How FIWE helps measure the social impact of CSR projects
Corporate social responsibility (CSR) is a way for businesses to contribute to the social and environmental development of the society they operate in. CSR projects can have various objectives, such as improving education, health, livelihood, environment, or gender equality. But how can businesses know if their CSR projects are making a difference? How can they quantify the social value and return on investment of their CSR initiatives? This is where FIWE comes in.
FIWE, or Federation of Indian Women Entrepreneurs, is an organization that specializes in conducting need analysis, impact assessment, and monitoring and evaluation of CSR projects. FIWE has been working with various government and private organizations to provide detailed reports on the ground realities and impacts of CSR projects. FIWE uses a range of tools and methodologies to measure the social impact of CSR projects, such as:
- Social Impact Assessment (SIA): FIWE conducts SIA studies to evaluate whether CSR projects achieve their goals and contribute to social development. SIA studies involve collecting and analyzing data from various sources, such as beneficiaries, stakeholders, surveys, interviews, focus groups, observations, etc. SIA studies also identify the positive and negative impacts, intended and unintended outcomes, and potential risks and opportunities of CSR projects.
- Social Return on Investment (SROI): FIWE also calculates the SROI of CSR projects, which is a ratio that compares the social value created by a project to the initial investment made. SROI is a widely accepted tool that incorporates social and economic impact and other values into decision-making processes. SROI is calculated by using the formula:
SROI = (social impact value – initial investment amount) / initial investment amount *100%
- Monitoring and Evaluation (M&E): FIWE comprehensively monitors and evaluates the progress of CSR projects throughout their life cycle. FIWE provides regular reports to the CSR team to track the performance indicators, outputs, outcomes, and impacts of CSR projects. FIWE also identifies any gaps or challenges and suggests corrective actions or improvements.
- Reporting and Compliance: FIWE ensures that the CSR projects comply with the relevant laws, regulations, standards, and guidelines. FIWE also prepares comprehensive and result-oriented reports that include data on placement, attendance, training, mobilization, feedback, and tracking of the beneficiaries. FIWE also shares photographs, videos, testimonials, case studies, etc. to showcase the achievements and success stories of CSR projects.
FIWE has a rigorous and data-driven approach to conducting impact assessments of CSR projects. FIWE believes that measuring the social impact of CSR projects is essential to ensure accountability, transparency, effectiveness, efficiency, and sustainability of CSR initiatives.
