Under the purview of Corporate Social Responsibility, there are activities which business entities undertake to meet their economic and social responsibilities. Today, businesses are fully aware of their social responsibilities because of the pressure exerted on them by various stakeholders. In spite of that, there are a lot of cases where companies are getting failed in fulfilling their responsibilities. Even the Non-Government Organizations which are part of such exercises, get slipped in delivering their expected outcomes because of various issues. Here comes the role of CSR consultancies which act like the intermediator between the corporates and the NGOs. Fiinovation complaints redress approach is of prime importance in bringing both of these entities on a synced frequency.
As per a survey conducted by FIICI regarding the CSR activities in India, a majority of 77% of companies participating in the survey reported an increase in their CSR Budget in the year 2014-15 but, a huge percentage of the companies i.e. 46% said that the impact assessment of their CSR initiatives is NOT audited by any third party.
Such insight throws light on the loophole in the entire CSR system and the need of the independent audits to be done for these companies. Fiinovation complaints redress approach is one of such mechanism which helps in rectifying this gap by doing the proper impact assessments, CSR audits, monitoring and evaluation for the corporates and NGOs as well.
Fiinovation assists corporates, regulators, policymakers, NGOs and other stakeholders to sustain and enhance the shared value through the customized Result Based Management (RBM) framework for their programs. It has worked extensively in designing the frameworks, its implementation and learning through the quantitative and qualitative research techniques.
Fiinovation complaints redressal approach works in the following aspects:
- Process Monitoring
- Context Monitoring/ Situation Monitoring
- Beneficiary Monitoring
- Financial Monitoring
- Organizational Monitoring
- Compliance Monitoring
- Result Monitoring
Such continuous monitoring in various aspects helps Fiinovation to rectify the complaints they receive regarding the mismanagement of the funds provided by the companies for the CSR activities. Such strong monitoring and assessments also help in keeping a check on various NGOs so that they are not indulged in any unethical practice while utilizing the funds received for the benefit of the society.
The trust-building is one of the most important parameters when it comes to the CSR activities in India. Any act which results in the negative outcome, creates a huge impact on the credibility of the company. Hence, it is very important that such issues should be resolved at the initial stage only rather than doing the damage control at the later stage. Fiinovation complaints addressing approach takes care of even the smallest of the complaint at its nascent stage itself and doesn’t let it grow into a big blunder harming the reputation of the corporates. This way, CSR funds can be utilized effectively without any scope of misuse of the funds.
India needs genuine efforts to improve the social development sector. CSR consultancies like Fiinovation are playing a critical role by being proactive in keeping a tight vigil on the activities and making CSR efforts a big success.