Companies in Bahrain must look at corporate social responsibility (CSR) as a tool to further develop the landscape of Bahrain, a top businesswoman has said.

According to Y K Almoayyed & Sons managing director Mona Almoayyed as a part of its CSR strategy, the company launched an initiative focused on employee engagement by creating synergy among all companies under the group, said a report in the Gulf Daily News (GDN), our sister publication.

She was speaking at the Capital Club Bahrain hosted first edition of the "Women's Business Forum focused on Corporate Social Responsibility".

She said since the launch of the initiative, the company has been able to develop the talent of its workforce and give back to the community.

"Besides the obvious benefits of CSR on our communities, it also promotes customer as well as employee loyalty and pride in the organisation," Almoayyed said.

She said conscious consumers are often willing to pay a little extra to support a socially responsible product or service.

"CSR is a great tool for risk management whereby organisations can avoid public scandals that could destroy their reputation overnight.

"It also creates brand differentiation in the market place," she added.

Saudi-based Faten Al Yafi, who has more than 35 years of experience in CSR, moderated the forum.

The speakers included Al Tamimi and Company Bahrain office head Foutoun Hajjer and 3BL Associates Consultancy co-founder and managing director Leena Al Olaimy.

The panel shed light on the reality of CSR in the kingdom, focusing on the importance of CSR as a growth pillar for both organisations and entrepreneurs.

The panel also touched on international and regional CSR success stories.

"Being socially responsible is a decision all corporations must take seriously and in today's world companies must give back by empowering the society and developing the community," said Al Yafi.

"As prominent women, we all have a duty towards our communities and youth to be role models, and to show them the well-being of our planet and people is a shared global responsibility and must not be overlooked."

With regard to developing CSR strategies, Al Olaimy said they needed to look at the best practices regionally and internationally.

"The knowledge obtained can be cultivated to develop a unique and tailor-made approach for companies.

"The key is to develop a strategy that is relevant to one's business and overall strategy."

The panel discussion was followed by a debate focusing on the difference between CSR and charity, after which a workshop on "how to develop CSR strategies" was conducted.

Capital Club's "Women's Business forum" aims to provide a platform for women in the kingdom to discuss pressing and current economic and business issues.

The Capital Club aims to host the event on an annual basis.

Sponsored by Zain Bahrain, the inaugural edition of the event attracted more than 80 Club members and guests. - TradeArabia News Service