As a former member of the European Lotteries Association Responsible Gaming working group, I have worked closely with many lotteries internationally on issues related to corporate social responsibility, consumer protection and responsible gaming.
Very often, CSR is viewed as a source of pressure with which only large companies can comply and afford. However, it is a real source of innovation - creating value for the business and the society and more an imperative than a nice-to-have.
Some common benefits are cost and risk reduction, competitive differentiation and good reputation.
The idea is to take into account new parameters, integrate them with your activities and turn them into a creative opportunity to strengthen your business and contribute to society. Some call this "doing well by doing good."
The following five-step method will help you to get a clear CSR strategy.
1. Prepare
It is important to think outside the box. First, zoom in - what is your core business? Second, zoom out – what type of society are you in? The idea is to understand your business challenges in terms of sustainable development.
You need to benchmark your industry, to be inspired by the best practices and to create a group dynamic. Strategies and ideas must be discussed between all people involved. You will then be able to establish guidelines and profitable objectives.
2. Connect
Mapping your (direct/indirect) stakeholders is crucial. You have to understand them and maintain good relationships to create positive and prevent negative impacts. Good relationships and communication will enable you to anticipate the changes within your industry.
3. Define and prioritise
Your challenge is to deploy an effective CSR strategy that makes sense for your business and the society. One way to identify and prioritise the key issues you need to focus on, is by creating a “materiality matrix”. This will enable you to visualise your priorities and define your action plan.
4. Monitor
You have to set KPIs that will help you steer your business strategy around the environmental, social and governance issues you previously defined. These KPIs will enable you to monitor which area is performing well or not. It should help you quantify, monitor and adjust your global strategy.
5. Report
It is time for you to inform, communicate and continue to engage on your CSR strategy.
- Why? To strengthen your credibility, instigate dialogue and comply with regulations.
- How? Be honest and relevant, stakeholders want to know you and the process you’ve been through to achieve your objectives. Keep in mind: quality is always better than quantity.
- Where? Online communication is the best option. It is eco-friendly, less expensive and easily accessible for your stakeholders. So, is doing well by doing good really good for business?
Win-win-win outcomes can be reached. But only with a proper CSR strategy which integrates environmental, social and governance factors at the operational level and within the company’s overall business strategy. In the current social and environmental climate, “business as usual” cannot be an option anymore.
So, taking positive action to create and embed your CSR strategy using this five-step approach really can lead to increased profitability in the long run.
