch, Duke Street, Kingston __________________________________________________________________ Years of employment Frequency __________________________________________________________________ 0-5 1 6-10 7 11-20 4 21-25 3 ________________________________________________________________ Total 15 _______________________________________________________________ Of the 15 in the sample size (n15), which represents 21 of the total sample population, 100 of the respondent answered. The analysis of the sample shows that most of the sample, 7 or 47 work at the location between 6-10 years, 4 or 27 work between 11-20 years and the other 26 work between 0-5 years, and 21-25 years with a frequency of 1 and 3 respectively.

See table above Elites responses to interview questions QuestionsElitesResponsesThemesCommonality /SimilaritiesSummaries 2. Does BNS have a CSR policy in place 1Yes, we integrate CSR in our core strategy that focuses on giving back to the communities, our staff, our customers and the environment in which we operate.GovernanceThe consensus is there is a policy in place that facilitates good governance of CSR at BNSThe consensus is there is a policy in place that facilitates good governance of CSR at BNS2Yes, through our good Corporate Governance we execute CSR polices that facilitate best practices and balancing of stakeholders interest.3Yes, we have a CSR policy that is instilled from the highest level of our organization. Our HODs are tasked to incorporate CSR in their departmental objectives.3. Is there a CSR committee in place1Yes, in the form of Scotia Foundation, which is governed by a Board that holds quarterly meetings across the region.GovernanceThere is a CSR committee /FoundationBNS has centralized CSR oversight from Canada, and activities filter down locally through the Scotia Foundation.2There is a Board made up of select persons across the region that BNS operates, they meet quarterly to discuss projects.3Yes, there is the Scotia Foundation, you can see more information on line.4.

Briefly describe how BNS selects its CRS activities1New projects are submitted by staff and volunteers to the Marketing Department Head for discussions and allocation, the selected project is then sent to the Foundation for considerations. All projects and budget must be approved by the Board. Employees Engagement and CommunicationStaff and Stakeholders participation in projectsBudgets and projects are selected appropriately by the Board.2Staff and stakeholders are asked to participate in project selection and then the Board chooses and approves the project3Employees are encouraged to send management their idea for projects, but there are standard project that occur frequently its just the budget that changes.5. Have you found that the CSR activities have increased or decreased over the past 5 years3Yes, we do more awards and tree planting, vegetable garden in schools and environmental Awareness projects like participating in the International Beach Clean-up.

These are smaller project but they are far reaching and more staff volunteer their time and effort.Impact on ProfitOver the past 2 years there is a decrease in project and spending.There are cut backs on projects. Nevertheless, it does not indicate a failure in moving forward but a strategy to place more focus on childrens nutrition and staff volunteerism has increased.6. How often does the company review its CRS programme1Board meeting are held every quarter with a consultant. They review and look at the type of projects, budgets and it is normally based on education, health and community activities. Governance Meeting every quarterly CSR/Foundation are reviewed quarterly.2There is a board that meet quarterly to discuss the projects and then a selection of the project is done.

3Projects that have been approved, their updates are discussed at the Boards quarterly meeting and urgent current 7. Does the organization seek suggestion or feedback from stakeholders regarding CSR activities1Our parent company out of Canada, does an annual review of the selected projects, which involves participation in survey out of Canada. Locally, we do a Marketing survey done by an external marketing company, which captures customer feedback as it relates not only to our products and services but also our CSR activities, our staff, customers and volunteers have various outlets to offer suggestions and recommendations such as social media and other traditional media, such as fundraising.Stakeholder engagement CommunicationFeedback from stakeholders, staff, volunteers and fundraising BNS gives and seeks feedback from their Stakeholders2Yes, both internationally, from the parent in Canada and locally from our staff, customers and volunteers.3Yes8.How are CSR activities communicated to employee1Through emails, staff meetings and, also our website where we have a section for staff only Scotialive. My own method is to do articles and set objectives geared towards staff involvement and motivation, last year the theme was keeping you informed and this year it is Engage, Inspire, and Win. All staff are encouraged to get involved and campaigns via team activities and staff events are also done on these topics.Employee engagement and communicationIntranet articles, website and staff eventsCommunication is distributed by website scotialive and intranet2There is a staff email and there is also the Director of the Foundation or her assistant will distribute intranet articles to staff3Information is posted on the Scotialive for employees to be aware and regular intranet articles and staff meetingsa. Approximately how many employees participate in CSR activities 1Thats hard to judge.

