Significance of Study

MECON LIMITED is a public sector under taking

under the ministry of steel, Government of india.
MECON LIMITED established in 1959 under the
aegis of central Enineering & Design bureau is
india’s frotline engineering ,consultancy and
contracting organization ,offering full range of
services required for setting up of project from
concept to commissioning including turnkey
execution.
Corporate social responsibility(CSR) is an integral
part of modern industry.No country is expected to
ignore it.A growing number of social scientist are
turning their attention to investigation into topics
related to CSR in different industries.CSR related
research has been reported from a number of
countries. However,no such study has been
conducted in india yet.Therefore,the planned
work will bwe of great significance. The work will
analyze the CSR situation is steel industry of
india.It will make data available for policy makers
and researchers.
The proposed research will specifically contribute
towards the following:-
*MACON is under the ownership of ministry of
steel, Government of india.
*A processing and storage building.
*extensive paving.
* renovations to a storm water retention pond.
*two new rails spurs.
MECON LIMITED formerly known as Metallurgical
& Engineering consultants (india) limited is a
government owned engineering consultancy
services provider.it ownership of ministry of steel,
Government of india. CSR demonstrates that you
are a business that takes an interest in wider
social issues, rather than just those that impact
your profit margins, which will attract customers
who share the same value.
In today’s business climate, it’s not enough for companies to produce great products at reasonable
prices. Customers and employees alike expect companies they do business with to use their
resources and influence to bring positive change to the world. 

In fact, a 2020 study by Porter Novelli found that 88% of employees believe that it’s no longer
acceptable for a company to solely focus on making profits; it must also positively impact
society.

This approach is known as corporate social responsibility (CSR). 

In the latest episode of the Team Building Saves the World podcast, Stewart Downey, Director of
TeamBondingCSR, explains CSR like this:

“The idea is that a company that wants to give back to the comm Corporate Social
Responsibility unity, nonprofits, or charities across the local, national, or global level can do so
by adding a CSR effort for their team. It also means that it gives their employees a chance to
volunteer and give back too.”

Significance of Corporate Social Responsibility are as follows:

Increased Brand Recognition

Tapping into the zeitgeist with a socially-conscious CSR effort can bring your brand to the
attention of people who may have otherwise never heard of it. 

People are hungry for positive stories. If you associate your brand with positive social and
political change, you can earn the type of media coverage you can’t buy from advertisers. 

Boosted Company Reputation

Recognition isn’t worth much if your reputation is tarnished. Lending a helping hand, making
sacrifices in the name of fairness, and engaging in sustainable business practices paint your
organization as worthy of its growing recognition among consumers.

Bolstered Public Trust

Once your reputation for CSR work is established, you can’t rest on your laurels. Many people
intrinsically don’t trust corporations and think they’re “just in it for the money.” 

By supporting community initiatives with ongoing funding and producing public proof of your
egalitarian organizational principles, you can keep the trust you earned by building yourself as a
socially responsible brand. 

Improved Customer Loyalty

If you can show that you give back, customers are willing to come back repeatedly. A 2019 study
by Statista found that 70% of customers are more loyal to companies that showcase CSR efforts.

Something as simple as hosting a fundraising event for a local food bank can reinforce the public
perception that you have the community’s back and encourage the community to have yours. 

Accelerated Capital Growth

If you’re boosting your brand, enhancing your reputation, gaining public trust, and inspiring
customer loyalty, this may positively impact your bottom line. 

Positioning yourself as “part of the team” gives you a chance to reach a wider customer base and
price your products and services with a social consciousness premium. 
Deepened Competitive Advantage
Maintaining a reputation as a giving, grateful, and socially conscious organization is not an
approach every business takes. 

When you adopt a CSR strategy, you set your business apart from more seemingly traditional
concerns that are “all about the money.” By earning more community trust, you can position
yourself as the preferred option in any saturated market. Higher 

Employee Retention Rates

Today’s employees find fulfillment in working for a socially responsible company, which means
your CSR efforts will make them less likely to quit. According to a recent study, 95% of
employees who work for purpose-driven companies report that they are more loyal to their
employer. 

With employee retention being more difficult to achieve than it’s been in a generation, refusing to
address CSR concerns can have a caustic effect on your company’s ability to attract and keep top
talent. 

Invigorated Employee Engagement

Your motivation to make a difference in society motivates your employees to engage more in
their work. In a whitepaper published by America’s Charities, CSR practices are directly linked
to improved job performance and productivity among employees. Due to this increase in
employee retention rates and engagement, companies also stand to benefit from reduced costs.  

Revitalized Relationship Building

Whether it’s with your customer base, workforce, business associates, or the world at large,
strong CSR efforts will help you forge relationships that can be beneficial to everyone involved.

The benefits of CSR to companies may be larger than you’d expect. 

Stuart Goldstein described this on the same Team Building Saves the World podcast when he
pointed out that “it’s actually something that consumers are looking for.” 

“There was a Nielson study in 2015 saying that more than 50% of consumers are willing to pay
more for a product or service if the business prioritizes sustainability. These are all things that
companies need to think about if they want to be successful in the future.”

Greater Sustainability
Destroying the environment will ultimately negatively impact your business, so environmental
CSR makes sense in a real way. However, it also makes economic sense. 

Transitioning to sustainable options can require some large upfront costs, but sustainable systems
tend to be cheaper to operate over the long run. As fuel and other inputs inevitably get more
expensive, companies that transition away from costly technologies first will see the greatest
financial advantage. 

Employee Volunteer Programs

One of the best ways to incorporate CSR into your business practices is volunteering time to
nonprofit organizations. However, the logistics behind these efforts can be daunting and too
complex to handle in-house.

Between finding the perfect charitable organization, picking the right event, and managing your
budget, things can get stressful if you choose to do it all alone. To alleviate the stress,
TeamBuildingCSR can provide you with a wide selection of volunteer kits that simplify this
process and save you time.