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Posted on November 30, 2015
Editor’s Note ” Matthew Gardner, Ph.D., is Managing Partner of Sustainserv.
The most successful corporate sustainability efforts are based upon engagement with employees, management, suppliers, customers, regulators and the communities in which the companies are located.
Such engagement requires that the company take into account the needs and expectations of its stakeholders. It also requires focused and well-planned communication and outreach efforts.
“Building strong relationships and meeting the needs of our stakeholders in innovative ways is critical to our business” said Pat Centanni, Executive Vice President and Chair of Executive Corporate Responsibility Committee at State Street Corporation in their 2014 Corporate Responsibility Report.
When done right, the results of a well-designed stakeholder engagement program can include powerful and enduring alliances based on mutual trust, and shared understandings of what each group can expect from the other with respect to sustainability performance.
State-of-the-art stakeholder engagement programs are quite comprehensive, and include several key attributes:
Each of these topics implies risks and opportunities to an organization. The idea of transparency and disclosure can be quite intimidating to many companies. At the same time, the path to mutual trust and license to operate requires a willingness to discuss successes as well as failures candidly and credibly. While it is important to listen to the needs and expectations of your stakeholders, managing expectations is equally important to let them know what you can and cannot address.
“Maintaining open and constructive conversations strengthens our relationships, helps us to understand other views and guides our decisions on what our commitments should be and how to deliver on them.”
Coca Cola, on stakeholder engagement
Whether your company has the resources to undertake a truly comprehensive and expansive stakeholder engagement program, or must focus its limited resources on those stakeholders and those material topics that are most important for success, stakeholder mapping is a valuable approach. The Ceres Roadmap for Sustainability is just one example of an approach to get the most out of stakeholder engagement and to ensure no constituencies have been overlooked.
The AIM Sustainability Roundtable on December 10 will host a discussion of successful stakeholder engagement initiatives that demonstrate the ways that companies of different sizes and sectors can successfully identify and engage with key stakeholders and showcase the benefits that such engagements can bring to all parties.