Corporate social responsibility in crisis. Opinion: Rustam Gilfanov

  United States, New York, New York - 04/21/2020 (PRESS RELEASE JET)

Business has always had responsibilities to various entities. When a crisis heaves into sight, these responsibilities are challenged with different obstacles. First of all, hardships that companies face during this period are enormous and hardly bearable. Second, various enterprises have liability to its personnel. Rustam Gilfanov, investor and IT businessman, shows us insights of corporate culture.

When it comes to an economic crisis, corporate responsibility to society becomes increasingly important. Image of a company depends on its affairs and corporate ethics, and reflects how much a company worries about its representation in society. However, in times of an economic crisis, it is not the image which is under the question but social responsibility to its employees. 

In current situation with the coronavirus pandemic, measures for supporting its personnel during the upcoming crisis fall on the shoulders of companies as well. It is essential to think through measures of encouragement and build strategies for maintaining the work flow. Employees, who continue their work, as well as their management, undergo immense levels of stress. Therefore, the task for management is to demonstrate its strong will and not to panic openly. Analysts at McKinsey&Company consider that it is really important to keep employees loyal to the company. Their report “COVID-19: Implicationsforbusiness” implies that, in order to keep employees loyal, remuneration should be paid and protective measures need to be implemented. Moreover, management is to set an example of how to behave. “First of all, companies should provide correct and up-to-date information about coronavirus and how to protect yourself. Second, work flow needs to change its direction toanti-crisis method. Third, higher management and CEOs should interact directly with their employees, encourage and inspire them to demonstrate their leadership skills in a difficult situation,” thinks Rustam Gilfanov.

Experts believe that hard times are no excuse to not pay attention to the quality of the product. On the contrary, it is time for companies to concentrate on it. During the crisis, consumers may become suspicious regarding the materials that are used. It may seem reasonable that in order to save money, many enterprises might use law-quality materials which do not meet standards. Businesses need to remember that it might be extremely difficult to gain consumers’ loyalty again. Gilfanov believes, that “any crisis is a temporary obstacle and it will be difficult for companies to regain the trust of not only customers and partners but its employees, society and the state as a whole.”

Gilfanov also thinks that it is not the time to abandon social support programs. He himself is known for his charity support and, therefore, believes that even at times like this business should not disengage from volunteering and corporate philanthropy, as it can help maintain partnership and strengthen corporate spirit.

Bibliographical note

Rustam Glifanov is an IT businessman, co-founder of an IT company, and international investor. 

Rustam Gilfanov was born on January 6, 1983 in Perm Region, Russia. He was born in family of a military man and a teacher. Now Rustam is married and has a daughter.

Rustam Gilfanov and partners founded an international outsourcing IT company in Kyiv in 2006. The company has become one of the largest software developers in the game industry, as well as marketing and finance. Later Gustam Gilfanov focused on investing activities into IT projects. Gilfanov is particularly interested in financial technologies and gaming. IT businessman also deals with promotion of charity projects in Ukraine such as Luckybooks and Libraries and others.