By showcasing the positive changes your business brings to society, the environment, and the economy, you contribute to a more responsible and sustainable future. Here's what you need to know about measuring and reporting on impact:
We understand that every business is unique. After reviewing your pledges, we'll work closely with you to determine the best approach for measuring and reporting impact. Our aim is to ensure that your reporting strategy aligns with your actions and outcomes.
We have access to various financial proxies that can provide a general approximation of your Social Return on Investment (SROI), dependent on the specific actions and outcomes you've chosen. This helps quantify the value of the social and environmental benefits generated by your pledges.
While SROI assessment can provide valuable insight, we encourage you to adopt a comprehensive reporting approach that incorporates a variety of metrics to effectively capture the breadth of your impact. Here's what we mean by utilising different types of metrics:
Quantify your impact in monetary terms. This could involve calculating cost savings, revenue generated, or investments made in responsible practices. For instance, if you've reduced energy consumption, report the financial savings achieved.
Express your impact as a percentage relative to a relevant baseline. This could be the reduction in waste production compared to previous years or the increase in employee engagement after implementing responsible practices.
Present concrete, numerical data that showcases the scope of change. This might involve reporting the number of trees planted, plastic bottles recycled, or volunteer hours contributed to community initiatives.
Offer real-world examples that illustrate the tangible effects of your actions. Share stories of how your responsible practices positively impacted individuals, communities, or the environment. Case studies provide a human touch to your reporting.
Include qualitative data that sheds light on the qualitative changes you've observed. This could be feedback from employees about improved workplace morale due to sustainability initiatives or testimonials from customers who appreciate your ethical choices.
Use specific environmental indicators, such as carbon footprint reduction, water saved, or pollutants avoided, to demonstrate your eco-friendly efforts.
Highlight social outcomes like increased employee satisfaction, community engagement, or enhanced diversity and inclusion efforts within your organisation.
Showcase how your responsible practices contribute to the local economy, such as supporting local suppliers, creating job opportunities, or attracting environmentally conscious investors.
By incorporating these diverse metrics, you paint a more holistic and compelling picture of your impact. This well-rounded approach helps stakeholders understand the full spectrum of positive changes your business is making.
Our team will collaborate with you to design a reporting framework to align with your business's action pledges. This will be done prior to your pledge being accepted. This allows us to work with you to determine any baseline data required to effectively measure changes and define ongoing data requirements. We will also work with you to discuss the preferred format for presenting the impact, whether it's through simple visual reports, narrative reports, or a combination of both.