Tag: ESG

Driving Social Transformation: The Power of Impact Sourcing on India’s Rural Economy

By working together, employers, training institutions, the government, and other stakeholders can create a sustainable and inclusive impact sourcing movement in India that empowers the rural population and drives overall social transformation. Read on to learn about the benefits of impact sourcing and the role each group can play to advance this powerful business practice.

My eyes were fully opened to the transformative impact social organizations can have on rural populations as a first-time attendee to Development Dialogue 2023, an international gathering of diverse sectors with the common purpose of creating sustainable solutions, organized by the Deshpande Foundation in Hubli, Karnataka, India.

While I had done some basic research on the foundation’s operations, I never expected to be surprised by the social impact on the local rural economic development from their work that includes farmer support, start-up and micro-entrepreneur programs, and a youth skilling initiative.

Hearing a 14-year-old girl from a small village near Hubli conversing in fluent English with tremendous confidence with dignitaries such as Infosys Founder N.R. Narayana Murthy and Founder and CEO of iMerit Radha Basu amazed me.

This was the moment I realized the real empowerment and impact that NGOs and organizations such as Deshpande Foundation have on the rural population. These enabling institutions educate and train the rural youth population with job-ready communications and technical skills to improve their employment prospects and advance impact sourcing in India.

What is impact sourcing?

Impact sourcing involves intentionally hiring and providing career development opportunities to people from marginalized communities. This business practice aims to meet objectives such as maintaining service quality and cost at parity with traditional Business Process Outsourcing (BPO) and Information Technology Service (ITS) providers, fulfilling Corporate Social Responsibility (CSR), Environmental Social Governance (ESG), and diversity objectives of both the business and their clients, and leveraging the unique assets of the target marginalized group.

Impact sourcing creates opportunities for such groups as economically-disadvantaged individuals, women, minorities, LGBTQ+ individuals, survivors of gender-based violence, persons with disabilities, veterans, military spouses, refugees, rural residents, and single parents.

Impact sourcing in India

As one of the fastest-growing economies in the world, India has rapidly expanded its metro cities and developing urban regions in recent years. Almost all higher education facilities and formal sector employment opportunities are concentrated in the metros or tier-I cities.

Meanwhile, more than 64% of the population resides in rural areas with limited growth options. BPO companies in metro and tier-I cities face a severe talent crunch due to high contact center agent attrition rates. Shifting urban BPO centers to rural areas not only reduces operational expenses but also provides job opportunities to the rural population.

To drive major social impact through inclusive hiring models, India needs to create a policy and institutional environment to improve employment opportunities for the rural population that includes the value chain’s three main stakeholders: government support, NGOs/training institutes, and employer organizations.

Currently, India needs more private organizations, NGOs, and training institutes focusing on sustainable rural economic and social development. Increased impact sourcing initiatives are critical to improve job opportunities and drive overall social transformation. Let’s look at the role each of these groups can play:

Role of skilling institutions

Some of the prominent NGOs and training institutes working towards these goals include:

  • Deshpande Foundation, through Deshpande Skilling, focuses on skill development and training elementary and middle-school students as well as graduates from tier II and III towns and villages
  • Anudip Foundation, an NGO in partnership with the National Skill Development Corporation (NSDC), concentrates on providing technical training to Indian youth from underprivileged communities
  • Youth4Jobs focuses on the education and employment of persons with disabilities. Many similar NGOs focus on making unemployed youth job-ready by skilling them with technical education and developing soft skills

Support from government

To promote impact sourcing among disadvantaged rural communities, the government has launched numerous initiatives for skill development, including Pradhan Mantri Kaushal Vikas Yojana (PMKVY), the Employability Enhancement Training Programme (EETP), and the National Employability Enhancement Mission (NEEM).

NASSCOM Foundation frequently uses the mantra of “technology for good” and “changing India bit by bit” to encourage private organizations to actively participate in creating a sustainable impact sourcing movement.

Need for private sector participation

While some organizations such as B2R, Genpact, HGS, iMerit, IndiVillage, Infosys, Rural Shores, and Vindhya have taken steps towards impact sourcing and rural BPO, India needs active participation from all major private organizations.

