What Every Business Can Learn from Developing an Impact Report

By Ayelet Mavor, Chief Corporate Affairs Officer and Head of Impact, Minute Media

Companies that may not have known what ESG stood for a few years ago are now making it a strategic imperative, carefully establishing how they will elevate their efforts to prioritize environmental, social and governance initiatives. Since 2020, ESG or Impact reporting has taken off and today’s businesses have embraced the need to report on their impact on the wider world.

For many publicly traded companies, ESG has proven to be an effective way to provide critical information to investors, future employees, and customers. This makes sense given that ESG-related assets are expected to reach $33.9 trillion by 2026 and 76% of consumers will stop buying from companies that do not treat the environment, their employees or their community well. Many private companies also chose to go through a similar voluntary self-reporting process to learn about their overall company impact on ESG elements.

Whether a tool to measure how you stack up against predetermined goals or a report shared externally with key stakeholders, it’s incredible how much company leaders can learn simply by going through the process of developing the report. Don’t let the complex ESG metrics system put you off – this humbling and important self reflection process is a chance to determine whether your company is hitting its marks and where there is room for improvement. It is also a good way to positively reinforce volunteer activities by employees that choose to take part in community involvement, helping to reinforce a purpose-driven company culture.

Last year, when Minute Media set out to develop our own impact report, we did so with an open mind and willingness to take a look in the mirror at how we are stacking up. It’s a wonderful and humbling opportunity to learn more about ourselves as we examine whether we are delivering on our promises and how authentically we are able to do so. It’s a big undertaking but I believe a crucial one, especially for businesses that strive to be purpose-driven. I have learned a few important things about the ‘why’ behind impact reporting during this process. For other leaders that may be embarking on a similar process, here are some helpful considerations to keep in mind:

Identity check

The ESG evaluation process, whether self-reported or official, provides a framework to re-examine your organization’s ethos and values. Delving into the intricacies of environmental stewardship, social impact, and ethical governance is an opportunity to gain invaluable insights into your purpose and raison d’être. Ask yourself if you are really staying true to your values and whether you are making progress in realizing your mission and vision. Through this self-reflective journey, you can not only redefine your company’s identity but also strengthen your commitment to responsible and ethical business practices.

There are many ESG reporting and rating companies that can help brands with the process and then share the results. As a privately-held company, Minute Media partnered with an independent third party which have a broad view of our industry to help us benchmark our work compared with our peers and identify the relevant criteria for our company.

Authenticity

Make sure that you are reporting on your Impact initiatives for the right reasons, not just because compliance dictates that you do so. In fact, privately held companies like us are under no obligation to conduct an Impact audit at all. So when we embarked on this journey, it was purely voluntary with the goal of being able to benchmark our commitments and accomplishments from previous years. When you truly connect authentically to what you are trying to achieve as a company, your employees, investors and customers will instinctively know it. On the flip side, they will quickly snuff out when your efforts are less than genuine, which can come with significant consequences. In fact, 55% of consumers in the US say that they would stop buying from brands that have been proven to make false claims about sustainability.

At Minute Media, our holistic approach to Impact is focused on what we call The 4 C’s of Impact (Culture, Content, Commercial, Community). We utilize this framework to ensure that whatever impact initiatives we develop meet the different dimensions in which we are active, both internally for our own people as well as externally with our various stakeholders and within the community. This keeps us honest and authentic about our approach to our many ESG- and DEI-focused initiatives. This has been especially helpful given increasing levels of greenwashing– in fact, 58% of global c-suite leaders admit to it.

Our global partnership with Special Olympics is a prime example of this approach in action. Using the 4C’s as our barometer, we carefully measure each aspect of our relationship with Special Olympics to ensure we are delivering on our promise to adopt a truly inclusive mindset– through our culture, by using our content, by working with commercial partners and by contributing to the community.

Accountability

Taking a closer look at your Impact strategy also helps to foster a culture of accountability and transparency. Delving into the intricacies of sustainability metrics allows you to acknowledge not only your successes, but also shortcomings and areas ripe for improvement. This candid self-assessment fosters humility and responsibility, which in turn, may lead to increased trust and credibility among stakeholders. It is important to acknowledge that impact work is a journey and not a destination, thus committing to finding new ways to express our passion in our work and in the communities around us.

There is no time like the present for companies of all sizes to undergo the ESG/Impact reporting process to better understand their strengths and weaknesses, celebrate the good and understand what is still necessary to grow. It’s been a transformational experience for us, reminding us of our greater purpose, the importance of authenticity and accountability and how we deliver value to all our stakeholders, especially our people.

Having now been through this self-reflection process, we look forward to putting to action where the report showed opportunities for growth. For Minute Media, this means incorporating new teams and employees that have joined the company to ensure their own values and personal passions for creating change are reflected in our culture. We have also set a goal as a company to be an even more responsible media player in our industry and continue the work we have started on our inclusive writing guidelines and enforcing our gender-related abuse policy. We are proud of the work we have accomplished and look forward to making more progress towards our overall impact goals.