LEADERSHIP & STRATEGY
STEP 5
ACTION PLAN
STEP 1
ENGAGEMENT STRATEGY
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Feedback Loop
STEP 4
ENGAGEMENT
Identify opportunities from feedback and determine actions , revisit goals , and plan next steps for follow-up and future engagement
Conduct the engagement itself , ensuring equitable stakeholder contributions and mitigating tension while remaining focused on priorities
FIVE-STEP APPROACH TO STAKEHOLDER ENGAGEMENT
Focus on long-term goals to drive the approach , determine logistics for the engagement , and set the rules
Set vision and level of ambition for future engagement , and review past engagements
Define criteria for identifying and prioritizing stakeholders , and select engagement mechanisms
STEP 2
STAKEHOLDER MAPPING
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STEP 3
PREPARATION and opportunities ,” comments BSR . “ A number of compelling studies on the impacts of good community and stakeholder relations across industries and countries , have concluded that companies that intentionally build stakeholder trust are more financially resilient over time , across multiple indicators of value .”
An important element of stakeholder engagement is the understanding of who the key stakeholders are and where they came from , as well as what their relationship is to the company . This process allows organisations to map their stakeholder landscape and determine the correct method and approach for effective communications .
Once determined , in order to deliver clear , flexible and trusted communication , BSR identifies six core principles that should govern engagement : focused and relevant engagement
DECEMBER 2020