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Stakeholder engagement is the process by which an organization involves people who may be affected by the decisions it makes or can influence the implementation of its decisions. They may support or oppose the decisions, be influential in the organization or within the community in which it operates, hold relevant official positions or be ...
Therefore, in order to effectively engage with a community of stakeholders, the organisation's management needs to be aware of the stakeholders, understand their wants and expectations, understand their attitude (supportive, neutral or opposed), and be able to prioritize the members of the overall community to focus the organisation's scarce ...
Stakeholder management within businesses, organizations, or projects prepares a strategy using information (or intelligence) gathered during the following common processes. Stakeholder engagement emphasizes that corporations should take into account the effects of their actions and decision-making on their diverse stakeholders.
Jelinek explains the company's approach to business, and how it balances the interests of all its different stakeholders, with nearly 90% renewal by customers, and stock returns upwards of 15% a year.
In management, a stakeholder approach is the practice that managers formulate and implement processes that satisfy stakeholders' needs to ensure long-term success. [1] According to the degree of participation of the different groups, the company can take advantage of market imperfections to create valuable opportunities.
Two decades later, the importance of effectively engaging these nine sectors of society was reaffirmed by the Rio+20 Conference. However that conference added other stakeholders, including local communities, volunteer groups and foundations, migrants and families, as well as older persons and persons with disabilities.
From a normative perspective, good, effective and fair governance involves a well-organized system that fairly represents stakeholders' interests and needs. Such governance guides the formulation, implementation, and evaluation of the group's objectives, policies, and programs, ensuring smooth operation in various contexts.
Often, they are also intended to improve internal processes, engage stakeholders and persuade investors. [22] Improved disclosure of non-financial information can have other benefits for reporting companies. In particular, the adoption of sustainability reporting has been found to have a positive impact on company performance and value.