Approximately 1,500 employees are dedicated, example 700 800 employees are down for the Sigma Run. This is also a part of the employees performance appraisal, they are measure based on their involvement.Employee engagement and communicationCSR Activities are fully attended by the Employees at BNSA consensus from the respondents agrees that maximum participation is achieved for their CSR activities2Roughly a 1000 – 1350 employees are a part our activities, and I am basing this from the Sigma Run sponsor by Sagicor Group. An estimated figure of 800 employees are dedicated to the Sigma Run.3Most employees participate and sometimes over subscribed for CSR eventsb. Do you find that CSR activities motivate employees at BNS1Oh yes, very effective, it allows them to get involve.

It allows staff to sit on the board. It more than money. Its gives a very positive feeling. All branches participate in the school nutrition launch. Staff decide on 20 schools in their communities.

There are 10 school already and 4 childrens home that staff have given their time and service.Staff motivation SatisfactionEmployees motivation CSR activities motivate the staff at BNS2We are motivated by participating in these projects because we derive a sense of giving back to our communities and Jamaica on a whole.3Yes, we are motivated by engaging in these CSR activities, we gain pride and recognition from the benefactors.9. Would you say that customer perception, customer loyalty and overall customer satisfaction has been impacted by CSR initiatives1People dont mind paying fees, because BNS gives back. And when they watch the Teller, they said that they dont mind paying the fees because they see where BNS are giving back to the communities.Customer Loyalty PerceptionCustomer satisfaction and loyaltyThe Elites and other Participants agree that customers remain appreciative of BNSs CSR activities 2Yes. Customers appreciate our giving back activities, it shows them that although they are charged for our services, we not only concerned about our profit but the communities and our environments in which we operate.3Yes. Customers may comment about our fees however, they are always happy to see us giving back to their communities and in the media.10. Is there a yearly budget for CSR activities1There is a budget go on the website the financial.

Our budget ranges from 30 – 60 million Jamaican Dollars annuallyImpact on profit30 – 60 million spend CSR activities are captured within the BNS Group budget.2Approximately 50 million Jamaican Dollars depending on the requirement of the selected project.3Not sure 10a. Is BNS able to identify revenue which is derived from CSR activities 1We have seen growth in our customer base and consistent retention of our loyal customers over the years. This has allowed us to see an increase of profits over the years.Impact on profitPositive impact on profit CSR activities positively impact profitability at BNS 2We continue to attract new customers and maintain our current clientele through our CSR activities that aids with brand awareness and give us a competitive advantage in the industry. This equates to our annual profits over the years.3I think so, BNS is well established in the banking industries and remains profitable by continuously being engaged with their customers by offering extraordinary customer services, satisfied workers and other relevant stakeholders. Major Themes The research topic expressed through our research questions along with the corresponding responses have highlighted several themes. The researchers have highlighted and placed focus on the major themes below, which were brought out consistently during the research Good governance of the CSR activities Employee engagement and communication Employee motivation and satisfaction Customer loyalty and perception Impact of CSR activities on profitability Stakeholder engagement Good Governance From our interactions with the participants and the responses from the Elites, it is apparent, that they do have policies in place that influence and encourage a culture of staff volunteerism and engagement with CSR activities.

We also saw where a dedicated body in the Scotia Foundation, though managed from the parent company in Canada, is in place to facilitate regular selection, review and implementation of CSR activities, to the benefit of BNS and its Stakeholders. CSR at BNS is embedded in both the company and the staff performance management system, which makes participation mandatory. It was also found, that the organization uses CSR as a strategic tool to assist with marketing. Therefore, they use the triple bottom-line technique to realize their core objectives of profit maximization and shareholder value, whilst bearing in mind the benefit to the society.

