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What are the best practices for measuring the impact of CSR initiatives?

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Corporate social responsibility (CSR) is the commitment of businesses to act ethically and contribute to the social and environmental well-being of their stakeholders and communities. CSR initiatives can have positive impacts on the reputation, loyalty, and trust of customers, employees, and investors, as well as on the profitability, innovation, and sustainability of the business. But how can you measure the impact of your CSR initiatives and ensure that they align with your business strategy and goals? Here are some best practices to follow.

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Simon A. Hughes

Getting businesses paid | ￡m's recovered for companies, from overdue invoices to fintech facilities | Founder @ WorkCap…

1 Define your objectives

Before you launch or evaluate any CSR initiative, you need to define what you want to achieve and why. What are the specific social or environmental issues that you want to address? How do they relate to your core values, mission, and vision? How do they support your competitive advantage and differentiation? What are the expected outcomes and benefits for your stakeholders and your business? Having clear and realistic objectives will help you design and implement your CSR initiatives more effectively and communicate them more persuasively.

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Simon A. Hughes

Getting businesses paid | ￡m's recovered for companies, from overdue invoices to fintech facilities | Founder @ WorkCap | ex-iwoca | Fintech Collections consultant and advisor
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When defining objectives for CSR, it's crucial to align them with your company's values and operations. Take Microsoft, they're committed to becoming carbon negative by 2030, a goal that aligns with their mainly tech-oriented business. Other giants such as Google, aims to operate fully on renewable energy. These targets not only demonstrate corporate responsibility but also resonate with stakeholders. CSR objectives should always be SMART - Specific, Measurable, Achievable, Relevant, and Time-bound, ensuring accountability. According to a Cone Communications survey, 87% of consumers are more likely to purchase from companies that advocate for issues they care about. Making CSR a strategic priority is good for both business and society.

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2 Choose relevant indicators

Once you have defined your objectives, you need to choose the appropriate indicators to measure your progress and impact. Indicators are quantitative or qualitative measures that reflect the performance, results, or effects of your CSR initiatives. They can be divided into three categories: input, output, and outcome. Input indicators measure the resources, activities, or efforts that you invest in your CSR initiatives, such as money, time, or materials. Output indicators measure the immediate products or services that result from your CSR initiatives, such as the number of beneficiaries, the amount of waste reduced, or the quality of education provided. Outcome indicators measure the longer-term changes or impacts that your CSR initiatives create for your stakeholders or the environment, such as the improvement of health, the reduction of poverty, or the enhancement of customer satisfaction.

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Bernice van Dyk Ph.D MRICS

Senior Business Analyst
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In my experience, it is also important to assign weight to the indicators. Weighting can be based on the relevance of the indicator and the degree of measurement accuracy. e.g. an indicator that is highly relevant and can be measured with a high degree of accuracy (e.g. CO2 emissions) should carry more weight than a highly relevant indicator with a low(er) level of measurement accuracy (e.g. brand perception, which is highly subjective).

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3 Collect and analyze data

To measure your indicators, you need to collect and analyze relevant data from various sources and methods. Data can be quantitative or qualitative, primary or secondary, internal or external. Quantitative data are numerical and can be measured objectively, such as sales, profits, or surveys. Qualitative data are descriptive and can capture subjective experiences, opinions, or perceptions, such as interviews, focus groups, or case studies. Primary data are collected directly by you or your team for your specific purpose, such as customer feedback, employee engagement, or social media reviews. Secondary data are collected by others for different purposes, but can be useful for your analysis, such as industry reports, academic research, or media articles. You need to select the most suitable data sources and methods for your indicators and objectives, and use reliable and valid tools and techniques to collect and analyze them.

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4 Report and communicate results

After you have collected and analyzed your data, you need to report and communicate your results to your stakeholders and the public. Reporting and communicating your results can help you demonstrate your accountability, transparency, and credibility, as well as showcase your achievements, challenges, and learnings. You can use various formats and channels to report and communicate your results, such as annual reports, sustainability reports, newsletters, websites, blogs, podcasts, videos, or social media. You need to tailor your messages and stories to your target audiences and their interests and expectations, and use clear, concise, and engaging language and visuals.

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5 Evaluate and improve performance

Finally, you need to evaluate and improve your performance based on your results and feedback. Evaluating and improving your performance can help you identify your strengths and weaknesses, assess your opportunities and threats, and adjust your strategies and actions accordingly. You can use various tools and frameworks to evaluate and improve your performance, such as SWOT analysis, SMART goals, PDCA cycle, or balanced scorecard. You need to involve your stakeholders and partners in the evaluation and improvement process, and seek their input, suggestions, and support.

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6 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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Simon A. Hughes

Getting businesses paid | ￡m's recovered for companies, from overdue invoices to fintech facilities | Founder @ WorkCap | ex-iwoca | Fintech Collections consultant and advisor
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CSR vs. ESG CSR (Corporate Social Responsibility) and ESG (Environmental, Social, Governance) are both integral to responsible business, but they're certainly not the same. For CSR, think Google's Google.org philanthropic arm for voluntary initiatives that benefit society. ESG, on the other hand, has a broader scope. It's about measuring a company's impact on society, with good examples being Microsoft's carbon-negative pledge (environmental), Salesforce's equal pay initiatives (social), and Apple's privacy commitments (governance). KPMG noted 80% of the global 250 now report on ESG performance, underlining its growing importance in business strategy.

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Sonia Fabra

Service Client Relationship/Account Management - Retail Banking-BT Global Services
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CSR is also based on network people and employee volunteering. We need to ensure that the company's CSR effort is always greater than the contribution made by employees and network people and to encourage and reward these voluntary contributions. Companies have historically moved units and essential functions to hubs, shared centers located in countries with lower human capital costs. These should have a high CSR focus.

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What are the best practices for measuring the impact of CSR initiatives?

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6

1 Define your objectives

2 Choose relevant indicators

3 Collect and analyze data

4 Report and communicate results

5 Evaluate and improve performance

6 Here’s what else to consider

Business Strategy

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What are the best practices for measuring the impact of CSR initiatives?

1

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3

4

5

6

1 Define your objectives

2 Choose relevant indicators

3 Collect and analyze data

4 Report and communicate results

5 Evaluate and improve performance

6 Here’s what else to consider

Business Strategy

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