How do you update your CSR strategy for changing contexts?

1 Assess your current CSR performance

The first step is to evaluate how well your current CSR strategy aligns with your business goals, values, and mission. You can use various tools and frameworks, such as the Global Reporting Initiative (GRI), the UN Global Compact, or the ISO 26000, to measure and report your CSR performance. You should also collect feedback from your internal and external stakeholders, such as employees, customers, suppliers, investors, regulators, and communities, to understand their perceptions, needs, and expectations of your CSR activities. This will help you identify your strengths, weaknesses, opportunities, and threats in your CSR domain.

2 Analyze the external and internal context

The next step is to scan the external and internal context that affects your CSR strategy. The external context includes the social, environmental, economic, political, legal, and technological factors that influence your industry, market, and society. You should monitor the trends, issues, risks, and opportunities that emerge from these factors and how they impact your stakeholders and your competitive advantage. The internal context includes the organizational culture, structure, resources, capabilities, and processes that enable or constrain your CSR implementation. You should examine how these factors support or hinder your CSR vision, goals, and actions.

3 Define your CSR priorities and objectives

Based on your assessment and analysis, you should define your CSR priorities and objectives for the short, medium, and long term. Your priorities should reflect the most material and relevant issues for your business and your stakeholders. Your objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). You should also align your CSR objectives with your business strategy and the global sustainability agenda, such as the UN Sustainable Development Goals (SDGs).

5 Monitor and evaluate your CSR outcomes

The final step is to monitor and evaluate your CSR outcomes against your objectives and indicators. You should use both quantitative and qualitative methods, such as surveys, interviews, audits, or case studies, to collect and analyze data on your CSR performance and impact. You should also report your CSR outcomes to your stakeholders and disclose your challenges, achievements, and learnings. This will help you demonstrate your accountability, transparency, and credibility in your CSR domain.

6 Review and improve your CSR strategy

Updating your CSR strategy is not a one-time exercise. It is a continuous process that requires regular review and improvement. You should revisit your CSR strategy periodically and check if it still fits your business and stakeholder needs and expectations. You should also update your CSR strategy whenever there is a significant change in your external or internal context that affects your CSR domain. By doing so, you will ensure that your CSR strategy remains dynamic, responsive, and impactful in the changing contexts.