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Corporate Governance and Corporate Social Responsibility are far more than similar sounding jargon. They impact not only the organization itself, but also the wider community that exists around it.
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Corporate Social Responsibility and sustainability are two integral concepts in the corporate world. They are often intertwined, yet with distinct purposes and focuses. CSR and sustainability both play a key role in shaping ethical business practices.
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Corporate Social Responsibility (CSR) represents a company's commitment to environmental and social well-being. Through philanthropic endeavors, volunteer work, and similar activities, CSR can truly make a change. But it needs efficient implementation.
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Corporate Social Responsibility (CSR) is a fundamental aspect of doing business responsibly. In this blog post, we'll explore what social responsibility means and why it's essential for businesses. We'll also go over the types of social responsibility and practical tips for implementation.
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CSR or Corporate Social Responsibility is a mandate in India. Such initiatives in all fields are highly benefited by technology. Data-driven intelligence, efficient planning, and effective collaboration can contribute to maximizing the impact of CSR. Therefore, having a technology driven approach to CSR monitoring and impact assessment is of great value.
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Corporate Social Responsibility or CSR is the duty of business organizations to make a difference in society and better the environment. These voluntary, non-profit ventures show the ethical nature of an organization, and its commitment to those it serves.
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Conducting a successful Community Need Assessment (CNA) is a crucial step in designing a Corporate Social Responsibility (CSR) project. It aligns with the aspirations of the community you aim to serve. This exercise is also known as a Baseline Study or a Baseline Assessment.
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Corporate Social Responsibility (CSR) has become an essential aspect of modern businesses. Companies are increasingly realizing the importance of giving back to society.
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Impact assessment studies are crucial to the projects and initiatives organizations undertake. It is an approach to sustainability involving systematic assessment of the social impact of various organizational initiatives.
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Corporate Social Responsibility (CSR) has become an integral part of business strategies worldwide. As companies strive to align their operations with sustainable practices and societal well-being, the role of CSR software has gained prominence.
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Organizations engaged in Corporate Social Responsibility need to have robust methodologies and systems in place to objectively assess the performance of their CSR project in accordance with standard and globally agreed upon metrics.
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Corporate Social Responsibility (CSR) initiatives are becoming increasingly important for companies. It enhances their reputation and demonstrates their commitment to making a positive impact on society and the environment.
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Corporate Social Responsibility (CSR) is a key component of organisational operations, with companies looking to have a positive impact on society and the environment. However, measuring the impact of CSR initiatives can be challenging.
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Corporate Social Responsibility, or CSR in general, is a set of self-regulating practices that an organization adopts to make itself socially accountable to itself, its stakeholders, and the public.
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When undertaking a Corporate Social Responsibility project, there is a process of reviewing the financial and operational performance of the Non-Governmental Organization (NGO) that you partner with.
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Social Return on Investment (SROI) is a method for measuring the social, environmental, and economic impact of a project or initiative. It is a tool that helps assess the value of a Corporate Social Responsibility project beyond its financial returns.
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CSR formally launched in India in 2014. It was 5 years after we at SoulAce began our journey of establishing relationships between Corporates looking to give back and suitable NGOs and communities that could benefit from such projects.
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If you run a business that is set to engage or already engages in CSR activities, you will know that no Strategy is complete without a plan for Impact Assessment.
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Given the recent healthcare crisis during the pandemic, upgrading the healthcare infrastructure and technology has become imperative. Cracks in the structure have become more prominent and Corporates, NGOs and the government must join hands to fix the gaps.
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In the world of project undertakings, one of the most significant areas of assessing position and substantiality is conducting Impact Evaluation Studies.
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The 21st-century world is a market amalgamation of different sectors coming together to make profitable outcomes while impacting their surrounding world.
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Social Impact Assessments are regulatory tools used worldwide for developmental projects. Before we delve into the why let's ask ourselves: how do we define Social Impact Assessment?
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Imagine you have conducted a baseline study and allocated a budget for your organization’s CSR practices. What comes next? Ensuring your CSR funds reach the cause and are utilized to their best capacity may seem like a daunting task. This article will present you with some tips to make sure you move forward in the right direction.
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The role of CSR for society is a momentous one as it has the ability to pave the way for the progress of the community. It is a responsibility shouldered by every member of the company and benefits multiple stakeholders, including the benefactors themselves.
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Employees make up an essential part of the framework that contributes towards a company’s CSR aims. In the present times, recruiting and retaining top-tier and motivated employees is ascertained also by its dedication towards its social responsibilities.
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It is a comprehensive process of assessing the impact created by the company in the lives of the beneficiaries. Assessing the impact of a CSR project helps to understand the impact outcome of the project.
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Given the growing importance of social responsibility in business, Corporate Social Responsibility (CSR) is quickly becoming a fixture in modern business lexicon.
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Society has transitioned towards the digital, best it is adapting to this transition now.
