Demographic Data Research Proving Beneficial For Companies Implementing CSR
CSR is currently one of the vital elements of strategic decision making among companies and organizations. Since the enactment of Companies Act, 2013, businesses have been liable to spend 2 percent of their net profits on CSR activities. Since the investment amount has increased, there has been increasing awareness towards investments in proper areas and programmes that will benefit the cause and the business. It is no more a check writing or donation activity. So, research and development has been the primary and important step towards implementation of CSR. The research and development refers to the understanding the knowledge gain regarding the area of CSR implementation. In this regard, it is important to mention that demographic data research through primary and secondary channels has become one of key contribution factors in R&D. The reasons behind this are as follows.
- No CSR implementation can be successful without the knowledge regarding the area of implementation. The demographic data research facilitates information gain regarding the environmental and physical standpoint of the area in terms of geography and community behavioral pattern. The data collected on this can be beneficial towards understanding the need of programmes that will address the issues properly.
- The success of a CSR initiative always lies in good communication. Whether one wants to gain understanding on the issues in an area or spread awareness regarding health and other welfare matters, proper communication facilitates either of them conveniently. While performing demographic data research through primary measures, the communication helps in understanding the socio economic conditions of the region.
- It helps in understanding the feasibility of certain activities and formulating required programmes for a particular region.
- The CSR implementation measures can be strategically framed beforehand based on the demographic data research for successful execution. It can also be used to formulate measures for crisis management if the situations turn up.
- The demographic data research can be a key element of impact analysis of the CSR programme. It clearly depicts the improvements and shortfalls in the programme which is precise due to the real time primary and secondary research involved in the process.
- The research data can be further utilized for other surrounding regions and a comparative study can be performed in order to better comprehend the future scenarios.
The demographic data research has proved its worth in the research and development segment of CSR. It is a vital activity which significantly contributes towards successful CSR accomplishment.
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