>CSR at Panasonic (Consumer Electronics Brand)>
Key points of the article:
Panasonic’s Environmental Responsibility Strategy:-
- CO2 reduction
- Resource Recycling
- Water Resource Conservation
- Green Products
- Panasonic’s Social Responsibility Strategy:-
- HR Diversity
- Respect for Human Rights
- Product quality and safety
- Focus on quality and safety down the supply chain
Corporate Social Responsibility has become an important focus for all the mega-brands of the world. Technology sector specifically has been adding higher value than other segments in this area. Google, Apple, Microsoft, Amazon and all the other big brands in the technology sector are trying to create additional value for the society by investing in environment and community. Panasonic is also a well known global brand that has continued to invest in society. There are several notable factors about its CSR strategy. Some of its most notable points are discussed in this article. You will note that making investment in CSR brings positive results for any brand. It is why the best consumer electronics brands of the world have created a better picture of the world by investing in environment. There are several things about the CSR strategy of these big brands that even the smaller brands can follow.
Panasonic has performed well despite challenging economic conditions and changes in the socio-political environment of the world.
Its CSR philosophy is a basic tenet of its management philosophy and must be seen in the same context as a part of its overall strategy. Panasonic employees including the executives are inspired to take actions and decisions that create maximum value for the society. The human capital of Panasonic is inspired to take honest and fair action in favour of the community. The company has defined clear responsibilities for itself related to its role in the society. It is working to promote several types of initiatives in a large number of areas including environment, human rights, labor rights, business ethics, health and safety and more areas. These initiatives extend to its supply chain as well.
Now, the big brands are more focused on managing their supply chain ethically. It means the supply chain partners have to follow the rules and regulations related to labor and environment. Environmental problems like rising pollution, climate change and depletion of important natural resources have become major concerns for the entire world. Businesses can play a constructive role in this area and help the community manage these issues.
Panasonic has a well defined CSR Strategy. Its well designed CSR strategy involves not just Panasonic but has also engaged important stakeholders throughout the globe. Sustainability is an important focus in its CSR strategy where it focuses upon eco-conscious business activities. Its environment management policy is termed ‘Environment Action Guidelines. Strategic meetings are also held at Panasonic to find out the impact cerated through its CSR strategy.
There are two prongs of Panasonic’s CSR strategy – Environmental and Social:
CO2 reduction: Panasonic measures its impact in this area by a unique metrics known as ‘size of contribution in CO2 reduction’.
Resources recycling: In this area, Panasonic uses a special concept called ‘Recycling Oriented Manufacturing’, where the focus is on minimizing resource consumption, maximizing recycled resources and bringing waste emissions down to zero.
Water Resource Conservation: Water shortage is a major problem in several areas of the globe. Panasonic has focused on minimising water consumption and maximising reuse of waste water.
Green Products: In this area, the focus is on manufacturing products and services that are least damaging to the environment. Panasonic calls them GPs and is focusing on building Super GPs.
Social Responsibility: –
– Human Resource Diversity – At Panasonic, HR diversity is the key to ongoing success. It had implemented its global diversity policy in 2011 and since then it has been being followed throughout the organization. It has also focussed on removing gender based inequalities in its offices.
– Respect for Human Rights – Human Rights are like a fundamental principle behind the business strategy of Panasonic. It has taken some important initiatives to prevent human trafficking and slavery. To take care of the rights of its labor force the brand established an equal employment opportunity office at its head office.
– Focus on product quality and safety – To prove its focus on customers, the brand has made product quality and safety a part of its code of conduct. There are different committees and groups that take care of the various dimensions of product quality and safety at Panasonic.
– Supply chain quality and safety – Suppliers are important partners in business and their contribution in CSR also matters. Panasonic has made policies which ensure that its supply chain partners also focus on product quality and safety as well as labor rights. In this way, the supply chain partners of Panasonic are partners at creating and maximising social value for the brand.
Overall, Panasonic has managed a strong CSR policy that has enabled it to create a sustainable business. CSR is an important part of its business policy and the brand has strategically involved various stakeholders including business partners, supply chain partners, customers and shareholders in its CSR strategy. Its focus is to find sustainable growth through investment in the right initiatives that maximise value for the society and the environment. To know more about Panasonic’s CSR activities you can visit its investors website.