How do you compare your CSR analysis with industry peers?

1 Define your industry

The first step is to define your industry and its scope. This will help you narrow down your peer group and focus on the most relevant and comparable companies. You can use various criteria to define your industry, such as the products or services you offer, the markets you serve, the size and structure of your business, and the regulatory and social context you operate in. You can also use industry classification systems, such as the Global Industry Classification Standard (GICS) or the Industry Classification Benchmark (ICB), to categorize your business and find similar ones.

2 Choose your peers

The next step is to choose your peers for comparison. Ideally, you want to select companies that have similar characteristics and challenges as yours, such as size, revenue, growth, profitability, market share, customer base, geographic presence, and sustainability issues. You can use various sources to identify and research your peers, such as industry reports, databases, rankings, awards, media coverage, and stakeholder feedback. You can also use tools like CSRHub or ESG Monitor to compare CSR ratings and scores of different companies.

3 Select your criteria

The third step is to select your criteria for comparison. These are the indicators and metrics that you will use to measure and compare your CSR performance and impact with your peers. You can use various frameworks and standards to guide your selection, such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the International Integrated Reporting Council (IIRC), or the United Nations Sustainable Development Goals (SDGs). You can also use industry-specific guidelines and best practices to tailor your criteria to your context and goals.

4 Gather your data

The fourth step is to gather your data for comparison. This means collecting and analyzing the information and evidence that supports your criteria and shows your CSR achievements and challenges. You can use various methods and sources to gather your data, such as surveys, interviews, audits, assessments, reports, case studies, and testimonials. You can also use tools like CSRwire or ESG Data Portal to access and download CSR data and reports from your peers and other sources.

5 Compare your results

The fifth step is to compare your results with your peers. This means interpreting and presenting the data in a meaningful and engaging way that highlights your strengths, weaknesses, opportunities, and threats. You can use various techniques and formats to compare your results, such as charts, graphs, tables, dashboards, scorecards, or narratives. You can also use tools like Tableau or Power BI to visualize and communicate your data and insights.

6 Learn and improve

The final step is to learn and improve from your comparison. This means using the feedback and findings from your comparison to identify and implement actions and initiatives that will enhance your CSR performance and impact. You can use various approaches and tools to learn and improve, such as benchmarking, gap analysis, SWOT analysis, SMART goals, action plans, or stakeholder engagement. You can also use tools like B Impact Assessment or SDG Action Manager to track and manage your progress and impact.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?