Impact sourcing offers a compelling business case that goes beyond “doing good.” Studies have shown that impact-sourcing workers are more tenacious, dedicated, and hardworking, with very low attrition rates.

Shifting to rural areas not only reduces infrastructure and operational expenses but also lowers recruitment and training costs, resulting in overall cost savings for organizations. Enterprises also gain community support and social recognition by practicing impact sourcing while contributing to social transformation.

Everest Group, in partnership with the Clinton Global Initiative (CGI), has pledged to increase the impact sourcing workforce across the globe. Through our Commitment to Action proposal, the firm provides a platform for impact sourcing stakeholders to connect and access our research on the global impact sourcing market.

If you have questions or want to join other organizations that have already taken this pledge, contact Aman Birari.

Learn more about impact sourcing trends and drivers leading to impact sourcing demand in our LinkedIn Live session, What Are the Benefits and Barriers of Impact Sourcing in CXM? 

What Are the Benefits and Barriers of Impact Sourcing in CXM? | LinkedIn Live

LINKEDIN LIVE

What Are the Benefits and Barriers of Impact Sourcing in CXM?

View the event on LinkedIn, which was delivered live on Thursday, March 16, 2023.

Impact sourcing is an ethical outsourcing practice that intentionally focuses on maximizing societal and business outcomes ♻️. Over the years, we’ve witnessed growth in impact sourcing globally, specifically in customer experience management (CXM) by both traditional providers and impact sourcing specialists👥.

Impact sourcing delivers many benefits for workers, the communities around them, and businesses employing them; however, there are also barriers.

📢Watch this LinkedIn Live recording as our analysts and Global Mentorship Initiative CEO, Jon Browning, break down the benefits impact sourcing workers experience and the challenges businesses face when recruiting them.

Any organization interested in learning more about sustainability, environmental, social, and governance (ESG) objectives, and impact sourcing and is looking to get started with an initiative of their own should attend💻.

What questions does the event address?

✅ What are the key trends and drivers leading to impact sourcing demand?
✅ What are the key benefits of impact sourcing for providers and buyers of outsourcing services?
✅ What are some significant impact sourcing initiatives by traditional service providers and impact sourcing specialists?
✅ What are the recommendations for implementing impact sourcing and challenges faced by buyers and service providers?
✅ What is the future outlook of impact sourcing?Wa

Meet The Presenters

Sharma Nimish
Analyst
Everest Group

Sustainability in the New Year: Follow Through on Resolutions for People and the Planet | Webinar

ON-DEMAND WEBINAR

Sustainability in the New Year: Follow Through on Resolutions for People and the Planet

Sustainability has moved from the fringes to the center of strategic planning for CEOs worldwide. For this reason, we recently held a survey to learn how organizations are planning for sustainability in 2023 and uncover the top sustainability approaches and roadblocks.

Join this webinar as we deliver the survey results along with strategies and ESG best practices that incentivize and grow sustainability within the organization.

Quick poll results

Our speakers will also introduce Everest Group’s emerging philosophy for sustainability, which helps organizations remain aware of current conversations, opportunities, competitive advantages, and strategic decision-making.

Our speakers will discuss:

  • The newest trends for 2023 on sustainability
  • Sustainability planning challenges and how to address them
  • Our philosophy for sustainability and how organizations can embrace the business benefits and opportunities

Who should attend?

  • Chief sustainability officers
  • Chief diversity officers
  • Responsible supply chain leaders
  • Sustainable supply chain leaders
  • Actually everyone! ESG cuts across every function
Simonson Eric Refresh gray square
Managing Partner
Soni Rita Refresh gray square
Rita N. Soni
Principal Analyst, Impact Sourcing and Sustainability

ALES Talks 2022 – How to Add Value to Global Services? | Webinar #3

VIRTUAL EVENT

ALES Talks 2022 - How to add value to global services?

November 17, 2022
3:00 PM Uruguay | 1:00 PM ET

Everest Group’s Rita N. Soni, Principal Analyst for Impact Sourcing and Sustainability, will be speaking at ALES Talks 2022 in a session titled: How to add value to Global Services?

