C) Workplace and labor relations.

Workplace and labor relations is the component of Corporate Social Responsibility (CSR) that focuses on achieving economic success while improving the quality of life for employees and the local community. This component recognizes the importance of ensuring fair treatment and creating a positive working environment for employees, as well as engaging with the local community to contribute to its well-being.

Workplace Relations:
- Fair treatment of employees: CSR involves creating a workplace environment that is free from discrimination, harassment, and exploitation. It aims to provide fair wages, benefits, and working conditions for employees.
- Employee health and safety: CSR efforts also focus on promoting a safe and healthy workplace, implementing safety measures, and providing necessary training to prevent accidents and health hazards.

Labor Relations:
- Employee engagement: CSR involves fostering a positive relationship with employees by encouraging their participation and involvement in decision-making processes. This can be achieved through open communication channels, employee feedback mechanisms, and opportunities for skill development and career advancement.
- Employee well-being: CSR initiatives may include programs and policies that support the physical, mental, and emotional well-being of employees. This can involve providing access to healthcare facilities, promoting work-life balance, and offering employee assistance programs.

Community Relations:
- Engaging with the local community: CSR extends beyond the workplace and seeks to contribute to the well-being of the local community. This can involve supporting local charities, sponsoring community events, and participating in community development projects.
- Local sourcing and employment: CSR efforts may focus on sourcing goods and services locally, which can contribute to the growth of the local economy and create employment opportunities for community members.

By prioritizing workplace and labor relations, companies can create a positive working environment, foster employee satisfaction and loyalty, and contribute to the overall well-being of employees and the local community. This not only enhances the company's reputation but also helps in achieving long-term economic success.