Fiinovation CSR Consulting
Fiinovation Innovative Financial Advisors Pvt. Ltd. (Fiinovation) is an Indian research based organization started in 2008 with the head office in New Delhi.
CSR Consulting – What to Expect?
Corporate Social Responsibility is relatively a new discipline that has been introduced into the business environment. The Indian Companies Act 2013 has made it mandatory for select companies that meet the applicability criteria to discharge their obligations towards the environment and society that fuel their operations. Adapting to this new requirement is an arduous task.
Companies that already have some form of social welfare initiatives active and running are likely to have a functional process in place, managed by a team of in-house staff. However how well the existing practice meets the prescribed regulations outlined in Indian Companies Act is a matter that needs to be ascertained. Either way, the exercise demands time and effort in order to ensure compliance with the regulations.
How CSR Consulting Can Add Value?
CSR is an equally new specialty of management consulting as well. CSR consulting is fast gaining prominence as there is growing need for subject experts to guide corporate firms in their eco-friendly and pro-people efforts.
As with any other business initiative, large corporate firms can choose to implement and manage CSR projects using internal resources. Hiring the services of CSR consultants or rather outsourcing the project to an established CSR consulting firm such as Fiinnovative has its own advantages. CSR Consultants can make a significant difference in the way the entire CSR initiative is planned, designed and managed, as the process is backed by professional expertise and experience.
Teaming up with a competent, reputed and established CSR Consultant is bound to help:
- Understand the CSR regulations better and what is expected from the company
- Identify the right CSR cause
- Strategize the operation
- Implement and Manage CSR initiative
- Track and Assess Progress
- Sustain the Benefits over time
- Report CSR spending and progress
- Get an Outsider Perspective
- Save Time, Effort and Funds
Key benefits are however in terms of understanding the legalities, deciding on suitable initiatives, and charting out policies and implementation strategies. CSR Reporting is yet another challenging task that can get easy with professional help.
It is important for companies to understand what they must do in order to comply with the CSR regulations and CSR consultants are the best people to clarify the requirements, and how best they can be addressed.
There are several other factors that influence the CSR directions of the company, including but not limited to:
- Business goals and objectives of the company
- Its core values
- Resources at hand
- Financial health
- Areas of Operations
- Local Social / Environmental concerns
- Competitor presence and CSR initiatives
CSR consultants evaluate a comprehensive list of such factors to arrive at CSR initiatives and strategies that proves equally beneficial to all stakeholders. Given the scope of CSR programmes and their potential impact, errors tend to prove costly. Such errors can be greatly minimized when these projects are guided by professionals who have a thorough knowledge of the process, its legalities and impacts and the tools to track progress and refine course if needed.
Fiinovation Partnership management
Corporate Social Responsibility (CSR) in India has turned to be a mandatory activity, thanks to the company act 2013. Every company private or public, with a net worth of Rupees 500 crores or more, or a turnover of Rupees 1,000 crores or more, or earning a net profit of Rupees 5 crores or more comes under the domain of act.
Earlier, the social welfare was a part of the society in bits and pieces and mostly it was considered as only charity or donation but the scenario has been completely different now. Today, corporations play a large part in raising money and resources for NGOs along with social enterprises.
Work of NGO in CSR
India has world’s largest number of non-profit NGO. There are absolutely more than 30 Lakhs NGO. In CSR these NGOs have irreplaceable inputs. They with corporate walk hand in hand and spend CSR funds in the field of literacy, women empowerment, sanitation and preservation of natural resources. Also, NGOs undertake CSR implementation of companies, train their employees and add manpower to the CSR programme if needed. On the other side NGO’s only source of consistent funding is CSR.
Role of Fiinovation
In the large mob of NGO’s, corporate may find difficulty in picking the right one to engage in CSR intervention. Fiinovation offers service of partnership management, where it caters the requirement of corporate as well as the NGO. It helps corporation to effectively select particular social community or NGO for their CSR intervention. The procedure is based on the geographical requirement, years in operation, reputation of the NGO, its authenticity and some relevant experience. Their credentials, skills, financial capabilities and internal structure can add to the motivation.
- CSR awards are a good initiative taken by the government to incentivize corporate to initiate strategies towards social welfare. The main focus area for CSR awards will be environmental development, human development, economic development and sustainable development.
- The president of India, while speaking to a group of IFS officers at the convocation, asks to achieve a balance between development and conservation. He also said that young officers should come up with expert solutions for issues like water scarcity, climate change impacts and preventing forests.
- Maruti Suzuki, India’s leading car manufacturer’s has spent a total of 89.45 crore on CSR activities during the final year of 2016-17. The budget has been increased compared to the last year by 14% and maruti has contributed in a significant way in many social welfare projects as a part of CSR activities.
- Maruti Suzuki is the largest car manufacturer’s in India and has increased their CSR budget this year up to 14%. The company allocated a total of Rs. 89.45 crore on the CSR activities. The company even plans to explore new technology in the arena of road safety and has included health care in its upcoming CSR campaign.
- Skill Development Projects
I live in the state of Odisha where CSR funds are not available much. The states of Maharashtra and Gujarat receive much of the funds. As per Fiinovation this is because most of the companies invest near their operational areas. This means the regional disparity which is to be curbed, doesn’t really happen. My district Kandhamal didn’t receive funds despite being one of the backward districts. I looking for CSR funds to promote skills among the poor people but there is no support. I think the government should intervene and organise the funding mechanism a bit. Right now it actually depends on networking and will of the companies who only think of their benefits.
- In collaboration of the ministry of women and child development, the Bharat Aluminum group plans to build 400 new Nand Ghars which will ensure holistic development of the child and empowering women with skill development and health care.
- “Earn while Learn”- a new project taken by the AITMC (All Indian Technical and Management Council) aims to educate and develop the skill set of the rural youth. Leading to create 1.5 million rural job opportunities.
- AITMC has come up with a new idea of “Earn while Learn”, which aims to educate and develop necessary skills to the rural youth of the country. The first phase of the project will be launched within this month in 50 districts.
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