Register for the webinar

Presenters

Rita N. Soni
Principal Analyst for Impact Sourcing and Sustainability
Everest Group

Atul Vashistha
Chairman
Supply Wisdom

Yogesh Chauhan
Director of ESG, HubSpot

Facundo Cajén
Director for LATAM
GainForest

Register for the webinar

Soni Rita Refresh gray square
Rita N. Soni
Principal Analyst for Impact Sourcing and Sustainability

Key Issues for 2023: Rise Above Economic Uncertainty and Succeed | Webinar

LIVE WEBINAR

Key Issues for 2023: Rise Above Economic Uncertainty and Succeed

As we look toward 2023, economic uncertainty is prime and center. Rising inflation, interest rate hikes, and GDP contraction – matched with low unemployment rates and high talent demand – have left business leaders unsure of what to expect and how to prepare for 2023.

Join Everest Group’s Key Issues 2023 webinar as our experts provide insights into the outlook of the global IT-BP industry and discuss major concerns, expectations, and key trends expected to amplify in 2023.

All the data is based on input from global leaders across enterprises, Global Business Services (GBS), and service providers.

Our speakers will discuss expectations for 2023, including:

  • The outlook for global services
  • Top business challenges and priorities
  • Changes in sourcing spend and service delivery costs
  • In-demand digital services and next-generation capabilities
  • The evolving strategy for talent, locations, and the workplace

Who should attend?

  • CIOs, CDOs, CTOs, CFOs, CPOs
  • Service providers
  • GBS / Shared services center heads
  • Global services leaders
  • Locations heads

Can Joint Innovation and Public-private Partnerships Prove to be the Noah’s Ark for Africa? | Blog

Almost 200 countries came together at the Climate Change Conference (COP 27) in Egypt last month to take action toward achieving the world’s collective climate goals. Among the event highlights was the establishment of a fund to assist the nations most vulnerable and impacted by the effects of climate change. Read on for key takeaways from COP 27 and implications for the Global South.

The much-anticipated conference, dubbed the Africa COP, marked 30 years since the adoption of the United Nations Framework Convention on Climate Change (UNFCCC). While much has transpired and the planet has come a long way in its fight against climate change since then, some nations have been left behind in achieving their carbon goals and are not experiencing the intended benefits.

Developing nations have long sought financial assistance to rebuild their social and physical infrastructure, but the World Bank and other publicly-funded lending institutions have failed to fulfill these growing needs. To address this issue, the UNFCCC, backed by the United Nations Environment Program and several attendee governments, launched a five-year work program to fund and promote smart technology solutions in developing nations, opening ground for tech providers to display their capabilities in the space.

COP 27 proved to be an instrumental platform for service providers and Big Tech players to engage in sustainability conversations and highlight their contributions towards the planet and its people.

The bridge towards a sustainable future must be pillared by collaboration and joint innovation in technology. Partnerships can be seen as the key to climate adaptation and mitigation. Many of these collaborations focus on marrying Artificial Intelligence (AI) and satellite technology. Some examples include:

  • IBM is partnering with UK’s Science and Technology Facilities Council, among others, to leverage innovations in indexing multidimensional climate data to rapidly discover climate-relevant information from aerial imagery, maps, Internet of Things (IoT), drones, light detection and ranging (LiDAR) scanning, satellites, weather predictions, and climate change projections
  • Microsoft collaborated with Planet Labs PBC and The Nature Conservancy to build the Global Renewables Watch – a first-of-its-kind living atlas intended to map and measure all utility-scale solar and wind installations on Earth using AI and satellite imagery
  • Using high-quality geospatial data for disaster predictions and mitigation is very common in the more developed countries, whereas the Global South often lacks the resources and talent to generate and analyze reliable climate data. Partnerships among various stakeholders can bridge the climate data gap. Microsoft has committed to democratizing climate solutions in Africa by combining its AI prowess with Planet Labs PBC’s satellite imagery

The Loss and Damage Fund marked a momentous win for the Global South

As organizations do their part to help the Global South, COP 27 set a milestone by recognizing the disproportionate exposure of the poorer nations in Africa, Asia, and Latin America to climate change consequences. Established after years of appeals by the developing nations to compensate for losses due to climate disasters, the fund is viewed as a major political step to provide the appellants with a sense of justice and rebuild trust among nations.

