siliconindia | | OCTOBER 20229WRAPPING-UP THE CRAVES OF CSRSocial responsibility is an effective tool to increase employee engagement. With large companies, there is strength in numbers, and collective employee efforts can achieve substantial results, which increases workplace morale and boosts productivity. These companies tend to attract eager employees to make a difference in the world in addition to simply collecting a pay check. Also, investors and financial markets are beginning to see that CSR activities that integrate broader societal concerns into business strategy and performance are evidence of good management. The Act provides that the Company shall give preference to the local area and areas around it where it operates for spending the amount earmarked for Corporate Social Responsibility.There is growing recognition of the significant effect the activities of the private sector have on employees, customers, communities, the environment, competitors, business partners, investors, shareholders, governments, and others. It is also becoming increasingly clear that firms can contribute to their wealth and overall societal wealth by considering the effect they have on the world at large when making decisions. Consumers expect goods and services to reflect socially and environmentally responsible business behaviour at competitive prices. Moreover, the general public has high expectations of the private sector regarding responsible behaviour. Shareholders are also searching for enhanced financial performance that integrates social and environmental considerations in terms of risk and opportunities.At the same time, leading industry associations, such as the World Business Council for Sustainable Development, have also suggested that countries and companies might gain a competitive advantage from corporate social responsibility. In much of the developing world, governments and businesses understand that their respective competitive positions and access to capital increasingly depend on being seen to respect the highest global standards. Even companies with a good reputation can risk losing their hard-earned name when they fail to implement systematic approaches to ensure continued positive performance. These firms frequently expend considerable time and money attempting to regain their reputation, with mixed results.TAPPING INTO CORPORATE SOCIAL RESPONSIBILITYAs we've explored, there are so many benefits a strong CSR initiative can bring to businesses. It largely depends on the business goals and growth strategies; these determine a brand's CSR plan. We'll close with a reminder to authentically implement your CSR initiatives and align with your broader mission and vision. In doing so, you'll win press, sure, engagement great, but more importantly, you'll win hearts by doing good one act at a time. EMPLOYEE ENGAGEMENTOn the other hand, the lack of employee engagement is also
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