Stakeholder Engagement
- Input into business activities helps organizations better meet the needs of employees, customers, and other critical stakeholders.
- When organizations plan and prepare for engagement, listen carefully to input from a wide range of stakeholders, and then incorporate the input received, business objectives are more easily achieved and reputation is enhanced.
- Critical to stakeholder engagement is two-way communication, which means employers have an obligation to not only solicit input and listen, but to also respond, communicate actions, and report on the result of the engagement in a timely fashion.
Why it matters
When stakeholder engagement is prioritized, the skills of listening, considering varying perspectives, and responding with timeliness become sharpened and result in reduced risk and improved business outcomes. It can mean the difference between failure and success of an initiative within a community. Whether your organization is sourcing new materials, building infrastructure, seeking regulatory approval, or designing and developing new products or services, stakeholder input is critical to building trust and credibility, and importantly, avoiding legal challenges and reducing regulatory risk.
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