Compliance reporting: the opportunity you’re missing every year

Compliance reporting doesn’t have the sexiest reputation. Each year when the phrase “annual report” comes up in the boardroom, eyes inevitably stray towards the shelf that is groaning under the weight of previous reports that are simply gathering dust. 

Annual reports can feel like a Sisyphean task but it doesn’t have to be this way. Ambitious organisations are rethinking their approach by using comms professionals’ skills to focus on social impact and captivating storytelling. 

Influence asked three CIPR members why now is the time to modernise your approach and reap the rewards.

It’s your story

Casey Freeman, managing director of Periwinkle PR and a chartered PR practitioner : 

Stories are powerful. They are the most effective way to embed knowledge. So why are we creating documents full of dry financial information and KPIs? Your story is a holistic picture of what you have achieved, both economically and socially, across every layer of your organisation. 

Annual reports speak to stakeholders, communities and sectors. You want them to connect with and care about what you do, so take them on the journey. What difference have you made for them so far and what is your plan?

Despite stories having three parts, annual reports tend to focus on the end, wrapping things up without explaining how this was earned, making your information less memorable and robbing the reader of the chance to become invested. 

Which character are you in the story? The hero? Learning, growing and eventually conquering? A villain? Disrupting the industry and forcing change? The sage? Educating, mentoring and sharing hard-earned wisdom? Establishing this will help you find the right tone and position for your story. 

There’s another important group you want buy-in from - your team, both those who work for you and those you want to attract. Highlighting them as key characters can generate a sense of camaraderie and support retention. Retaining your team matters both culturally and financially. It’s estimated that the cost to replace an employee can be as much as three times their salary. Glassdoor’s mission and culture survey found that over 77% of adults would consider a company’s culture before applying for a job there. 

Walk your talk

Kate Everett, managing partner, The Write Impression:

Your report should showcase your brand by showing your values in action. After all, your brand is more than a logo, it’s your promise to your audience. 

Values should feel lived in with your annual report showing how you demonstrate them in practice. Explain how they are integral to your decision making, team culture and the way you work. 

A compelling report isn’t just well-written – it’s visually clear, emotionally resonant and recognisably yours. Whether you’re quirky, traditional, innovative or trusted, you should be able to feel your brand when you look at the document. 

Your values-led social impact story should be a key element of your annual report. The Harvard Business Review concluded that social impact and alignment of values are increasingly driving consumer behaviour. 

It’s not just what you do, but how and why you do it, and your annual report is the perfect place to share this.

Fight mis/disinformation

Nikki Logan, head of strategic communications, The Write Impression:

Fake news has ended “the golden hour”. That is, the hour you used to have to create a plan to counter a crisis. In the age of social media, a lie spreads halfway across the world before the truth gets its trousers on. 

The World Economic Forum’s Global Risks Report identified mis and disinformation as leading global risks. Compounding this, they can interact with and be exacerbated by other technological and societal factors, such as the rise of AI-generated content.

What if you had all your facts, figures and impact laid out proactively? Enter: your annual report. One of the biggest struggles in a crisis is getting signed off, verified information. Lines, numbers and storylines your senior leaders are comfortable with will sit within your annual report, ready to be pulled out at a moment’s notice. You’ve already created your single source of truth, saving yourself precious minutes in the fight for truth in the age of mis and disinformation.

PR and internal comms prowess

Freeman: PR and internal comms teams often face the frustrating challenge of being asked to “do something” with an annual report, only to find there's little in it that's actually content-worthy.  The alternative to reliving this particularly egregious Groundhog Day is to collaborate up front. 

Placing a PR lens over the content means that you’ll be able to frame the impact your business has had in a way that creates interest with the publications you’d like to feature in. Linking in with your values and how you interact with your community and sector, you can create a story that not only makes the report more compelling for your stakeholders, but creates a roadmap for external content, planning your strategic narrative. You’re ready to go when it comes to pitching! 

Similarly, involving internal comms sooner will link content to their strategic aims associated with culture, morale, recruitment and retention. Your team will be doing things at and outside of work that can be linked to your brand and story. Your internal comms team will be well networked and able to bring a personal touch to your story, identifying local initiatives, complementing work done by the C-suite. Elevating and amplifying the impact people at all levels of your team are making and the way this aligns with your company culture not only breaks down an “us and them” mentality, it creates an environment where people feel valued. Business Insider reported that over half of respondents quit their job because they didn’t feel valued by their employer. 

Everyone’s a winner

Everett: Your annual report could be your secret weapon when it comes to recognition. 

Awards are beneficial at all levels. They’re more than just tokens, they have a significant psychological impact on the recipients – boosting confidence and validating the hard work of individuals and teams. 

However, the time submissions take can be off-putting and may end up in the “too hard” basket.

A compelling, value-led story in your annual report will have captured all the key information needed for awards submissions. No longer will you need to rack your brain for submission content - your annual report already has it all.