The budgets for these CSR activities however, have continued to decline over the last five years, thus limiting the long-term effects to be derived from the Triple Bottom-line Technique. Using the Triple Bottom Line is one of the best markers of how sustainable and how profitable a business is, by measuring its impact on the social, environmental and economic aspects, within the society they operate. Employee Engagement and Communication The CSR activities at BNS are hugely supported by Management and all other levels of staff. Several employees spoke passionately about the CSR activities that they participate in with their managers and the various awards that BNS have achieved through their involvement. Also, notification to participate is CSR activities are communicated and encouraged by the Head of Departments, who send out information via a range of media such as the company website, emails and via the companys in-house learning centres.

Employees are also able to make suggestions for CSR activities and they are encouraged to participate by offering them attractive rewards and recognition via appraisals and staff events. Employee Motivation and Satisfaction From the research, we have also found that there has been a decline over the last five years in the staff compliment. The responses from the Elites spoke to a restructuring exercise as the cause for these separations as opposed to them being dissatisfied workers. In fact, the responses spoke to how staff were motivated and satisfied with the efforts made by the company through their CSR activities to give back to the communities that they also belong to. The employees were also enthusiastic about the opportunities that they were afforded to express their voluntarism for the betterment of society through participation in these organized CSR activities. Some persons from the focus group agreed that CSR extends to their performance in carrying out their normal duties as, the brand of BNS is reputable so they maintain proper decorum and service quality when dealing with their customers.

Customer Loyalty and Perception. According to the responses given to the researchers, customers continue to remain loyal to the brand of BNS. Both the Elites and participants of the focus group admit that customers have an issue with the fees being high, but they remain loyal and active customers because of the banks effort to remain active within their communities. It is the perception that BNS is doing well and giving back to society, which causes new and existing customers to support BNS and contribute not only to their profitability but by extension, back into the economy. Summary This research was conducted to explain the decline, over the last five years, of the engagement of CSR activities at the BNS, Duke Street, Kingston. In order to demonstrate the need to increase these CSR activities at the bank, the question was asked, how does Corporate Social Responsibility impact profitability at BNS The research sub-questions were used to conduct the necessary investigations.

They included How does CSR affect customer loyalty at BNS What is the impact of CSR on internal customer satisfaction at BNS Over the last 5 years how has CSR impacted profitability at BNS To better answer these questions, interviews and focus groups were done to conduct the research at the BNS Head Office Branch, Duke Street, Kingston. The research reveals the following findings Findings The Elites and other Participants agree that customers remain appreciative of BNSs CSR activities Most of the employees that we interacted with, were working at BNS for over five (5) years The consensus is there is a policy in place that facilitates good governance of CSR at BNS. CSR is centralized and is filtered down to the local level through the Scotia Foundation. CSR activities motivate the staff at BNS, Duke Street location A consensus from the respondents shows that maximum participation is achieved for their CSR activities. CSR activities positively impact profitability at BNS.

Discussion of findings The result from the study indicated that customers remain loyal to the bank and have a good perception of the bank as an institution that gives back to the society. There remains other factors that have a negative impact on the perception of the bank such as their fees, however, the customers express inertia in performing any change and validate their loyalty with the justification of the Banks culture of carrying out CSR activities. In order to maintain this perception and retain customers, instead of reducing the CSR activities, more impactful and far reaching CSR activities are needed. Additionally, the Banks internal customers (their human resources), are impacted positively by the CSR activities in which they participate. The respondents agreed that although they offer voluntarily to participate in the CSR activities, they are also motivated by the incentives of rewards and the enhanced appraisal score for their overall performance on the job. The results obtained from the study also revealed that they are satisfied with the CSR initiatives explored by BNS as it relates to staff engagement, communications and feedback.

