BankMuscat, the leading financial services provider in the Sultanate, has launched an innovative corporate social responsibility (CSR) initiative involving the 3000-strong employees.
The new CSR strategy which stems from the Royal directive of His Majesty Sultan Qaboos to accord priority for social responsibility is the first of its kind in Oman and the region to engage all staff in making a big difference in giving back to society.
AbdulRazak Ali Issa, Chief Executive, who presided at the event to unveil the new CSR initiative, said: “The Muscat CSR initiative is an earnest attempt to respond to reality. As the leading bank in the Sultanate, BankMuscat is at the forefront to contribute to society and thereby set a fine example for the banking sector to develop social work as corporate culture. The CSR initiative is a commitment to involve everybody in the bank in social activities. The bank aims to bring social responsibility in the blood of everyone and it will become the culture of the organisation. The initiative reflects the bank’s commitment to set benchmark standards in social responsibility.”
As part of the CSR strategy, all employees will commit to a minimum of five hours of voluntary social work in a year as well as monetary contributions. Each staff member will be assigned specific key performance indicator (KPI) requirement involving social work for the annual performance appraisal.
Department Heads will assign a target for mobilising specified man hours to cover all the CSR activities planned by the bank. The staff will have the option to choose from these projects, based on their specific interests. The staff can opt to either engage in voluntary social work or make financial contributions in lieu of the required working hours. Upon successful completion of a social work quota, the bank staff can earn 5 per cent of positive assessment value in the annual appraisal.
The bank anticipates to involve staff as good corporate citizens actively contributing to the community in line with the CSR commitment. The social contributions of staff will be systematically evaluated as part of their appraisal. The initiative attests the bank’s commitment to be the most exemplary corporate citizen at the forefront of CSR activities in the Sultanate. Social work will represent both an important and critical aspect of working as an employee in BankMuscat. It will allow employees to demonstrate the sincerest form of loyalty to the bank and the community. Research shows that employees who are engaged in social work activities perform better in customer service and remain loyal to their organisations.
BankMuscat Hearts will implement the CSR projects to be announced by the bank. BankMuscat Hearts is a voluntary initiative by the bank staff to undertake community activities. The informal society regularly conducts voluntary social work benefiting society, especially the underprivileged segments.
BankMuscat is the first Omani bank to establish a full-fledged CSR department.
Considered among core values, the CSR policy stems from the bank’s strong belief in the importance of social responsibility. It reflects the bank’s concern and care for various segments of society. The bank is of the view that its social responsibility is not merely participation in charitable works and organisation of voluntary campaigns, but responsibility towards all-round development of society.
BankMuscat focuses on all types of projects that fall within the framework of social responsibility and their importance and overall benefit both to society and individuals. The prime consideration includes the benefit reaching the largest number of individuals; the youth and job-seekers and provision of opportunities for the development of skills/human capital. Efforts are also targeted at individuals with special needs to enhance their capabilities with the aim of integrating them into mainstream society.