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How can you benchmark your company's CSR performance against competitors?

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Corporate social responsibility (CSR) is not only a moral duty, but also a competitive advantage. Customers, investors, and employees increasingly demand that businesses act responsibly and transparently on social and environmental issues. But how can you measure and compare your CSR performance with your competitors? In this article, we will explore some methods and tools to help you benchmark your CSR efforts and identify areas for improvement.

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Gonzalo Jaime

Director General Creativo | Promotor del poder de las ideas como generador de cambios y el crecimiento de las empresas.…

1 Define your CSR goals and indicators

The first step to benchmark your CSR performance is to define your own goals and indicators. What are the main social and environmental impacts of your business? What are the best practices and standards in your industry and market? What are the expectations and preferences of your stakeholders? Based on these questions, you can set SMART (specific, measurable, achievable, relevant, and time-bound) objectives and select relevant indicators to track your progress and performance. For example, you can use the Global Reporting Initiative (GRI) framework to choose indicators that align with your material issues and stakeholders' interests.

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Gonzalo Jaime

Director General Creativo | Promotor del poder de las ideas como generador de cambios y el crecimiento de las empresas. | Certificado en Design Thinking |?Certificado como Coaching Creativo | PNL
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El tema de responsabilidad corporativa es más sencillo cuando está alineado con tu propósito y valores de la compa?ía. Así, es más sencillo establecer los objetivos, líneas de acción e indicadores. Por eso antes de ver lo que la competencia establece en su programa de de RSC, debemos poner atención al interior y compartir con nuestros colaboradores la visión que se tiene al respecto. Con acciones claras, medibles y relevantes. Es importante contar con el apoyo de un consultor para agilizar esta disciplina y mantenerla vigente.

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Dave Irwin

Sr Product Consultant @ SS&C | Content Marketing Strategist | Passionate about connecting marketing creative with revenue | Bookish
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Over the last few years, the Edelman trend report has indicated that people expect more from their business leaders when it comes to corporate responsibility. Where once people may have turned to politicians they are now looking to business leaders. Knowing this is the case choosing smart objectives and keep performance indicators can allow you to take bold and successful steps in your CSR efforts. Choosing the right KPI will allow you to track your CSR‘s on an annual basis to better communicate those statistics to your customers. Even if you don’t make your KPI‘s collecting the data will allow you to see where you can improve and also communicate any changes to the market. this transparency could help your business in the long-term.

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Jordan Laessig

Creative Director | Growing Brands and Empowering Creatives to do their Life’s Best Work
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To benchmark your company's CSR performance, identify key indicators like environmental impact, community engagement, and employee satisfaction. Gather data on these metrics from competitors using public reports and surveys. Analyze this information to understand your position relative to the industry. Include qualitative analysis of CSR strategies. Seek stakeholder feedback for a comprehensive view. Regularly update your CSR approach based on these insights, ensuring continuous improvement and industry alignment.

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Jordan Laessig

Creative Director | Growing Brands and Empowering Creatives to do their Life’s Best Work
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To benchmark your company's CSR performance against competitors, start by identifying key CSR metrics relevant to your industry, such as sustainability practices, community engagement, and ethical labor standards. Gather data on these metrics from public reports, industry surveys, and CSR rankings. Analyze this data to compare your company's performance with industry standards and leading competitors. Regularly reviewing these comparisons can highlight areas for improvement and help set realistic and impactful CSR goals. This benchmarking not only fosters competitive advantage but also drives continual progress in corporate social responsibility.

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2 Collect and analyze your CSR data

The next step is to collect and analyze your CSR data. You need to have reliable and consistent data sources and methods to measure your indicators and report your results. You can use various tools and platforms to collect, manage, and visualize your CSR data, such as Excel, Google Sheets, Tableau, or Power BI. You can also use data analysis techniques, such as descriptive, predictive, or prescriptive analytics, to gain insights and recommendations from your data. For example, you can use descriptive analytics to summarize your current performance, predictive analytics to forecast future trends and risks, or prescriptive analytics to optimize your actions and outcomes.

