Recognising the increasing importance of accounting for their social, economic and environmental (SEE) impact either in tendering for new business or in countries in which local content requirements exist, LSE Consulting were approached by a leading oilfield services corporation to assist them in developing a benchmark matrix containing a series of indicators in the areas of socio-economic development, institutions and governance, environmental sustainability and socio-economic sustainability, allowing them to measure and fully describe the company's impact in the countries and regions in which it operates.
Approach and methodology
Led by one of LSE's leading professors of economic geography, LSE Consulting proposed a three-phase project, designed to maintain the momentum of the client so that its short-term objectives could be met, but also to extend the study to provide them with greater long-term benefits to take them forward. The project's first stage – the assessment and design of framework, piloted during a field-visit in which qualitative data was also collected from interviews with key stakeholders, to assess the company's direct SEE impacts, the findings of which were synthesised in a pilot report – was therefore to be developed in a second phase, intended to refine the framework further to assess the company's impact overall (direct and indirect); and a third, in which the framework could be rolled-out, evaluated and ultimately audited to understand their local SEE impact across the globe.
Solution and benefits
In addition to extending the original research scope of the client in order that it might benefit from longer-term assessment of its proposed framework approach, the commitment of LSE academics to create uniformly applied standards for data collection added invaluable weight to the veracity and credence of the data produced by the study's data for both internal and external use, as well as providing the client with a standardised approach for internal use throughout the world. In addition, using the techniques and models developed by senior LSE faculty, the client was encouraged to implement a 'best-in-class' approach to SEE assessment, and to integrate its systems to form an additional key performance indicator set for their senior-level staff.