Nearly every business unit has transformed to become data-driven. Doing so makes it easier to measure progress and success, but it can be challenging to turn historically qualitative results into quantifiable metrics.
We’ve reviewed how the Sustainability industry has begun to transform into a data-driven industry and analyzed how it can be applied to other industries. Our research led us to create a guide for creating a data-driven Corporate Responsibility strategy. In our latest whitepaper, we created a six-step process to developing measurable Key Performance Indicators (KPIs) for corporate responsibility.
A KPI is a measurable value that demonstrates how effectively a company is achieving key business objectives. Once established, KPIs will simplify the process of evaluating success.
The six-step process was adapted from research done by the Hauser Center for Nonprofit Organizations at Harvard University in partnership with the Initiative for Responsible Investment. This original research aimed to establish industry-based key performance indicators for sustainability reporting. Our whitepaper takes the method used in this research and adapts it to create a guide to developing Corporate Responsibility KPIs at the business-level.
Staying Focused with KPIs
The challenge when developing KPIs is staying focused and understanding what will drive value for the business. Once developed, KPIs function as your guide posts for what projects you can take on. If a project don’t move you closer towards your achieving your goals, as defined by the KPIs, it’ll just be a distraction.
Developing KPIs helps Corporate Responsibility teams battle the stigma that CSR is just a “nice-to-have” or appendage to the business. The laborious process of identifying and tracking KPIs requires the involvements of many stakeholders, but it will help you illustrate how your Corporate Responsibility team can create value for society, stakeholders and the business as a whole.
Download the paper today to learn about the six-step process to developing comprehensive Corporate Responsibility KPIs.