Personal and Professional Development: CSR Practices and Challenges

This report delves into the concept of Corporate Social Responsibility (CSR) and its significance in personal and professional development. It begins by defining CSR and explaining its role in enhancing organizational accountability and sustainability. The report further explores specific CSR practices, such as those aimed at increasing employee retention and shareholder profits, building brand value, and improving product quality. It also highlights the challenges associated with CSR implementation, including a lack of transparency, the need for ethical conduct, and the financial costs involved. The report concludes by emphasizing the importance of acquiring skills and understanding CSR for business operations and individual growth. It also references several academic sources to support its findings.

Personal and Professional
Development-Task 1

Content
• Introduction
• Concept of CSR
• Role of CSR practices
• Challenges of CSR practices
• Conclusion
• References

INTRODUCTION
Corporate social responsibility is an essential approach
which is applied by an organisation to enhance
accountability towards society. By the help of CSR a
business try to reduce the effect on society which are
occurring due to functional operations. Numerous skills
aids an individual to meet up organisation goals and
objective which are connected to the overall organisation.

Concept of CSR
CSR is a rising tool in
working of an
organisation that impacts
the overall society and
cater sustainability to the
business.

Role of CSR
Increased employee retention and loyalty: CSR practices
enhances employee loyalty and employee retention as trust
among employee for their employers increases which aids to
creation of corporation and positive perception towards
organisation.
Increases profit of shareholder: CSR practices leads to increase
profit for ultimate shareholder.

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Creation of brand value and
image: CSR yields a positive
place in the minds of customers
so that this perception can be
used by business to raise the
value of their intangible assets.

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Greater quality and productivity: CSR involves research and
development of the products and services which are to be offered
by an organisation so betterments can be introduced for
providing benefits to the society. CSR practices are chosen to
deliver the best to the societal people so this involves continuous
improvements in the product or services offered.

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Financial stability for longer period: CSR practices are helpful in
gaining long term financial stability and succession. For example
if a company is using raw material for production which are
friendly to the environment then this is an indicatory action that
this organisation will be having substantial resources for life
long.

Challenges of CSR
To stay in the competition it is essential to inculcate CSR
practices in the business as it encourages them to make their
stakeholders satisfied. The major challenges experienced at the
time of implementation of CSR can be:
Lack of transparency: The business do not fully show the
overall CSR methodology used by them.

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Need for ethical conduct: To assure the supplier relations,
transactions should be made as per the ethical
requirements for their working.
Lack of CSR guideline: Because of lack of CSR guidelines
there is no policies which are efficient and monitored by
organisation and due to this no legal outline is being
followed.

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Investors pressure: The investors of a company
always believe in to have ethical behaviour in
the organisation. In most of the countries
investment fund portfolio of a company
indicates that the assets are associated with
social authority and environment of an
investors investments.

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Increases cost for organisation: Implementation of CSR
requires huge cost to be invested, as this is to be
concerned that there are several problems with relation
execution of CSR.