The implementation of the principles of corporate social responsibility (CSR) by various companies plays a highly important role in the improvement of social wellbeing. In the present day, talking about CSR, it is impossible not to mention Rolex as this watch brand has already become synonymous with this term. For the last 40 years, it “has been supporting enterprising individuals working on scientific and technological innovations, preserving imperiled ecosystems and endangered species, as well as preserving culture and working to improve the quality of life in developing countries” (Scholz, 2016, para. 2). In addition, the company supports explorers’ campaigns both by creating technical chronometers that facilitate knowledge gathering and donating money from their public sales.
Rolex pays particular attention to its CSR policy reviewing and improving it annually. According to it, the company currently focuses on the following CSR activities:
- Eradication of poverty, malnutrition, and hunger, the promotion of the availability of safe drinking water and health care including sanitation and preventive health care;
- Promotion of employment, education, livelihood enhancement projects, and the development of vocation skills among children, elderly, women, and differently-abled people;
- Women empowerment and the promotion of gender equality;
- Support for ecological balance and environmental sustainability, the protection of agroforestry and animal welfare, the maintenance of water, soil, and air quality, conservation of natural resources (Rolex, 2021);
- Protection of art, culture, and national heritage, restoration of works of art and historically important sites, the promotion of handicrafts and traditional arts;
- Promotion of nationally recognized, Olympic, Paralympic, and rural sports;
- Support for armed forces veterans and war widows with their dependents (Rolex, 2021);
- Protection of vulnerable population groups on the basis of race and ethnicity;
- Promotion of technological progress and inventions;
- Slum area development
- Rural development projects (Rolex, 2021).
From these initiatives, it is possible to conclude that Rolex undertakes efforts to improve environmental safety, economic stability, equality, the state of culture, and the general welfare of people all over the world regardless of their race, age, gender, and abilities. The main programs of the company that help realize its CSR initiatives include the Rolex Awards for Enterprise and the Rolex Mentor and Protégé programs (Wall, 2020). The Rolex Awards for Enterprise was established in 1973 – in the present day, it supports cultural-preservation and conservation initiatives and the development of technical and scientific innovations. Since its inception, 140 laureates from 33,000 applied candidates from more than 190 countries have been selected for their projects that subsequently benefited millions of people in approximately 60 countries all over the world (Scholz, 2016). Awarded projects focused on recycling unrecyclable waste, malaria prevention, testing, and treatment, rehabilitation of disabled patients, and other social issues. In turn, the Rolex Mentor and Protégé programs contribute to culture rather than technologies. It supports talented artists across multiple disciplines and helps transfer experience and skills in the visual arts, architecture music, literature, theatre, cinema, and dance.
At the same time, CSR benefits the company itself and its employees as well. First of all, it substantially improves the company’s reputation making it more desirable for consumers. Subsequently, it positively impacts business bottom-line and investment opportunities as stakeholders are more aware of projects’ success. Finally, in relation to employees, CSR increases their engagement, productivity, and retention. Moreover, a company that supports CSR has more opportunities to attract talented and qualified workers due to its reputation and appropriate working conditions.
References
Rolex. (2021). Corporate social responsibility policy[PDF document]. Rolex.
Scholz, F. (2016). LIST: 5 times Rolex helped to make the world a better place (for more than just your wrist). Time + Tide.
Wall, J. (2020). It’s time for change: Social responsibility initiatives by luxury watchmakers.Prestige.