Corporate Social Responsibility (CSR) is the overarching term for the efforts on the part of a company to address the needs and challenges of society and to benefit it in a tangible way.
In addition to benefiting society, CSR is also relevant and important for companies and their employees.
Here are some of the benefits of CSR:
1. It improves the company’s public image: One of the best and most beneficial ways in which a company can build a positive public image is by supporting a socially relevant cause. Companies can support causes like health, education, environment or sanitation by partnering with NGOs working in the field. This also helps the company build stronger and better relationships with its customers.
2. It attracts and retains investors: Investors seek out companies that are working for much more than just making a profit. A company working for or supporting a cause will assure the investors that their money is going to the right place.
3. It enhances employee engagement: Employee engagement is vital to the success of a company. It has been observed that employees who are proud of their company’s CSR outlook and activities are more engaged at work.
4. It boosts media coverage: If your company is doing good social work with results that everyone can see, then you’re likely to get good media coverage. Media coverage is also important to spread greater awareness about your company’s efforts. It’s essential for people to know about the good work that the company is doing. Therefore, an intrinsic aspect of CSR should be regular media coverage.
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