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Economic and Social Impact Advisory
Understanding of your organization’s socioeconomic impact
Does your organization need to get a better sense of the broader socioeconomic impact of its strategies, programs and investments? In many cases, understanding the influence of each of these areas can be a challenge without a comprehensive, defined measurement framework.
RSM’s experienced team can help, using a social impact return on investment (SROI) methodology that brings each of your efforts together. We quantify and monetize broader socioeconomic impact and incorporate it into the business case of a project, initiative or program. We put a dollar value on a long list of socioeconomic factors, from improved health care outcomes to reduced greenhouse gas emissions due to decreased traffic.
While this kind of analysis is often a requirement for government agencies and nonprofits tasked with spending taxpayer or donor dollars effectively, private sector companies are becoming increasingly interested. An overwhelming body of evidence shows that companies concerned with social responsibility have improved corporate financial performance.
Impact advisory services
How can we help you?
We look at a strategic initiatives, such as an infrastructure project or an economic development proposal, and use our methodology to provide a sense of the social return on investment for what the project could be or has been.
What we do is often prospective, so we look into the future at the expected socioeconomic benefits—what the project means in terms of everything from jobs and government tax revenue to the possibilities of a reduction in pollution, public health benefits, decreased income inequality and a host of other socioeconomic benefits. Our work is often used to support government funding requests or to assess the feasibility of a project or strategic initiative.
Environmental, social and governance consulting services
We help companies, usually private sector organizations, develop their capacity to drive environmental, social and governance (ESG) reporting. For socially conscious investors, companies measure how they stack up against a wide variety of socioeconomic indicators.
These markers are often driven by the Sustainable Development Goals (SDG) set by the United Nations. While every industry has its own set of metrics, there is no one standard for ESG reporting, which can make the process confusing. RSM can help your company successfully navigate these extensive frameworks, standards and guidelines as you build your reporting capabilities, policies and procedures and data collection infrastructure and protocols. Working closely with our ESG assurance practice, we can also provide your company with ESG attestation services.
Economic contribution assessments
With economic contribution assessments (ECA), we help your organization communicate your economic importance. We look at hard economic metrics, like GDP and jobs, but also take into account the multiplier effect of spending in an economy. These assessments are typically targeted toward industry associations and nonprofits but can also be performed for corporations.
An ECA supports your organization’s government relations and advocacy work. If you’re an industry association, these assessments can show the impact of an entire industry and help prepare your association for a positive discussion with government stakeholders and regulators.