Nearly three-quarters of sustainability professionals ranked CSR above seven out of 10 in relation to their business objectives (with one being low and 10 being high.)
Meanwhile, most organizations dedicate between $34,000 and $84,000 of their budget to CSR reporting activity.
These are just some key findings from a recent 2degrees CSR reporting survey, which aims to help organizations identify key trends in CSR reporting, stakeholder engagement and materiality.
In total 110 organizations were surveyed, most of which indicated that transparency with stakeholders, promoting their sustainability progress or successes and reputation management were their main motivation behind CSR reporting. Meanwhile, the main benefits of reporting were cited as enhancing reputation both internally and externally and stakeholder engagement.
In terms of the stakeholder groups, customers are overwhelmingly the target, identified by just under half of respondents (45 percent) as being most important to their CSR strategy. Meanwhile, suppliers are clearly still new to the agenda, with only 3 percent aiming their efforts at this group.
And what about the challenges around reporting? The biggest hurdle for respondents overwhelmingly was time, getting people to read the report and stakeholder engagement and dialogue.
The most popular time of year to publish the report was Q2 (35 percent) with just over half (54 percent) regularly communicating CSR updates throughout the year alongside the annual report.
Following the results of this survey and the CSR reporting challenges it has highlighted, 2degrees, in partnership with PE International, will run a peer-to-peer event around this topic Sept. 17 in London. The event is by application only; for more details and to register your interest, please get in touch.
This survey was conducted as part of the 2degrees Stakeholder Dialogue Service. Find out more.
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This article originally appeared at 2degrees.