While stakeholder engagement has been ongoing business for organizations in mining, oil & gas and energy industries for over 30 years, to the broader business world, it’s now a concern for C-level executives in industries such as retail, consumer goods, transport, food and beverages, pharmaceuticals and more.
According to AccountAbility’s 1000 Stakeholder Engagement Standard:
“Stakeholder engagement is the process used by an organisation to engage relevant stakeholders for a clear purpose to achieve agreed outcomes. … [I]t obliges an organisation to involve stakeholders in identifying, understanding and responding to sustainability issues and concerns, and to report, explain and answer to stakeholders for decisions, actions and performance.”
Transparency, sustainability, and reputation management have become top priorities linked to stakeholder engagement, thanks to the convergence of technology, social awareness and the rise of millennials. Today, stakeholders are empowered and their voices not only have multiple channels, they’re also interconnected with thousands and even millions of voices sharing the same concerns.
Here are some statistics we thought you may enjoy about the global rise of stakeholder engagement among top business priorities and risks.