Ever wondered how companies can transform and reshape societies? It is not simply about profits and products; it is about creating a lasting impact that resonates deeply within communities.
Corporations are increasingly recognizing that investing in society is essential not only for transforming local communities but also for enhancing their brand value. According to the Deloitte CSR Preparedness Survey Report (2024), 50% of organisations are currently reassessing their CSR strategies in response to a growing emphasis on social impact.
What was once seen as a philanthropic endeavor has transformed into a powerful catalyst for both societal progress and business growth. By investing in their communities, businesses are not merely fulfilling their social obligations; they are unlocking new opportunities, strengthening their brands, and building a sustainable future. This blog delves into the evolving landscape of Corporate Social Responsibility, exploring how it drives positive change and creates shared value.
What is CSR?
Corporate Social Responsibility (CSR) refers to the ethical obligation of businesses to contribute positively to society. This concept involves companies going beyond profit-making to address social, environmental, and economic issues. CSR encompasses a wide range of activities, including environmental sustainability, philanthropy, ethical labour practices, and community development.
Under current regulations, companies are required to allocate at least 2% of their average net profits over the previous three years toward CSR activities. This mandate compels Indian companies to actively seek ways to contribute meaningfully to societal well-being in alignment with their business goals. In FY23, the top sectors for CSR funding by major companies were Education, Healthcare, and Rural Development.
In FY23, #education received the highest #CSR expenditure at ₹10,085 cr, marking a record high and accounting for one-third of total CSR spend. However, vocational skills #funding was lower at ₹1,164 cr.
Read more: https://t.co/9NYEiPOztQ@RChitravanshi pic.twitter.com/iijZVMyICG— Business Standard (@bsindia) August 9, 2024
Role of CSR in Education
Education is one of the key areas where CSR funds can have a significant impact, helping to build a more equitable and educated society. The cost of higher education in India has been steadily increasing, posing significant financial burdens on students and their families due to tuition fees, textbooks, and accommodation, which collectively create barriers to education for many talented individuals. This is especially critical for students from Tier II and Tier III cities, where financial challenges are more pronounced.
Thus, corporate scholarships can play a vital role in helping deserving students overcome financial constraints and pursue higher education. Tailored scholarships offer numerous benefits to society as a whole. Some of these advantages are outlined below.
- Empower Weaker Sections: Corporations can help underprivileged students access professional education, creating a ripple effect of empowerment within communities.
- Reduce Educational Disparity: Skill training programs can bridge the gap in access to quality education, promoting inclusivity and equity.
- Enhance Transparency: Transparent and monitorable scholarship programs build trust and ensure effective utilization of funds.
- Promote Skill Development: Focusing on skill development contributes to a more skilled workforce, benefiting both the community and the economy.
- Increase Employability: Tailored scholarships can enhance employability by providing access to higher education and skill enhancement opportunities.
Thus, scholarships in the field of education are a powerful tool for social and economic transformation, bridging gaps, empowering individuals, and driving sustainable development. The focus on CSR in education has intensified as companies now realise the potential impact of their contributions.
Benefits of Corporate Scholarships for Brands
By aligning scholarships with a company's core values, organisations can uplift communities while reinforcing their brand identity. For instance, ArcelorMittal Nippon Steel India (AM/NS India) honoured 147 young girls from the Barbil region with ‘Beti Padhao Scholarships’. This scholarship has empowered numerous girls by providing access to education, reflecting the company's commitment to fostering a more inclusive society. You can learn more about their initiative here.
Such targeted initiatives not only support future talent but also enhance the company's reputation for social responsibility.
For corporations, the benefits include:
- Community Building: Supporting local communities through scholarships.
- Reputation Boost: Companies that give back are favoured by consumers and partners.
- Fostering Talent Development: Scholarships can lead to internships and full-time hires, creating a pipeline of skilled talent.
- Enhancing Workforce Diversity: Many corporate scholarships prioritise diversity and inclusion, fostering a more diverse workforce.
- Tax Benefits: Donations through scholarships can offset tax bills, providing financial benefits to the company.
Why Protean Vidyasaarathi?
Running a corporate scholarship program can be complex, but Vidyasaarathi simplifies the process. Protean's Vidyasaarathi platform empowers organisations to craft scholarships that reflect their mission, whether it's supporting underprivileged students, promoting gender equality, or fostering rural development.
Launched by Protean, Vidyasaarathi is an innovative online education scholarship portal that bridges the gap in education finance in India. It serves as a comprehensive education funding ecosystem connecting corporates with deserving students across the country.
| Discover How Protean Vidyasaarathi Can Transform Your Scholarship Program. |
Key Features of Vidyasaarathi
Some of the key features of Vidyasaarathi include:
- One-Stop Platform: End-to-end scholarship management, from screening to selection, with pre-screened candidates for corporates.
- User-Friendly Interface: Accessible and easy to navigate, providing a seamless experience for both students and fund providers.
- Transparency and Control: A controlled ecosystem with an audit trail mechanism that ensures compliance and transparency.
- Customisable Scholarship Schemes: Corporates can tailor scholarship programs to align with their CSR objectives, ensuring resonance with brand values.
- Bridging the Gap in Education Funding: Vidyasaarathi channels CSR funds to provide financial assistance to underprivileged students, making education more accessible.
Elevating Brand Value Through Strategic Scholarship Programs
By utilising Vidyasaarathi, companies can create and manage scholarship schemes aligned with their CSR goals, enhancing brand value. The platform supports corporates to host scholarships, reducing administrative overhead and ensuring that funds reach the intended beneficiaries. Customisable dashboards and reporting tools allow enterprises to track the progress of their CSR activities and measure impact, further strengthening their brand’s reputation.
Vidyasaarathi ensures that companies can reach a larger audience across multiple regions, making a significant impact on the communities they serve.
| Explore Vidyasaarathi: Create Your Scholarship Program Today. |
Vidyasaarathi's Impact: Transforming Futures Through Education
Vidyasaarathi has made a significant difference by bridging the gap between aspiring students and corporates committed to education. Here are some of the key achievements:
- Applicants: 1.68 million+
- Scholarship Schemes Disbursed: 1022+
- Applications Approved: 1.38 million+
- Total Funds Disbursed: ₹875 million+
- Scholarships Disbursed: 39,962+
- Corporates Onboarded: 152+
- Education Institutes Registered: 173
Conclusion: A Win-Win for Companies and Communities
Tailored scholarships offer a unique opportunity for companies to leave a lasting legacy while building a strong, positive brand image. With Vidyasaarathi, your company can contribute to a brighter future for underprivileged students while reinforcing its commitment to social responsibility. The future is bright for those who invest in it—let your company be part of this transformative journey.
- Story by Kakoli Laha
