Socioeconomic studies are a crucial tool for understanding, measuring and managing potential social risks and impacts. These studies, required by environmental legislation in most countries, tend to become large blocks of paper with little use. However, their quality and use are critical for proper social, environmental and even financial management.
What is a socioeconomic study?
A socioeconomic study is a detailed and systematic investigation aimed at gaining a thorough understanding of the socioeconomic context of a given geographic area or community.
The purpose of these analyses is to integrate them into project decision making processes with respect to budgeting, planning, schedulingand, especially, for the identification and identification and management of socio-environmental risks and impacts.
What is its importance?
The integration of the social perspective and socioeconomic studies into business management is essential to make the most of the information gathered.
This allows us to know crucial details such as the availability of local labor, the presence of resources needed for the project (public and health services, infrastructure, among others), relevant social events that may affect the development of the project, and the understanding that communities have of their territory.
Types of socioeconomic studies
- Socioeconomic baseline study: Provides a comprehensive view of the social and economic context in a specific geography. It includes topics such as demographics, local economy, social organization and decision making, land tenure, presence of cultural heritage, human rights, existing or potential conflicts, among other fundamental criteria for the planning and decision making of a project or operation, or to understand the impacts of an operation over time.
- Socioeconomic impact study: Evaluates how a project has positively and/or negatively impacted the local community and economy during and after implementation.
- Community perception and participation study: Analyzes community opinion and participation in a project, including their concerns and contributions.
- Socioeconomic needs assessment: Identifies specific community needs to prioritize investments.
- Socioeconomic feasibility study: Evaluates the viability of a project from a socioeconomic perspective, considering factors such as demand and profitability.
- Local market research: Analyzes the local market in terms of products and services, competition and demand.
Guidelines for conducting an effective socioeconomic survey
By following certain guidelines, a socioeconomic study can be a valuable tool for understanding and effectively managing the social and economic impacts of a business or development project and contributing to the well-being of local communities.
Here are some of the most important ones:
Participatory Approach
Involve key stakeholders, therefore, information should be collected in consultation with communities, social organizations, local governments, academia, civil society organizations and other stakeholders.
Representative Sampling
Likewise, it should be ensured that information is collected that includes different population and generational groups, and other minorities.
The perspectives of women, children, youth, older adults, members of the LGTBIQ+ community, communities or people who self-identify as indigenous, among others.
In addition, socioeconomic studies can (and should) be translated into a language that is easily digestible within the business and by various internal stakeholders and departments other than social, such as maps, critical cartography, graphics, among other languages, that allow the integration of information and the social perspective in other processes.
Simple tools such as maps of population centers, cultural heritage, vulnerable groups, local infrastructure, are essential for planning a project in an efficient manner and allowing the management of socio-environmental impacts.
Social Insight and its impact on the socioeconomic survey
Essential tools for the socioeconomic study
At InSight, we have a proprietary tool designed to capture essential socio-economic information for each project or operation. In addition, we have a variety of tools that allow us to translate this data into appropriate technical languages, including interactive maps with multiple layers of information and different levels of detail.
Taking communities into account
Our commitment does not end here; we provide our clients with access to these tools and facilitate processes to ensure that the information collected is valuable in decision making. We ensure that the information collected and the results of our studies are presented and validated in collaboration with the communities involved, allowing them to use this data for local planning.
Detect opportunities
We use baseline studies as opportunities to cultivate direct and close relationships with communities and other stakeholders, strengthening trust and collaboration.
Socioeconomic Study and Stakeholder Analysis for Amazonas S.A.
Study and analysis with the community
InSight conducted a socioeconomic study and a detailed stakeholder identification and analysis in a project for Amazonas S.A., a company dedicated to the commercialization of Bolivian Brazil nuts.
Our methodology involved direct interactions with all stakeholders in the Brazil nut value chain, with the objective of gaining a deeper understanding of their perspectives, needs and perceptions regarding their role in the value chain.
We also established interaction processes to collect information from the indigenous communities that supply the company with Brazil nuts, as well as from the indigenous workers. This approach resulted in the creation of an exclusive chapter for these communities.
Detection of opportunities
The final product resulted in an interactive map that was made available to Amazonas S.A. management, providing a concise and coherent view of its area of influence and value chain. This resource has become a valuable tool that has optimized decision making in the company.
Tools and Experience for Informed and Sustainable Decisions
We invite companies to take the next step towards a more holistic and responsible approach to management. Our vast experience and specialized tools are at your disposal to facilitate informed and sustainable decision making.
At InSight, we are committed to helping companies thrive while contributing to the well-being of their environment and the communities they serve. Contact us today to begin your journey toward more informed and socially responsible management.
