Quick Summary - Doing good deeds not only strengthens the company's image but also directly affects employee loyalty and even revenues. In this article, we analyze the key advantages of corporate social responsibility events and share our own cases.
6 mins read
February 28, 2023
In today’s world, it is no longer enough to simply run a business and increase earnings. The client becomes demanding and focuses not only on the cost and quality of the service but also on the social mission of the company that provides it. Studies show that due to CSR customer loyalty increases by up to 20% in the core segment, and up to 60% in the total one.
93% of business-leaders believe that companies are more than just employers, but also “stewards” of society, according to the Deloitte survey. 59% of respondents allocate up to 5% of their income to socially responsible initiatives. And they plan to do even more.
Let’s clarify the definition. Corporate social responsibility (CSR) is a business activity that goes beyond profit making and creates benefits for people and the environment. In other words, these are company initiatives and events aimed to improve the world.
If the company acts consistently and fulfills its promises, then CSR works well for the image and becomes an essential component of the marketing strategy. Failure to comply with the declared values and mission, on the contrary, can cause a strong blow to the reputation.
At the same time, detailed CSR reports become a noticeable marketing event and a successful tool to tell the public about the company’s efforts. Most giants, such as Apple or Google, publish reports for the public at least once a year.
Types of corporate social responsbility
Implementation of CSR events is not strictly obligatory for businesses. But it provides significant advantages in several areas. Therefore, it’s worth it.
СRS has a positive effect on the team and directly affects employee retention. Research shows that CSR reduces staff turnover by up to 50%, and increases employee productivity and engagement by 13% and 7.5%, respectively. And also it saves up to 200% of the annual salary per retained worker.
According to a survey conducted by America’s charities, not only a high salary and career opportunities are important for employees, but also reinforcing values. 70% of respondents say it’s mandatory or very important to work in a company with corresponding mission and values.
According to RepTrak global corporate reputation monitoring, at the end of 2022, the biggest concern was caused by inflation, employee well-being, and ecological problems. Therefore, whether companies take specific actions to address these concerns impacts their reputations.
The consumers point out that the most important aspects companies should address are waste reduction (25%) and climate change (22.7%). And to prove care for employees, businesses should prioritize job security (27.8%) and total rewards (23.6%).
Another survey shows that 7 out of 10 Americans believe that nowadays business has more responsibilities for solving social justice issues. 74% specify that the company should not focus only on a single niche. Even if it advocates the solution to one of the problems (overcoming hunger or human rights), it cannot stand aside from other important issues.
According to the research, CSR measures raise the company’s market value by up to 6% and increase revenue by up to 20%. CSR also allows avoiding losses of up to 7% of the company’s market value. Also, the authors of the study claim that CSR can reduce the cost of debt by 40% or more.
As mentioned above, CSR strengthens customer loyalty. The presence of a social mission and concrete steps to improve society’s life are strong guides for the consumer when choosing a brand.
Starting in 2018, PerceptionBox systematically supports orphanages and conducts charity events for children. Our main activity is the purchase and delivery of children’s toys, sweets, and items necessary for the life of the institution.
For example, for Christmas 2022, our team donated about 2 thousand dollars to buy more than 100 kg of food and sweets, as well as for the purchase of an electric generator for one of the orphanages in Ukraine.
Corporate social responsibility: Perception.box
PerceptionBox also provided financial support to the children of the Odesa Orphanage, which moved to Germany because of the war in Ukraine.
In previous years, we systematically helped the orphanage of the Jewish community in Odesa, handing over numerous toys, board games, and other gifts.
Corporate social responsibility: Perception.box
Corporate social responsibility: Perception.box
PerceptionBox recruiting team is ready to help your undoubtedly socially responsible business to assemble skilled developers with strong values. Contact us and let’s improve the world together!
