JPMorgan Chase and CO (JPMCB) is one of the leading financial services providers globally, serving millions of customers with asset value amounting to billions of dollars. The Mission statement is, “to enable more people to contribute to and share in the rewards of a growing economy.” Vision: “Exceptional client service, operational excellence, commitment to integrity, fairness, and responsibility, and A great winning culture.” CSR statement: “We focus on identifying and creating products and services to help underserved households grow savings, improve credit, and build assets, thus increasing their financial security.” (JP Morgan Chase & CO. 2019). Hence, the JPMCB mission recognizes the need to empower individuals to contribute to development while its vision is to be an economic leader that values teamwork. Its CSR vision statement centers on helping underserved families develop investment funds and assemble resources to expand their monetary security.
Internally, the company’s willingness to commit funds towards sustainable development can positively influence its reputation in attracting the best talents in the market. In 2020, the company is looking to invest approximately $200 billion into development goals that seek to ensure a better future for its employees and community (JP Morgan Chase& CO 2020). Investing such funds makes training of new employees and mentorship programs in everyday work engagement possible. It can attract the top CEOs and managers who want their interest to align with those of the company. Jamie et al. (2003) argue that firms rely on human resources to provide the company with the competitiveness it wants as specialized personnel is more willing to offer services. Development plans can advance career opportunities through the efficiency of training programs. In the process, they acquire good leaders well equipped to handle situations.
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Also, it will ensure that employee turnover is reduced through diversity, maximum satisfaction, and motivation. JPMCB has 190 business resource groups that intend to bring together workers with common interests from various backgrounds (JP Morgan Chase& CO. 2020). With funding to education programs, positivity is maintained, which is essential in improving an entity’s performance. Such ensures that employees stick with the company for catering to employee development. Within the financed groups, exchanging ideas helps with innovativeness that is enabled through engagement with various personnel. Jia et al. (2019) assert that it also ensures that the culture accommodates different values as team managers and employees embrace ideas. Ideally, investing in employee’s increases productivity, influencing quality services, and securing shareholders’ interests when the stocks reflect positive margins.
Externally, positive exposure through engagement with communities, customers, and the environment will build on public relations and the trust necessary to thrive in the banking industry. Focus on customers provides explicit value to increase customer satisfaction and anticipating their needs. With social media playing a significant role in exposing firms’ activities, CSR positively impacts public opinions and perceptions of interest on customer services and daily struggles in the economy. As part of adhering to CSR mission statement, JPMCB invests in programs that incorporate economic empowerment and funding for persons living under the poverty line. As banks rely heavily on public image and trust, these initiatives will likely influence able customers to deposit funds and access their access to services offered by the bank. For example, the bank is investing millions of dollars to COVID_19 and providing grants to non-governmental organizations to provide the necessary equipment that society requires in the middle of a pandemic. Still, engagement with the environment ensures the community and employees become prouder associated with the organization (Cavazotte, & Chang, 2016, p.35).
My CSR idea would be to grow JPMCB to operational excellence, financial literacy, exceptional leadership, and philanthropic giving and environmental sustainability. With operational excellence, the firm strategically differentiates itself in terms of quality, services, and alignment with the industry partners. Operational excellence equips employees with the necessary tools for change inclusive of organizational culture diversity, allowing them to adapt to change because it promotes their individual development and promotes innovativeness. With financial literacy, JPMCB would focus on educating employees and communities towards the importance of knowledge in financial management and the ability to make crucial decisions such as investment. Such would ensure that the company’s financial goals are catered for so that the profit margins attained through investments can be utilized in catering to the education programs necessary. Exceptional leadership would be ideal in catering to employees’ needs and, at the same time, make decisions that protect the affairs of the company and the community. Through proper management, a firm can focus on taking steps towards involvement in various community projects.
Conclusively, JPMCB is one of the leading financial institutions globally and the leading bank in the United States. Such can be attributed to its focus on corporate social responsibility as outlined in its vision, mission, and CSR statement. As it continues to fund employee programs and training, the firm will likely benefit from high retention and productivity. Since programs equip employees and help in career development, they prefer to stay in an entity that values innovativeness and staff satisfaction. Externally, CSR improves on the public image, which banks rely on to build trust that, in turn, improves performance as customers and communities take pride in the fact that the firm sees value beyond profitability. Nonetheless, based on JPMCB, a CSR endeavor on operational excellence, financial literacy, and leadership would be ideal for philanthropic giving and environmental sustainability.
References
Cavazotte, F., & Chang, N. (2016). Internal Corporate Social Responsibility and Performance: A Study of Publicly Traded Companies. BAR - Brazilian Administration Review . 13. Doi:10.1590/1807-7692bar2016160083.
Snider, J., Hill, R. P., & Martin, D. (2003). Corporate social responsibility in the 21st century: A view from the world's most successful firms. Journal of Business ethics , 48 (2), 175-187.
Jia, Y., Yan, J., Liu, T., & Huang, J. (2019). How Does Internal and External CSR Affect Employees' Work Engagement? Exploring Multiple Mediation Mechanisms and Boundary Conditions. International journal of environmental research and public health , 16(14), 2476. https://doi.org/10.3390/ijerph16142476
JP Morgan Chase& CO. (2020). https://institute.jpmorganchase.com/impact
