Corporate Social Responsibility is one of the most integral activities of an organization for customer loyalty and retention of your top talents. In the era of the competitive business environment, every organization wishes to stay ahead and build its brand reputation and industry experts help in improving CSR. The overall aim of every organization is to create a positive impact on their brand in the society, maximize profits and market share. Growth in the millennial consumer group population is compelling the companies to adopt CSR activities for their business owing to continuous change in the buying behavior of their consumers. Today’s consumers are demanding who seeks transparency in the way companies drive profits in their business and takes active participation in addressing the social, and environmental issues coupled with giving their feedback and reviews in the world of social media.
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CSR is a management concept where companies need to unite their social and environmental concerns in their business operations with the stakeholders. It is mainly associated with large companies(public limited), not small companies and is considered as a strategy for companies to achieve the balance of economies, environmental and social impressions.
In the era of digitalization, consumers are socially active, and they spend their money on businesses who prioritize CSR. It revolves around incorporating sustainable development for the company's business model. Today’s business world is all about being customer-centric and being highly connected to them socially. It is one of the most crucial branding strategies.
Know The Mandates Of CSR
According to The Companies Amendment Act, 2019 it is mandatory for companies with a profit of more than USD700,675, turnover of USD14 Mn, and networth more than USD70 Mn to spend at least 2% of their 3 years annual average net profit towards CSR activities. Also, companies are now obliged to transfer their unspent CSR funds to PM’s Relief fund within six months of the financial year-end and disclose the reasons for non-spending in their annual report. According to Experts the company is also liable for a minimum penalty fee of USD700 extended up to USD35,034 or imprisonment up to three years for an officer of the company in case of violating CSR provisions.
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CSR for Brand Building
Are you looking to build for brand reputation and brand equity?
Know the components of CSR Activities and its benefits for the company.
A firm can understand their consumers by devoting more resources towards a greater awareness of their CSR activities.
If an organization takes CSR activities seriously, they can quickly strengthen their business reputation and brand equity.
Primary benefits of CSR activities for an organization includes operational cost savings, better financial performance, attract more & retain top talents, increase customer loyalty, more convenient access to capital, and overall organizational growth. It helps you to invest new investment opportunities for the development of new products and also focus on cost-saving strategies.
According to an Economic Times, In the financial year 2018, 1,913 companies met the criteria for CSR spending. The year 2019 is foreseen to be very promising for CSR activities. According to an estimate by Industry expert, CSR compliances is set to improve and range from 97-98 % by FY2019-20.
According to expert insights, 51% of millennials are more likely to buy products from companies having activists CEOs and are focus more on CSR activities.
Identifying the recognized CSR implementation partners calls for immense research and dedication.
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IntroductionEven though it is the year 2020, the concept of corporate social responsibility remains a rather vague one.
Corporates social responsibility, or simply CSR, is a concept that encourages companies to integrate social and environmental concerns in their business operations.
The private sector of industry invests a lot in CSR these days, thanks to the high importance placed upon it by the customers.Speaking from social and economic perspectives, Corporate Social Responsibility activities in Pakistan are pivotal to the turnaround that the country needs badly.
The role of the corporate sector in alleviating the issues in Pakistan holds key importance.
This is the prime reason why we have seen a recent surge in CSR activities in Pakistan.Companies which lead CSR activities in PakistanSome of the local and international enterprises have realized their roles concerning CSR activities in Pakistan.
Let’s have a look at how they are contributing to the cause, here in Pakistan.1- Unilever’s role in CSR activities in PakistanOne has to appreciate the efforts of Unilever Pakistan in this regard.
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