Stakeholder engagement refers to all activities employed in involving the social interlocutors of an organization.
In essence, it is the creation of a bond between stakeholders and the organization, indeed, the organization involves its stakeholders by listening to their needs and providing solutions.
Themes of stakeholder engagement
The issues on which an organization invests are the relationships established with different stakeholders and their own experience.
Furthermore, it also influences the alignment between promises, expectations, actions and perceptions.
To have an effective stakeholder engagement it is important to manage and improve their engagement with different strategies:
- Define the goals;
- Understand the characteristics and the expectations of your interlocutors;
- Select the most appropriate modes of engagement ;
- Ensure a response to stakeholders.
The two key concepts that dominate stakeholder engagement are: accountability and inclusivity.
Accountability
The definition of accountability translates to "being responsible" and indicates the duty to inform all concerned about how responsibilities towards them are being fulfilled.
It is illustrated through advertising documents that ultimately are summarized in balance sheets of responsibility.
Inclusivity
Inclusivity takes into account the aspirations and needs of stakeholders.
One must adhere to strategies for creating and managing relationships between an organization and its key stakeholders in order to create and distribute social value.
Finally, it presupposes a market approach that involves the entire organization and represents an effective method of interacting the organization with its main interlocutors.
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