Stakeholder Engagement: An Essential for Business Growth - Essay Sample

Introduction

Stakeholder engagement is significant for the growth of any business. Engagement entails the interchange of thoughts and concepts while chatting and listening to one another. Like any other conversation, this engagement needs the presence of a collective indenture to depict that there is respect towards the other. The current stakeholder engagements are said not to be genuine since little information is shared between the concerned parties. According to Knight (2019), there are different approaches for stakeholder engagements among them being the content-led stratagem which can be done through the internet. This strategy has three components that include content, share and participate. Content requires that you develop good statistics, thoughts, pictorial understandings and figures and make them available to the world. The content should be useful for sustainable development. The shared element requires that the developed content is shared extensively through different platforms available. The participation aspect requires that one listens to responses and politely responds to them and also contributes to chitchats going on.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Wong (2010) gives us five chief clusters of stakeholders. These include customers & society comprising workers, consumers, teenagers, native societies; shareholders & threat evaluators such as stockholders, underwriters, bazaars, banks; industry associates & contestants like trade, entrants, purveyors, and aristocracies; law creators & ombudsmen comprising non-governmental organizations, supervisors, legislators; notion producers & outlook frontrunners that include media and researchers. According to Everse (2011), communicating business strategies effectively can be achieved using various ways that include making the communication meek but profound in connotation, creating conduct founded on bazaar plus consumer acumens, using a chastisement of an outline (by using inspiration, education, reinforcement), thinking extensively, taking responsibility and making the rightful investment. Stakeholders provide useful information to businesses which include expertise viewpoints concerning substantial matters, approaches, and goals to ensure accountability for industries' actions and those of others, perceptions of native societies from where merchandises are obtained and also upsurge impact to advance corporation and solve company's challenges.

References

Everse George. (2010). Eight ways to communicate your strategy more effectively. Retrieved from https://hbr.org/2011/08/eight-ways-to-energize-your-te

Knight Peter. (2013). Letter from the mid-Atlantic - Stakeholder engagement redefined. Retrieved from http://www.ethicalcorp.com/stakeholder-engagement/letter-mid-atlantic-stakeholder-engagement-redefined

Wong Derek. (2010). Green to Gold, Part 3: Manage your stakeholders. Retrieved from http://www.carbon49.com/green-to-gold-part-3-manage-your-stakeholders/