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Today the intersection between profit and purpose has well and truly taken centre stage, and the need for corporate sustainability and social responsibility strategies is an undeniable necessity.
With the 2023 SDG Summit taking place in New York this week, marking the halfway point to the deadline set for achieving the 2030 Agenda and the Sustainable Development Goals (SDGs), it is an opportune moment for businesses to reflect on their progress. The recent release of the federal government’s first national wellbeing framework Measuring What Matters, only further emphasises the need for corporations to reassess their impact on society and the environment.
Consulting with both internal and external stakeholders stands as a cornerstone for developing an effective CSR strategy. Collaborative engagement will not only foster a sense of shared ownership, but it will also help to identify what the key drivers are within the business environment more broadly.
Organisations must precisely define their sustainability focus areas and clarify how these areas will fit into their core business model. Ideally, strategic partnerships will need to be forged, both within the private sector and with government bodies, non-profits, and local communities, to maximise impact.
Implementation, however, will always remain the ultimate litmus test. Strategies, no matter how well-conceptualised, need effective execution to yield results. Transparent reporting mechanisms, combined with robust evaluation criteria, are crucial for tracking progress and fostering accountability.
Daymark is able to assist with the analysis, design, and implementation of CSR initiatives.
Measuring What Matters is Australia’s first national well-being framework that will track the nation’s progress towards a more healthy, secure, sustainable, cohesive and prosperous Australia. It is supported by a data dashboard for tracking the measures.
The 2023 SDG Summit takes place in New York on 18-19 September 2023.
