In this article, we dive into the unique focus on skilling and employability as presented in this year’s Union Budget, with a special focus on Corporates and their CSR spends . This Budget has underscored the government’s commitment to skill development and job creation. The recent announcement has presented a golden opportunity for corporates to align their CSR initiatives with the nation’s developmental goals. By synergizing budget provisions with corporate social responsibility, organizations can contribute significantly to building a skilled workforce and fostering inclusive growth.
Corporate CSR
Under Indian law, corporations which need to comply with CSR provisions, must spend 2% of their average net profit over the past 3 years on CSR activities. This requirement ensures that businesses contribute to societal welfare. Typical areas of CSR spending include:
- Education: Investments in schools, scholarships, and vocational training programs.
- Healthcare: Support for medical facilities, health campaigns, and wellness programs.
- Rural Development: Projects aimed at improving infrastructure and living conditions in rural areas.
- Environmental Sustainability: Initiatives to promote green practices and environmental conservation.
Today, CSR Spend on NSE listed companies is at Rs. 15,523 crs. in FY 23.
Education is particularly important for CSR spending, aligning well with the current budget’s focus on skilling. This presents a strategic opportunity for corporates to invest in educational programs that enhance workforce readiness and address skill gaps.
What Is the Budget Scheme on Skilling?
A new internship scheme has been announced, offering a one-time assistance of Rs. 6,000 and a monthly allowance of Rs. 5,000 for one crore youth. Companies can allocate Rs. 6,000 from their CSR funds towards monthly allowance for such training, This initiative aims to provide practical experience and enhance employability by supporting internships with financial assistance.
Opportunities for Corporate Training & CSR
Investing in corporate training through CSR initiatives opens doors for meaningful collaboration among corporates, training institutions and government bodies. This alignment addresses skill gaps, enhances corporate reputation, and contributes to societal development.
- Emphasizing Collaboration: Corporates can collaborate with training institutions and government bodies to design and implement effective training programs. Such collaborations can address skill shortages and contribute to workforce development.
- Societal Importance: Investing in skill development through CSR benefits the community and supports broader societal goals. Companies can play a key role in bridging the skill gap and preparing individuals for the job market, contributing to economic growth.
- Benefits of Internship Programs: CSR-funded internship programs offer several advantages for companies:
- Talent Pipeline: Access to a pool of potential future employees.
- Enhanced Reputation: Boosts the company’s public image as a responsible corporate citizen.
- Increased Innovation: Interns bring fresh perspectives and ideas, fostering innovation.
How Knowlens Can Add Value
Most interns in the age group of 21 and 24 are visual learners and the Knowlens portfolio of learning options can certainly add value to company training efforts at scale, as part of an overall hybrid solution which also includes practical work.
● Multi Lingual Visual Learning Platform: Our multilingual platform supports tailored training solutions for various learning styles, including visual learners. Needless to say most interns are likely to be visual learners. Add to this, our competencies in handling multiple languages both on the system as well in translation, dubbing etc , the effectiveness of the theoretical aspects of the training can be well handled.
● Mobile App: Most of the target audience are mobile friendly and the Knowlens app would be perfect for this audience when combined with multi-lingual capabilities.
● Bottom-of-the-Pyramid Films: We offer educational films and e-learning content targeted at interns who benefit from visual content, making learning more engaging and effective. For instance recording a film of operating a lathe machine could be of enormous value to interns before they actually go onto work at the lathe machine.
● Video Recording and Online Assessments: We provide high-quality video recordings and online assessments to ensure comprehensive understanding and evaluation of skills.
By integrating these tools and resources, Knowlens can help corporates deliver impactful skilling initiatives aligned with the latest budget provisions.
Conclusion
The government’s new budget allows companies to contribute to building a larger base of skilled youth and improve their lives. Companies and the government can create more jobs and a better future for everyone by working together. Knowlens can help companies do this by collaborating on various aspects of these training initiatives including the platform, films, scorm content, video recording etc.