Rethink Reporting, Streamline Efforts, Maximize Reach

With all the coming regulations, no one is sure what reporting—voluntary and required—will look like in the next few years. Reporting is in a period of rapid transition, and we are collaborating with our clients to assess where they are, how to be more efficient, and what comes next.

It is important to remember that reports alone are not a communications plan. Reports cater to a specific audience, often investors, and are backward looking, not timely. All of your stakeholders want to know what’s going on more than once a year, and if you are not telling a consistent authentic story, you will fall behind. When done right, these periodic stories feed into your next report and create a virtuous circle of work that saves you time in the long run and helps you communicate better (email if you want to know more about this). 

However, a report is still an essential (and required!) tool, and one that companies are expected to produce, even if the form and format change. Now is a good time to step back and see if you can get more out of your efforts and ease the burden on your team while meeting stakeholder expectations. It’s a lot! Here are a few ideas:

Digital-first Sustainability Reporting

The digital-first approach usually centers on moving the bulk of the content to the web, either in a microsite or a segregated section of your website. This approach allows the classic PDF report to contain more streamlined content, with the microsite acting as the “full report” and expanding on what is in the PDF with depth for stakeholders who are looking for it. Delta used this approach for their 2023 sustainability reporting: you can download a robust PDF report that contains links to the microsite where expanded content is available. This approach can be developed in one workstream and deliver extended content to be used all year long.  

Another digital-first approach is seen at Walmart. They have a summary report PDF and a robust microsite with 17 Issue Briefs, going deep but not mirroring the content in the PDF. AT&T also uses a similar approach.

Hilton’s 2023 Sustainability Communications Suite.

Create a Document Suite

Using the web as a hub, the report information can be broken up into audience-focused parts and pieces. These additional PDF documents (or web pages) can be topic focused and updated on their own timeline as appropriate (annually with the report, annually in another timeframe, as needed, etc.). It is important to aggregate the documents to ensure stakeholders (and raters) can easily find all the pieces. This can also include less traditional topics that are more business specific—Talent, Plastic, Waste, DEI, Philanthropy, etc. Critical ESG information lives in the Annual Report and 10-K, the Proxy, your CDP report, and other places. 

The true integrated approach creates unwieldy documents—who wants to read 400 pages? Thinking of your “report” as the sum of the parts, aligning the messaging and visual presentation, eliminating redundancy, and moving to issue them in proximity may all add up to the next best thing—a formal set of communications that function as one. 

We used this approach for Hilton (above), with documents gathered on their Digital Hub.

Your Website as a Communication Force Multiplier 

Leverage the content for wider audiences. For Brilliant Earth, we designed a streamlined report and then created targeted web pages that were seamlessly integrated into their corporate website section. In addition to the stories and high-level content, these subject specific web pages offer deeper information on key topics that are nearly evergreen. The expanded content augments the website and lets customers and sales teams access exactly what they need without digging through the report. And, these pages can be updated at will, then rolled into the report as desired.

Brilliant Earth’s Mission Website pages siblings to the Mission Report.

Be Prepared to Guide the Change

Incorporating a mix of websites, web pages, and detailed PDFs provides robust corporate reporting. And, this multi-faceted approach ensures that you meet regulatory requirements while engaging stakeholders effectively. The challenge is to ensure all parts are clearly associated and stakeholders can find them. Investors and Raters are not going to look hard; this information needs to be well signposted, linked, and ideally aggregated. Once you have a hub for this information, new audiences can find it and internal teams can make use of it.

Turn Challenges into Opportunities

Adapting to the new requirements is a significant challenge, but it’s also an opportunity. By embracing technology, creating a cross functional reporting team, leveraging external expertise, and communicating strategically, companies can navigate this new landscape effectively. These strategies not only help meet regulatory demands but also enhance transparency, build stakeholder trust, and ultimately drive long-term success. Companies that take a proactive, forward-thinking approach will stand out as leaders in sustainability and governance, setting themselves up for a future of sustainable growth and value creation.

Ideas On Purpose can Help

This year strategize how you can work smarter not harder on your reporting and communications. For over 20 years, IOP has been helping companies of all sizes with sustainability strategy & reports, websites and communications. Email us to discuss your next step.

Feature image generated with ChatGPT/Dall-E