According to a TeamLease EdTech survey, a large majority of companies in India want to expand their corporate social responsibility (CSR) funding for skills and education in 2022. According to the survey, which included more than 100 organizations from across the country , about 70% intend to increase their CSR spending on education and training in the coming fiscal year.
The survey indicated that companies are keen to spend funds on projects that can create maximum impact. The majority of funds are devoted to imparting employability skills to school or university dropouts (22.8%), women (20.4%) and people with disabilities (18%).
“It is encouraging to see that companies are planning to further increase their spending on education/skills – nearly two-thirds of respondents plan to invest more. Investments coupled with active participation will help close the gaps and enable our youth to defeat the root cause of poverty, unemployment,” said Shantanu Rooj, Founder and CEO of TeamLease EdTech.
Survey results: aligning education and skills in the CSR agenda
Around 95.83% of companies allocate CSR contributions to education, vocational training and sustainable livelihoods, with the remaining 50% going to health, hunger, poverty and malnutrition, as well as to drinking water and sanitation. Nearly 45.83% of the funds are also dedicated to initiatives that promote gender equality, women’s empowerment, retirement homes and the reduction of inequalities.
Indeed, organizations that invest in several sectors devote part of their funds to education; 46% of respondents said they spend more than 50% of their funds on training and education.
Trends to expect in 2022
In 2022, optimism for CSR programs focused on skills and education should persist. About 85% of companies have revised their CSR programs in response to the impact of COVID. In addition, 80% of organizations have already taken special measures to continuously monitor and quantify the impact, and 40% are even investing more in analyzing the impact well.
Challenges in implementing CSR programs
The survey indicated that many organizations have faced relevant challenges when implementing their CSR programs.
“Accessibility, infrastructure, deployment continues to be a concern for businesses. 70% of companies mentioned that connecting the right candidates to the right opportunities is their biggest perplexity,” said Neeti Sharma, co-founder and president of TeamLease EdTech.
Sharma added that further, 42% attributed lack of infrastructure as a cause of distress and even the pandemic hampered the organic implementation of CSR programs.