How independent agencies conduct Impact assessments for your business or nonprofits
Impact assessment- Overview
Impact assessment is the formal evidence that informs the economic, social and environmental effects of an intervention. This assessment technique helps to understand if a particular intervention has made an impact or not, meaning, the change in the outcome is solely because of the intervention and not any other factor.
The Need for Impact Assessment
As per the Corporate Social Responsibility Policy 2021, Impact assessment is mandatory for companies with average annual CSR obligations of INR10 crore and projects of INR1 crore spend or more. Companies can set aside a maximum of 5% of the CSR spent or INR 50 Lakh – whichever is lesser – for impact assessment. The amendments on impact assessment have added strict responsibilities on companies to ensure that they strategize, execute, and assess their CSR programs more effectively.
The assessment lets companies and nonprofits know and understand the potential threats and implications of their operations on stakeholders, people and the environment. For example, in a health care project, if the health well-being of the target population increases, we ensure that it is because of the intervention and if not, we clearly specify the same and mention the factors that had brought impact. This way, decisions related to interventions are thoughtfully made and the chances of severe consequences on the part of ESG diminishes.
So, how do Goodera gather the information that yields results? Through qualitative and quantitative methods. From the former one, we use narrative analysis discipline and the latter one gives results in terms of numerical value using mathematical and statistical models. There is a mixed approach (qualitative + quantitative) that generally takes place. While undertaking field research, we use stratified sampling techniques and to ensure that there is no selection bias, a mix of techniques are adopted to achieve accuracy. Moving forward, we conduct efficiency assessments like cost-benefit analysis, cost-effective analysis, Cost-Utility analysis, social return on investment etc.
Steps Goodera carry out an Impact Assessment
- With the help of companies and nonprofits, Goodera set the parameters and decided on the assessment framework. We also set a criterion to measure the projects effectively. Some different measures include preparedness, relevance, efficiency, effectiveness, sustainability, innovation, inclusivity, vulnerability, convergence etc.
- The next step is mentioning the scope of work that includes the number of beneficiaries, the implementation program, the rollout time etc. Generally, we hold field assessments but since the ongoing pandemic, we conduct telephonic interviews. We submit a draft report and ask for the client’s feedback.
- Another step is to define the roles and responsibilities. The baseline data, MoU, relevant documents are exchanged and the expectation setting is performed to formulate and communicate with clients.
- The researchers carry out field research that includes surveys, interviews, focus group discussions and quantitative data collection. They collate the data and tabulate the results. Qualitative research is also organized and summarized.
- All the relevant data is structured that reflects the purpose of the evaluation with clarity and transparency. The impact assessment also gives much more information beyond the specific project assessment. Finally, all the findings are evaluated in a nutshell and shared with the company.
What does it mean to have a third party coming in?
If a company or a nonprofit organization is carrying out the whole process of implementing an impact assessment themselves, it can be extremely overwhelming and time-consuming to figure out the impact. And this goes without saying that there may be chances of biases in the report. However, the revised CSR policies condemn companies to carry the impact assessment themselves and demand to reach out to independent agencies for the same. Companies are obligated to outsource the tasks and leverage the expertise of third-party platforms like Goodera, which brings more objectivity and transparency in the evaluations.
Over the last 5 years, Goodera has worked with 100s of corporate clients to automate their CSR lifecycle and maximize the impact of their CSR programs. Through our service, you can get social impact assessments and save a lot of time and effort that can be put into other crucial operations of the organization. When you outsource the impact assessment operation to us, you can evaluate, assess, track and report it effectively and efficiently.
Our platform allows smooth data collection and automates processes for your convenience. Our wide variety of assessment frameworks focus on project activities, outcomes & Impacts as we specialize in innovation as a tool of massive transformation. We help you know all about the sustainability measures including partnerships for replication and scaling and growth. Moreover, with us, you can derive sustainable exit strategies that would allow you to grow your portfolio.
Make use of our expertise and get in touch with us today.