The start of the year is a busy period for communication departments. It's the crucial time to review the past year in the form of annual reports and other publications, such as sustainability reports. Whereas annual reports used to be seen purely as obligatory, more and more companies now leverage them as essential communication tools and integrate them into their overall strategy.
An obligation thus becomes an opportunity, enhancing value further by submitting an annual report to an award competition. The key here: identifying your report's strengths and choosing the appropriate award. BizAwards has reviewed national and international awards and categorized them broadly into four groups:
Pure Annual Report Awards are solely focused on annual reports, such as The ARC Awards. The jury here evaluates reports based on the success of the company's narrative rather than corporate financial data. The emphasis lies on creativity, clarity, effectiveness, and excellence ideal for companies whose annual reports have specific strengths but might not stand out in an overall comparison.
PR/Communication Awards typically feature a category specifically dedicated to annual reports. The European Excellence Awards, for instance, recognize outstanding annual reports under "Corporate Media and Tools," highlighting credible, clear, and innovative communication. Similarly, the International German PR Award honors annual reports in the "Corporate Media" category for their excellence in targeted communication.
IR Awards, on the other hand, emphasize numbers. Here, analysts evaluate the business-related content of the annual report. For instance, the IR Society's Best Practice Awards reward clarity, investment information, governance, and risk assessment perfect for those prioritizing first-class shareholder communication.
Design Awards recognize outstanding creativity. The Red Dot Awards, for example, reward innovative projects and report design. Their "Annual Reports" category includes subcategories such as Print, Digital, and Other.
Given the wide variety of awards, selecting the appropriate one is essential. Important questions to consider in advance include: Which award fits our company best? How reputable and relevant is it concerning our stakeholders? How can we strategically structure our application? Even more crucial is considering how a potential win can be leveraged in corporate communications, ensuring the success is not as short-lived as the trophy displayed at the entrance.