This has resulted in an appreciation for the reputation of their company and a willingness to uphold the expectation of exceptional customer service and dedication to the culture of BNS giving back to communities. They also acknowledge the role that their institution plays in the lives of all their stakeholders and also in nation building. The Bank of Nova Scotia is renowned for its philanthropic reputation and continues to attract personnel that may want to be a part of a labour force of BNS. The staff are cognizant of budgetary constraints, and the obligations to shareholders, however, they continue to expect growth in CSR, as it not only speaks well of the organization but also to the staff and volunteers within the company. Unless a company is non-profit, its main objective is to be profitable. Satisfying their shareholders, customers, staff, other stakeholder and meeting societal expectations are also primary objectives of businesses. Our research looked at the predominant factors that impact a businesss profitability, namely customer loyalty, staff motivation and satisfaction and good strategic management tools to effectively gain their organizational objectives. In this research we looked at the use of CSR activities as a strategic tool to enhance profitability at BNS. We found that CSR activities have declined both in value and the number of activities that BNS participates in and we aim to influence management to discontinue this trend. Based on the evidence gathered from the study, we could conclude that customer loyalty and satisfaction both internally and externally is positively impacted by the BNS CSR activities and therefore allows the bank to retain customer loyalty, which equates to more business for the banks profitability. The staff continues to be motivated which facilitates greater productivity and allows them to offer premium customer service to clients. This helps the bank to maintain a good reputation which will not only maintain current customers, be influence new ones. CHAPTER 5 ANALYSIS, CONCULSION RECOMMENDATIONS 5.0 Overview The researchers set out to explore how corporate social responsibility impacts profitability at the Bank of Nova Scotia Jamaica Ltd, Duke Street branch. The research was structured to answer keys questions such as how does CSR affect customer loyalty at BNS What is the influence of CSR on internal customer satisfaction at BNS And how CSR has impacted profitability at BNS over the last 5 years A qualitative method approach was taken in this research as well as a theoretical one. The focus of the literature review was on the key variables which are CSR and profitability. The researchers based on their findings have drawn conclusions and have made recommendations, regarding how to solve the research problems. 5.1 Discussion of the results with literature (Analysis) The Bank of Nova Scotia Jamaica Limited, Duke Street branch, has consistently used CSR as a marketing strategy, to gain benefits such as positive brand evaluation, product commitment and customer loyalty. These benefits provide BNS with a competitive advantage to sets them apart from their rivals. The strategy that BNS uses is supported by Porter, et al 2006, who have put forward a way of looking at the relationship between a business and the society. They purport that companies can use CSR to discover opportunities not only to benefit the society but also themselves, by strengthening their competitive advantage within the industry that they operate. In this way, companies are proactive in dealing with social issues instead of being reactive and using it as a tool to correct damages. Porter, et al 2006, says that competitive success can be achieved via CSR, when a company plans strategically and works to promote brand awareness and brand perception which could lead to customer loyalty in the long term. Additionally, according to Carroll (1991), a theoretical Pyramid of Social Responsibility exits and at the peak of this pyramid is a companys philanthropic responsibilities otherwise referred to as CSR. BNS is very committed to its obligation to society and one of the many ways that this is manifested is through sponsorship. They provide scholarships for primary, high school and tertiary education community outreach activities such as the primary school cricket programme and through health care via payment for scoliosis and spine care surgeries. The idea that CSR is a responsibility of the organization is a view strongly supported by Carroll (1191), however, this view is challenged by Friedman (1970), who purports that corporations should not focus on charitable activities that do not directly generate revenue. Vroom (1964), Expectancy Theory of Motivation, speaks to the use of a rewards and recognition system as a motivational tool. He proposed that people are motivated by how much they want something and how likely they think they are to get it. He suggests that motivation leads to efforts and the efforts combined with the employees ability as well as environmental factors, result in productivity through performance. The employees at BNS all participate in CSR activities that are planned and executed through the Scotia Foundation. Corporate social responsibility is completely engrained into the banks culture, so much so that it is mandatory for all staff to play a role in all CSR initiatives. The employees are extremely motivated to participate in