Nearly every business unit has transformed to become data-driven. Doing so makes measuring progress and success easier, but it can be challenging to turn historically qualitative results into quantifiable metrics.
The sustainability industry has begun to transform into a data-driven industry. WeSpire’s research led us to create a guide for creating a data-driven Corporate Responsibility strategy. In this 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. This original research aimed to establish industry-based KPIs for measuring sustainability and reporting on progress. 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
Developing KPIs comes with many challenges. You must stay focused on measuring 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, measuring, 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.