Corporate social responsibility - what it is and why it is important

Biloruska Foundation - ok_096

Socially responsible business – is a skillful combination of the company's own goals and parallel work to create a healthy society and a better environment. The concept of social responsibility in a business context means that a firm/company functions to achieve its financial goals and, in addition, helps society. This idea is of great importance today since it is possible to ensure sustainable growth and development of the company only through investment in socially important projects. Successful companies find it easy to combine profitable activities with goals that benefit society.

The socially responsible business Parimatch has achieved great success in recent years by following the European experience. A socially responsible company should not work exclusively to maximize profits, which is well understood by the bookmaker’s management. Such a business must make decisions and carry out actions that are acceptable from the point of view of the goals and values ​​of society.

Signs of socially responsible business

Modern socially responsible business Cyprus is based on the concept of CSR. It involves good governance in which the company manages to combine social and environmental projects with regular business operations. Due attention is paid to every nuance. This approach allows the formation of a more modern society in which the company operates successfully. Thanks to a socially responsible approach, employees pay more attention to their work, and clients are confident that the money spent will be directed towards achieving socially significant goals.

The concept of socially responsible business unites tens of thousands of companies around the world by common principles of approaches to doing business. Each company must adhere to certain moral guidelines that will improve the quality of life in society. Parimatch adheres to such standards, which operates in dozens of countries on the planet and tries to implement CSR principles everywhere. Deciding to move to a socially responsible business is voluntary for each firm. Parimatch made their choice, so today they are making a significant contribution to building a better-shared future.

The concept of socially responsible business characterized by the presence of such signs:

  • business is carried out based on conscientious fulfillment of the duty to society;
  • participation in social projects is a command to bring the subject together;
  • if the company does not fulfill its duties, then it faces condemnation from the side of society;
  • the activities of socially responsible business are carried out based on the initiative;
  • the company must constantly reach a compromise between its own goals and the public good.

Corporate social responsibility is manifested itself in a variety of ways. Today it is most relevant in the field of assistance to people with disabilities or people with disabilities, in the development of sports, families, and youth. It is these areas that are often insufficiently funded from the state budget, so Parimatch has chosen this vector of ensuring social corporate responsibility. CSR is a management mechanism/model, when implemented, a business achieves appropriate goals that contribute to the formation of a conscientious society.

The importance of CRB in the world

Socially responsible for business Cyprus corresponds to global trends. By implementing this model, companies can increase their profitability, improve their brand image, and reduce costs. An important advantage of the transition to the modern model is the improvement of employee morale. The business management scheme helps to increase customer loyalty, as the latter see that the company not only makes a profit but also makes the world a better place.

Parimatch operates on a multinational basis. For this reason, she needs to participate in the problems of the community, which allows her to enter new markets and form her audience with similar views. Businesses must be socially responsible because it builds the right reputation and strengthens it in the new market. More than half of the Cypriots surveyed in the survey believe that companies should make efforts to stimulate social and environmental change in the country. The overwhelming majority of consumers say that they are ready to use the product if the brand takes part in solving a problem that worries society.

Problems of socially responsible business development

Today, should be considered socially responsible business as an important resource of social support and social assistance. To better understand the features of the concept, one should consider the problems that socially responsible business successfully overcomes. First of all, these are the problems caused by the transition to a new, post-industrial era. Today socio-cultural relations in business have a specific character. Following this concept of company management, it is necessary to form marketing strategies based on the values ​​of society. This approach is reflected in popular charity marketing today. The target audience should be attracted not only by meeting urgent needs but by solving problems that are ripe in society.

Parimatch is an international brand, so the company is familiar with processes such as globalization. The company is constantly working to prove its participation in the development of a society where it is represented.

The future of CRB

Сorporate social responsibility is the only correct vector of development for modern business. At the same time, not all companies have an appropriate attitude towards doing business. Only a third of companies adhere to a sustainable concept of social responsibility. The rest are at the stage of implementation of this model or are evaluating the benefits of switching to it. The development of socially responsible programs should be carried out by the team of the company, and not by its top management. This will increase the effectiveness of the efforts being made.

Can Parimatch’s business be considered socially responsible?

Parimatch has gone to great lengths to make Cyprus an even more enjoyable place to live and work. She is not going to slow down in achieving her goals, but every year leads to the emergence of new directions in which she seeks to improve the existing society. Parimatch is a socially responsible business example that implements the principles of corporate volunteering. The company does not speak about its concern for the society in which it operates but demonstrates the social responsibility of Parimatch by its deeds. The concept of socially responsible business leads to a more organic relationship between business and society.


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