CSR activities because it is directly linked to their performance appraisals and high performers are recognized and rewarded for their efforts. According to Friedman (1970), the core social responsibility of a business is to enhance its profits. He states that a business should only use its resources to engage in activities specifically designed to increase profits and that the major role of executives is to ensure that shareholder interests are protected and this does not include giving back to society. The research findings revealed that, other than the suite of products and services that BNS offers, it is believed that their philanthropic activities, have immensely aided there profitability. It was shown that regardless of the amount of CSR activities undertaken, BNS continues to make a profit yearly. BNSs ability to engage in CSR and still remain profitable supports the philosophy purported by Carroll (1991). Carroll (1991) says that at the base of the four (4) tiered pyramid of social responsibility is profitability and it is the foundation upon which all other business responsibilities are built. The two tiers in the middle are legal and ethical responsibilities and at the top is philanthropy, otherwise referred to as CSR. Based on the pyramid, it is evident that all four responsibilities, work hand in hand to allow the organization to be successful. Conclusion The research conducted has allowed the researchers to answer the three (3) research sub-questions as well as the main question of how does corporate social responsibility impact profitability and the Bank of Nova Scotia Jamaica Ltd, Duke Street Branch These questions were answered through the collection, analysis and interpretation of primary and secondary data. The CSR initiatives in which BNS participates have had a very positive affect on customer loyalty. 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A-Z of Corporate Social Responsibility (2nd Edition). Hoboken, NJ, USA Wiley. Retrieved from http//site.ebrary.com/lib/stpaulslimuru/docDetail.actiondocID10441452 APPENDICES Table 5 Activity and Time frame Figure 1 Gantt Chart Table 6 Research Budget MONTHSJanuaryFebruaryMarchApril May June July TotalTravel cost 4,000 4,0002,0002,0002,0004,0004,00022,000Instrument design 1,000——1,000Printing Ink2,800–2,800—5,600Copying 1,000 1,0001,0001,0001,0001,0001,0007,000Data Collection —1,0001,000–2,000Data analysis–500500500–1,500Binding – —–2,0002,000Other Budget Cost5005005005005005005003,500Total9,300 5,5004,0007,8005,0005,5007,50044,600 Appendix A Informed Consent Form Research project title How does Corporate Social Responsibility Impact Profitability at the Bank of Nova Scotia, Jamaica Limited, Duke Street Branch Name of researchers Samantha Sinclair-Nelson, Amal Davis, Arlene Jackson, Kedeen Morrison Your participation in this research study is voluntary. You may choose not to participate and you may withdraw your consent to participate at any time and you will not be penalized in any way should you decide not to participate or to withdraw from this study. We will do everything we can to protect your privacy and your identity will not be revealed in any publication resulting from this study. You will be interviewed without being audio recorded. I the undersigned, have read this consent form and my questions have been answered. My Signature below means that I want to participate in this study. __________________________ ___________________________ Participants Signature Date Appendix B BNS Five Years Statistic Review Appendix C Proposal Approval PROPOSAL APPROVAL To succeed in the implementation of monitoring of the proposed research, Corporate Social Responsibility on the Profitability, The Bank of Nova Scotia Jamaica Limited must ensure that there is consensus on all areas of the research from top management down to the lowest level of staff. This ensures, as best as possible, congruence and alignment with that which is required of each member of staff, for the organization to remain viable. Interview Questions Proposed How long have you been working at BNS a. Do you have a CSR committee and how where these individuals chosen b. Do you know who the Team leader is 3. a. Can you recall the current CSR Activities that BNS have been involved over the last year (2017) b. If yes, were you apart of any of the initiatives 4. Is there a specific, policy or acceptable method of encouraging employee engagement in CSR activities Or any established schedule of these activities provided at the organization for access globally to the employees 5. a. What CSR awareness media are in place by management to inform and encourage engagement of staff in the workplace b. Based on the nature of the business, does the organization seek suggestions or feedback regarding CSR activities 6. What documentation of records are used to gather feedback form current or potential customers about CSR activities 7. How often is the CSR program reviewed 8. Describe how your organization selects CSR initiatives 9. Name two (2) things you would change 10. How doyouperceiveyour satisfaction due to the CSR initiatives undertaken by BNS 11. Do you believe that the BNS is doing enough to meet the CSR standards CORPORATE SOCIAL RESPONSIBILITY ON PROFITABILITY PAGE MERGEFORMAT 66 Running Head CORPORATE SOCIAL RESPONSIBILITY ON PROFITABILITY The following proposal has been accepted . 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