According to recent reports, SIAs (Social Impact Assessment) have become one of the most significant parts of the investment phase in India. This project came from the EIA (Environment Impact Assessment) model. This EIA model was designed and launched in the year of 1970 to analyze the overall impact of any infrastructural project on communities. SIA project is not only popular in India but also in a number of countries to evaluate the impact on any individual or community of the corporate project.
A number of professional firms or service providers are present, which you can easily fetch over the internet, which deliver outstanding service for the corporate, multi-legal organization, governmental and non-governmental organizations to update and advance the professional business practice while improving their long-term performance in case of business.
Significance and advantages of SIAs:
This project makes sure that any business project can impact the community positively. In simple words, it should be mentioned that Social Impact Assessment is significant to make sure that the land acquisition, which is carried out, should be in a particular way that benefits both parties, as well as the community based on that location (which aren’t marginalized by the development procedure). Along with this, this assessment project is most advantageous for the local community, as it allows them to raise their voice during the development process.
The necessity of professional social impact assessment service for every corporate:
In 2013, Social Impact Assessment was mandated by ‘The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act.’ Before this model, the land acquisition cases followed the ‘Land Acquisition Act’ of 894. However, after mandating SIA in 2013, every corporate establishment must comply with this act. And in that case, to maintain all the rules and regulations without any hazards, you need professional assistance.
The professional social impact assessment firms ensure the improvement by advancing the responsible corporate practices. In reputable social impact assessment firms, you get the most experienced personnel who will assist you personally to ensure your business operation runs smoothly while complying with all the Indian acts, including SIA.
Impact of CSR on business:
Apart from SIA, CSR (Corporate Social Responsibility), which is also known as ‘Corporate Citizenship’, is also advantageous for any corporation in terms of retaining existing employees, engaging with a wide range of audiences, and creating goodwill among the investors. So, with SIA, you need to comply with CSR policy to earn trust and make a brand name. CSR is a business model where companies take responsibility for the local community, stakeholders and themselves. Complying with social responsibility rules, any company can show themselves their contribution to the local society in environmental, economic, and social aspects. However, before taking service from CSR consulting services, ensure their knowledge depth, experience, etc.