Why Report?
As of January 2008, nearly 20 percent of U.S. Fortune 500 companies had published a corporate sustainability report or citizenship report using the Global Reporting Initiative (GRI) guidelines. For the remaining 80 percent,
and for organizations of any size, the following nine healthy benefits of sustainability reporting offer just a few reasons why there is no better time than the present to get started.
1) Be Proactive vs. Reactive
Ignoring social and environmental impacts won’t make them go away. Don’t wait for angry stakeholders to point them out. Sustainability reporting gives you the advantage to mitigate concerns before they make the front page.
2) Know Where You’re Going by Knowing Where You Are
Scouting teaches disoriented hikers to use the acronym STOP: Stop Think Observe Plan. Likewise, time spent on sustainability reporting will bring clarity for more effective action.
3) Open and Maintain Dialogue with Stakeholders
Customers, suppliers, employees, community members, shareholders, and NGOs all have different stakes in your business. Listening and addressing those interests will bring goodwill and creative solutions to shared problems.
4) Prioritize with Performance Indicator Targets and Goals
Some take a shotgun approach to sustainability, launching “green” initiatives without measurable, corporate-wide performance goals. The numbers will show you the priorities and help you define success.
5) Communicate Internally and Externally
Sharing a common vision for sustainability within the company is just as critical as communicating to customers and shareholders. The report is the best medium for sharing this vision in a unified voice, whether in print or online.
6) Innovate and Collaborate to Meet the Toughest Challenges
What obstacles prevent your company from completely eliminating harmful social and environmental impacts? Put it to your best and brightest to find solutions that improve the bottom line.
7) Improve your Industry through Healthy Competition
Be a leader. Change the game from being a race to the bottom, to being a race to the top. Sustainability reporting is designed to encourage comparison between companies in an industry. Outperform your competitors with more than just profits.
8) Look Down the Road at the Future of your Business
By looking squarely at the social and environmental challenges your company faces, you can develop long-term strategy to address them. What are the top five long-term challenges? Make a plan today to adapt your business to the coming reality.
9) Recognize CSR as the New Annual Report
By acknowledging that social and environmental performance is just as crucial for the success of your business as financial results, you will soon be eager to share the measurable return of sustainability initiatives, too.
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