Let’s take a look at other key implications for the Global South:

  • Africa’s climate needs remain underfunded – While a step in the right direction, the Loss and Damage fund needs to be backed by effective policies and infrastructure to be beneficial. Historically, the funds promised by developed nations toward climate impact haven’t been fully disbursed or equitably distributed. The Climate Policy Initiative (CPI) noted that of the meager 25% of global climate investments that crossed the borders towards developing nations, Sub-Saharan Africa mobilized only 3% despite being the most vulnerable to climate adversities
  • Global efforts and African needs are misaligned – Africa’s situation calls for urgent climate impact adaptation, but global climate funds and collaborations announced by service providers are only directed towards mitigation of climate impact
  • African leaders will rethink their engagement with multilateral initiatives – African nations will further their strategies for adaptation and energy generation considering their primary concerns of poverty alleviation and economic development. Thus, the African region ranks as an attractive climate-related investment opportunity for private players. According to CPI data, private finance comprises half the global climate finance yet stands at just about 14% in Africa
  • ESG regulations in Africa will become more stringent – As African nations advance in their sustainability journeys and try to attract foreign private investment, they will follow the global trend and strengthen their ESG regulations. Among many countries planning to launch such frameworks this year, Uganda referenced a “sustainable financial system” in its recent five-year plan

This opens several opportunities for service providers and consultants as more enterprises will require their expertise to transition to sustainable models. The increased volumes of ESG data generated will create opportunities for data analytics players, helping to bridge the climate data gap.

The world remains bullish on Africa’s future

COP 27 concluded on an optimistic note as technology, transparent funding, and developing nations’ needs became central to the climate resilience discussions. Innovative solutions across sectors are moving stakeholders closer to achieving their climate pledges.

Organizations are collaborating and prioritizing community impact in developing nations. Public-private partnerships toward sustainable models will make technology and welfare more accessible in these regions. With changing geo-political scenarios, Africa will prove to be an attractive opportunity for various investors and service providers.

To discuss further, please reach out to Rita Soni and Ambika Kini.

Rita Soni, Principal Analyst, Impact Sourcing & Sustainability Research

Email ID: [email protected]

LinkedIn: https://www.linkedin.com/in/ritansoni/

Twitter: https://twitter.com/ritaNsoni

Ambika Kini, Senior Analyst

Email ID: [email protected]

LinkedIn: https://www.linkedin.com/in/ambika-kini/

 

Scaling Automation Across The Enterprise | Webinar

VIRTUAL EVENT

Scaling Automation Across The Enterprise

November 30, 2022
9:00 AM ET | 7:30 PM IST

Catch Everest Group’s Amardeep Modi and Harpreet Makan in this webinar as they share insights from Everest Group’s report, “Scaling Automation Across the Enterprise.” The speakers will explore key success factors and best practices enabling superior business outcomes, including:

  • Best approaches to scale IA adoption across multiple business functions

  • Key components of a holistic intelligent automation solution

  • Enterprises’ evolving automation vision and expected outcomes

  • Methods to transform business functions such as finance & accounting (F&A) through IA

  • Key success factors that can help enterprises scale automation across functions

Register for the webinar

Presenters

Amardeep Modi
Vice President, Everest Group

Harpreet Makan
Practice Director, Everest Group

Nadia Nizar
Corporate Communications Senior Director, SS&C Blue Prism

Register for the webinar

Makan Harpreet
Harpreet Makan
Practice Director

Request a briefing with our experts to discuss the 2022 key issues presented in our 12 days of insights.

Request a briefing with our experts to discuss our 2022 key issues

How can we engage?

Please let us know how we can help you on your journey.

Contact Us

"*" indicates required fields

Please review our Privacy Notice and check the box below to consent to the use of Personal Data that you provide.