In today’s business landscape, companies are under pressure not only to make a profit but also to positively impact society and the environment. With increasing regulation and public scrutiny, companies are seeking ways to comprehensively manage and enhance their social impact strategies.
B4SI has been supporting companies with their measurement and reporting of social impact for over three decades. After three years of engagement with over forty members across our 150-member network, we have developed the B4SI Social Impact Compass, which provides companies with a comprehensive framework to understand their performance on social impact initiatives.
The B4SI Social Impact Compass is a guided service that supports organizations in navigating the journey to social impact by reviewing their strategy in four key areas: Plan, Implement, Measure, Report & Engage. The Compass is delivered in a four-step process that begins with defining the assessment scope, identifying stakeholders, and discussing the engagement approach. The organization then completes the Compass assessment, which covers 66 questions around a wide range of areas. The results are then analysed and discussed, with the organization taking action to implement the recommendations and enhance its social impact strategy.
During a recent webinar, Ian Murray, from Bank of Ireland, shared his experience with the Social Impact Compass. In the past, the Bank focused primarily on what they were doing without knowing the impact of all their efforts and investments. The Bank has since evolved towards strategic investments for social impact, with the use of the Social Impact Compass to gain clarity on their impact.
The Bank of Ireland’s positive societal impact is in line with their ethos and vision of enabling customers, colleagues, and society to build a strong society. Ian Murray described the process as a valuable and relevant one, providing accurate views and relevant questions. He further stated that the Compass was an interesting benchmarking tool for the Bank, given their previous philanthropic efforts. Although they brought intelligence and smart thinking to their activities, they were not sure where they stood overall. The Compass provided the Bank with a clear way forward and suggested key messages that could be forwarded to the C-suite without context.
Overall, B4SI’s Social Impact Compass is a valuable tool for organizations looking to enhance their social impact strategies. The Compass is delivered in a user-friendly four-step process and provides actionable guidance. It is also a valuable benchmarking tool that can help organizations gain clarity on their impact.
If you would like to discuss how B4SI can support your organization through the B4SI Social Impact Compass, please do not hesitate to reach out to our team at b4si@corporate-citizenship.com.