Stakeholder engagement is—and will remain—a core element of the sustainability toolkit. It is a fundamental component of materiality assessments, which are then used to inform sustainability strategy, reporting, and disclosure. Corporations need stakeholder management strategies to understand and respond to existing and emerging societal concerns. Without input from key stakeholder groups, any approach to sustainability will be limited by an …
There is no simple answer, to the question: What is the difference between community engagement and stakeholder engagement. This is because the definitions used by industries and professionals are similar and so many terms are used that mean different things to everyone. Here is how we interpret the major differences:Timing: Community engagement tends to be implemented as a project – …
The newly revisited concept of social capital is now prominent in several fields of social science. For Next Generation Consultants, the concept became important with the introduction of the integrated reporting framework that requires companies and organisations to report on how their activities either contribute to or diminish capital formation. The International Integrated Reporting Council’s guidance suggests that a company’s …
Definition:Â Socio-economics is the study of the relationship between economic activity and social life. In many cases, however, socio-economists focus on the social impact of a specific kind of economic change. Such changes might include displacement of people due to a closing factory, village-to-city migration, market manipulation and even the signing of trade treaties, etc. Value:Â The goal of a socio-economic study …
Engagement refers to the many ways in which companies connect with and involve stakeholders and the community in the development and implementation of community initiatives. Engagement covers a range of participation options, ranging from information sharing and consultation to active involvement in decision-making processes. Engagement is not about public relations or marketing a particular view or decision, but involves key …
Political agendas and shifts in international politics are impacting stakeholder engagement and management trends. Managing political, social and environmental risks and the impact thereof in relation to stakeholder management are becoming increasingly important topics for companies. Sustainability practices and reporting on social relationships are global recommendations, and they are necessities. Only when companies know how they impact or are impacted …
takeholder engagement in Africa can be a rewarding experience when the engagement process is customised based on individual stakeholder needs. Diverse stakeholders can have a positive impact on company activities, as feedback and inclusion can provide a different perspective on the competitive landscape of a business. This is a valuable opportunity that companies should take advantage of to improve projects …
Strategies and techniques for improving relationships in the value chainCompanies globally are exposed to risk simply by engaging with other businesses, communities and governments. Companies are responsible for the products and services they sell. These responsibilities include respecting and protecting people from the negative impact caused by business operations or their products and services. This is not a simple task, …
Engaging with diverse stakeholdersCompanies sometimes collaborate with several stakeholders in diverse fields because of the nature of their business, the sector in which they operate and the geography of their operations. Interacting with different stakeholders requires specific competencies, skills, knowledge, patience and research on how to engage strategically. To establish valuable relationships, companies should think about how they will impact …
Companies operating globally in sectors associated with higher stakeholder risk can benefit from a human rights management strategy. Case studies from various industries show that human rights due diligence practices not only limit violations and infringements of human rights; they also reduce the risk of stakeholder activism. When things go wrong and human rights are impacted, companies need to restore …