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 Fiinnovation 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.
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