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One of the cornerstones of a successful CSR initiative is its quantification and evaluation.
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Since CSR has become a legal requirement and now plays a big role in creating a brand image for the company, CSR optimization gives companies the chance to show tangible value creation.
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Today, it is mandatory for companies conducting CSR activities above a certain amount to conduct impact assessment.
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The SoulAce software platform for employee volunteering in India continuously updates information with requirements for volunteers for different projects that employees can choose from. It can be customized to reveal opportunities that align with the aims of the companies and their employees.
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Besides complying with government regulations, incorporating fund utilization audits for companies can have numerous benefits for firms such as, Avoiding Penalties, Lending Sustainability to CSR Activities, Building Trust among Partners, Implementing Realistic and Scalable Models.
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Corporate Social Responsibility (CSR) is an essential system in creating ethical business models worldwide. Countries regularly update their rules and regulations regarding CSR to improve its impact. The Ministry of Corporate Affairs in India provides comprehensive and dynamic documents, acts, and FAQs to better understand the role of CSR and its implementation by qualifying companies. This includes fulfilling their duties towards alleviating social or environmental issues and creating a more inclusive and sustainable space.
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CSR Monitoring Platform helps in Creating a Central CSR Database, Strategizing for CSR Initiatives, Allocating Responsibilities and Proper Recognition, Efficient Impact Assessment and Report Writing & Sharing the Company's Achievements and Improving its Transparency.
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The need for a responsible, transparent, and efficient monitoring platform of the CSR projects has always been a critical need for the corporations executing Corporate Social Responsibility and abiding by Section 135 of the Companies Act, 2013. This CSR project monitoring software includes periodic performance evaluations to track the company’s progress and impact in terms of the Key Performance Indicators (KPIs).
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Community investments play an important role in CSR and is one of the growing CSR strategies. It can be direct cash, non-cash contributions, or grants from the foundation. Sustainability is no longer a standalone CSR objective. It should be part of a consistent approach for CSR that aims for the sustainable development of an organization. No organization wants to stay behind when it comes to social impact and sustainability. This is the reason why benchmarks are helpful for the organization to measure the progress of CSR projects.
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Corporate Social Responsibility (CSR) is now an essential part of the corporate world and is no longer a choice or profit-making agenda incorporated in some business houses. It is desired that the proper measures to understand the CSR activities as it is now one of the potential aspects in the companies’ regulations, and almost all the corporate houses have adopted it in their policies to concentrate on a more sustained environment.
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CSR software manages, administers, and tracks CSR programs that might include environmentally responsible operations, grants and sponsorships, sustainability management, community giving, and corporate volunteer management. These solutions help companies share their CSR program accomplishments with customers, employees, and investors. Additionally, corporate social responsibility software helps businesses continually improve their policies and practices to support their CSR values.
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CSR Impact Assessment is the process of comprehending the impact that has occurred in the lives of the beneficiaries, where the project was implemented. This helps to understand the overall outcome and impact of the project from the eyes of the beneficiaries. The New Rules in the Companies Amendment Act have brought in some changes which show Government’s encouragement towards the corporates to pursue impact assessment for their ongoing CSR projects.
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A year has passed since the implementation of the project, planned to resolve the issues of water scarcity at Satara District, Maharashtra. Recently our Team visited the Satara District, to conduct a CSR Impact Assessment study of the Water Harvesting Project. This project was executed last year by our Corporate Partner.
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Today, nearly every company strives to solve a problem. It could be a global problem or a more community-level problem. Businesses who address the concerns of customers and other stakeholders are likely to be more successful. In addition to building monetized products and services, a business also has the opportunity and responsibility to help and donate to its community or society at large through the Corporate Social Responsibility (CSR) policy.
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SoulAce conducted a Social Return on Investment (SROI) study of a Girl Child Education Programme in Thoothukudi, Tamil Nadu. This project began in 2012 and aimed at supporting girls with a range of social, academic and material support to enable and empower them to continue schooling by minimizing social and economic constraints.
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During the 2017-18 financial year, the total CSR expenditure in the country was Rs.7,536.30 crore. This is a 47% increase from 2014-15, when the Amendment was first enacted. Specifically, education has consistently been among the most favoured sectors that companies have invested in, with the year 2018 seeing INR 2202 crore being spent on this sector alone.
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In 2014, India introduced CSR law being the first country in the world to make it mandatory. The corporate sector was initially taken by surprise and many of them perceived this as an additional tax burden. India also saw a new government in 2014, which was under pressure by Industry Bodies and Associations to overturn the law.
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India has the world’s richest tradition of Corporate Social Responsibility (CSR). The term CSR may be relatively new to India, but the concept dates back to Mauryan history, where philosophers like Kautilya emphasized on ethical practices and principles while conducting business. CSR has been informally practiced in ancient times in form of charity to the poor and disadvantaged.
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