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KSHITIJ KULKARNI

Internal Communications and Branding Coordinator at Bosch (RBAI) | Ex AIESECer | Ex Scout
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To compare your company's CSR with others, start by looking at what they do for the environment, community, and employees. Check reports, like annual sustainability reports, to see how they perform. Look at key areas like environmental impact, social contributions, and workplace practices. Compare these findings with your company's efforts. This helps understand strengths, weaknesses, and areas to improve. Benchmarking helps set goals for better CSR, making a positive impact in the industry.

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3 Identify your CSR peers and benchmarks

The third step is to identify your CSR peers and benchmarks. You need to select a group of competitors or similar businesses that you want to compare your CSR performance with. You can use criteria such as size, sector, geography, or market share to narrow down your peer group. You also need to find reliable and comparable benchmarks that reflect the best practices or average performance of your peer group. You can use sources such as industry reports, sustainability ratings, or CSR indexes to find benchmarks that match your indicators and goals. For example, you can use the Dow Jones Sustainability Index (DJSI) to compare your performance with the top performers in your industry.

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Asem Galal

Managing Partner, Galal & Karawi Management Consulting (G&K)
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Who should you benchmark yourself against? If you are the owner of the Bakery with a CSR mission of “food should not be wasted, when there is so many unfortunate people who need it” should you benchmark yourself against the top Bakeries or instead against the top CSR activists in preventing food waste & feeding the poor? I believe a benchmarking matrix is more insightful and drives better result than a single dimension index

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4 Evaluate and communicate your CSR performance

The final step is to evaluate and communicate your CSR performance. You need to compare your indicators and results with your benchmarks and peers to see how you rank and perform. You can use tools such as dashboards, scorecards, or charts to visualize and communicate your performance. You can also use metrics such as gap analysis, variance analysis, or trend analysis to quantify and explain your performance. For example, you can use gap analysis to measure the difference between your actual and desired performance, variance analysis to identify the causes of your performance deviations, or trend analysis to observe your performance changes over time.

By following these steps, you can benchmark your CSR performance against your competitors and gain valuable insights and feedback. You can use this information to improve your CSR strategy, actions, and impact, and to enhance your reputation, trust, and loyalty among your stakeholders.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Valerie Brown

Brand strategy | Marketing Consultant - Supporting business leaders to build brands that are deeply rooted in people & culture.
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I don’t believe that CSR initiatives should be benchmarked against competitors. It shouldn’t be a box you tick as an organisation, but a cause you support authentically and with compassion. Your support involves the lives of human beings that have a struggle or a lack in one way or another, and it’s either you are in or you are out. The people or cause you support; wildlife,ocean life,women,children,men- need businesses and individuals who are in it for the long haul, in whatever way they can contribute,big or small.

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Mariia Bodryantseva

?? Business Analytics & Strategy | Sustainable Finance & ESG | CFA ESG Investing | NEIII Fellow
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Perhaps a bit counter-intuitive, but benchmarking CSR activities across the industry or competitors should not be carried out with the prime goal of imitating the industry or being as good as.. . Another point to take into consideration is that CSR isn't the same as corporate sustainability or ESG and shall be treated as such.

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How can you benchmark your company's CSR performance against competitors?

1

2

3

4

5

1 Define your CSR goals and indicators

2 Collect and analyze your CSR data

3 Identify your CSR peers and benchmarks

4 Evaluate and communicate your CSR performance

5 Here’s what else to consider

Creative Strategy

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How can you benchmark your company's CSR performance against competitors?

1

2

3

4

5

1 Define your CSR goals and indicators

2 Collect and analyze your CSR data

3 Identify your CSR peers and benchmarks

4 Evaluate and communicate your CSR performance

5 Here’s what else to consider

Creative Strategy

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