siliconindia | | JANUARY 20239responsible 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 a broader societal issue in that employees spend more and more time at work. Yet, work is not meaningful and can 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
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