How can you adopt a stakeholder CSR model?

1 Identify your stakeholders

The first step to adopt a stakeholder CSR model is to identify who your stakeholders are, and what are their interests, concerns, and expectations regarding your business and its social and environmental impact. You can use various tools and methods to map and prioritize your stakeholders, such as stakeholder analysis, stakeholder engagement, and materiality assessment. The aim is to understand the different perspectives and needs of your stakeholders, and how they relate to your business objectives and values.

2 Define your CSR vision and goals

The next step is to define your CSR vision and goals, based on the insights and feedback you gathered from your stakeholders. Your CSR vision is a statement that expresses your aspiration and commitment to create positive social and environmental change through your business. Your CSR goals are the specific and measurable objectives that you want to achieve in relation to your CSR vision and your stakeholder expectations. You can use frameworks and standards such as the UN Sustainable Development Goals, the Global Reporting Initiative, and the ISO 26000 to guide and benchmark your CSR vision and goals.

3 Develop your CSR strategy and action plan

The third step is to develop your CSR strategy and action plan, which outline how you will achieve your CSR vision and goals, and how you will communicate and report on your progress and performance. Your CSR strategy should include the following elements: your CSR policies and principles, your CSR governance and management structure, your CSR initiatives and programs, your CSR partnerships and collaborations, and your CSR budget and resources. Your CSR action plan should include the following elements: your CSR targets and indicators, your CSR responsibilities and roles, your CSR timelines and milestones, and your CSR monitoring and evaluation methods.

4 Implement your CSR strategy and action plan

The fourth step is to implement your CSR strategy and action plan, which involves putting your CSR policies, principles, initiatives, and programs into practice, and engaging your stakeholders throughout the process. You should ensure that your CSR strategy and action plan are aligned with your business strategy and operations, and that they are integrated into your organizational culture and values. You should also ensure that you have the necessary skills, competencies, and capacities to execute your CSR strategy and action plan effectively and efficiently.

5 Communicate and report on your CSR performance

The fifth step is to communicate and report on your CSR performance, which involves sharing your CSR achievements, challenges, and impacts with your stakeholders, and soliciting their feedback and suggestions for improvement. You should use various channels and formats to communicate and report on your CSR performance, such as newsletters, websites, social media, events, webinars, and annual reports. You should also use standards and frameworks such as the Global Reporting Initiative, the International Integrated Reporting Council, and the Sustainability Accounting Standards Board to ensure the credibility, transparency, and comparability of your CSR communication and reporting.

6 Review and improve your CSR strategy and action plan

The sixth and final step is to review and improve your CSR strategy and action plan, which involves assessing your CSR performance, impact, and value creation, and identifying the gaps, opportunities, and risks for your CSR strategy and action plan. You should use the feedback and data you collected from your stakeholders, your CSR monitoring and evaluation methods, and your CSR communication and reporting to review and improve your CSR strategy and action plan. You should also use the best practices and trends in the CSR field to benchmark and innovate your CSR strategy and action plan.

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?