DEVELOPING AN ENGAGEMENT STRATEGY
“Stakeholder engagement is – and will remain – a core element of the sustainability toolkit ”
— BSR
to sustainability will be limited by an organisation ’ s self-interest and inward focus .” While stakeholder management is an essential part of an organisation ’ s operations , engaging with stakeholders is not an easy operation . With this in mind , Business Chief North America gains insight from BSR on why adopting a strategy that creates shared value and develops trust is the best approach to drive effective stakeholder engagement .
DEVELOPING AN ENGAGEMENT STRATEGY
Prior to engaging in any form of strategy development , it is important for organisations to develop an understanding of what stakeholder engagement means to them , as well as what the desired achievements are for the operations . While often used to describe public relations or reputation management , it is also important for organisations to understand that these types of communication are not the same as stakeholder engagement .
In order to be successful when it comes to engaging with stakeholders , BSR highlights that the corporate mindset needs to shift from seeing stakeholder concerns as external risks to manage , to being serious topics that require transparent dialogue and a strategic response . “ Stakeholders that choose to engage with companies generally expect this interaction to generate change , which is why it is a mistake to treat engagement as a one-way information dissemination process , rather than as a dialogue ,” adds BSR .
When done well , the value of stakeholder engagement is expected to add up over time , providing support during times of difficulty , whether it be reputational or economical . “ Companies that are more aware of stakeholder interests are more likely to avoid crises because they are better able to anticipate risks
41 businesschief . com