Fiinovation okhla: role of csr in education sector

 

Corporate social responsibility (CSR) has gained an increasingly high profile in recent years. CSR can be defined as the ways in which a business seeks to align its values and behaviour with those of its various stakeholders. The stakeholders of the business include the employees, customers, suppliers, government, interest groups (such as environmental groups) and wider societal interests on whom the operations of the business may have an impact. There are various sector, where we can perform CSR activities, such as Health care and sanitation, Education and skill development, rural development, environment and ecology, gender equality, PM’s relief funds, National Heritage, Art, Culture, Sports Development, Eradication of hunger and poverty, women empowerment, Social business projects, Combating HIV/AIDS, Maternal and other diseases, improving maternal health, etc. There are top three sectors which are too popular such as education, healthcare and rural development. These three sectors received 50% of the total CSR and the remaining half is spread over 25 other sectors.

Fiinovation CEO and Chairman - Centre for CSR & Sustainability Excellence, Dr Soumitro Chakraborty firm Innovative Financial Advisors Pvt. Ltd.(Fiinovation) working on Education, Health, Environment, livelihood and skills (Fiinovation practice areas) and provides its corporate social responsibility services to both corporations and civil society organizations (CSOs). According to him, they provide services such as field research studies, forging alliances, designing CSR policy to corporations, there are 60% corporations who perform CSR activities in education sectors and CSOs who are working in the education sector. Every year, fiinovation funding provides funding to the CSOs, and some of them CSOs 60% are working in the education sector. They have performed many fiinovation projects. In their eleven years of span, they did lots of projects related to education sector, such as Impact Assessment of Mobile Science Labs for a Leading Pharmaceutical Company, Impact Assessment of Digital Discovery Paathshala Project in Delhi, Mid-term Assessment for Skill Training Institute in Barmer, Rajasthan, Programme Management for a Community Level Programme in Bilaspur, and many more. We can see their clients happy reviews on fiinovation reviews. We can get more details on fiinovation linkedin, fiinovation twitter, where they always update their innovation.

Education is the most popular choice of sector for Corporate Social responsibility projects, who received 25% of the total CSR and the remaining half is divided into Healthcare and Rural Development (mean you can say, Education Sector- 25%, Healthcare sector- 15% and Rural development sector- 15% ). Education sector is more popular than other sectors because the role of educational institutions to surpass the CSR for creating the best human capital and also explores the significance of CSR for promoting education and various initiatives of companies in the education sector as a corporate responsibility to expand education. According to Ms. Pooja deshmukh, Associate Professor and Research Coordinator, MGM Institute of Management, Aurangabad, India. She described three core models for education sector, which is helpful for putting CSR strategies that are follows:

“The core strategy in all three models involves the following steps:

• Identification of the area of intervention/involvement and the scope of work

• Identification of the beneficiaries[Demographic Profile – location, sex, category, age, type of school supported)

• Identification of the sources of fund to create a sustainable model (internal, external, donor engagement model)

• Designing of an appropriate/dedicated team with the right organizational structure to run the initiative [Finalize organizational structure, Recruit key personnel, Recruit Local people/volunteers]

• Identification of Key Stakeholders for the programs • Formulation of a strategic plan for the initiative [Defining objectives, Resource Mapping, Awareness Programmers, Trainings for internal/external/NGO members]

• Mechanism for Monitoring & Tracking Success [Financial Monitoring, Identification of KPOs, Impact Assessment at regular intervals, Internal Mechanisms to measure/report utilization of funds to the donors, Mechanisms/frequency of reporting to the donors involved, mechanisms for taking feedback from donors, Identification of templates/tools to be used to record report on initiatives]

• Ensuring sustainability and replicability of model”

The role of CSR in education is thus mitigating the skills gap with considerable experimentation, and learning-by-doing along the way. In this process, the affected individuals, companies, and society at large are likely to benefit.

We can contact Fiinovation,



Fiinovation okhla address: 24/30, Ground Floor, Okhla Industrial Estate, Phase III New Delhi – 110020, Delhi, India.