Corporate social responsibility is a must for a company's success.
The world has shifted its gears from product driven market to customer-centered market. Companies now focus more on what a customer likes and what it dislikes. And in today's world, one should know what a customer likes most. It is how a business meets his need to enrich the lives around them. It may be internally like how top-level authority treat their employees. whether the company is providing good jobs and encouraging professional careers or not. Or how conscious it is related to the environment, reducing waste, recycling or minimizing carbon footprints. Or how involved are they in the local community projects.
Recently a town near Indore, Pithampur, known to be an industrial belt in the region, was in the news weeks back. One of the big company faced a huge blow to its market and to the people who were surviving because of its operation. The company's workers went to strike and top-level authority ignored this internal factor. Because of which it resulted in a huge loss to the company as it could not fulfill the order requirements. what the company lacked was the social responsibility towards the employees.
Thus a sheer negligence from the part of a company can cost it too much in the end. Treating employees fairly and just is a part of the corporate social responsibility.
How can a company benefit from CSR?
Online or offline both sectors tend to benefit from the implementations of CSR strategies. These can be maintaining a positive reputation by indulging itself in social and environmental issues or by compliance with the spirit and state of the law at every level. Engaging in community programs. Promoting online the humanitarian causes, advertising it on social media platforms.
Recently Myntra had collaborated with a Delhi based NGO, Goonj for a humanitarian cause and to promote its own brand image with merging itself with a social cause. In a first-of-its-kind effort by any e-commerce platform in India, Myntra latest campaign joins for a cause with fashion upgrade. It was a three-day seasonal collaboration which leads to huge amount of traffic on website resulting in high sales. The scheme has not only been thoughtful considering the welfare of the society but also lucrative to business by targeting customers with emotional connection.
Thus, in the famous words of Winston Churchill once said -' Responsibility is the price of greatness.' If you want to endure in long run , give the people that 'wow' effect, by providing them more than they expected.