Advanced societies and economies are increasingly creating space for a wider range of stakeholders in all facets of a business. Put simply a stakeholder is generally a group of people who would be impacted by a project, a business operation or a specific corporate decision. Stakeholders are mainly interested in urban, community, social and environmental impacts of business decisions, aspects which are increasingly sensitive and rigorously regulated. Meaningful stakeholder engagement goes beyond mere communication. Conversely it seeks to allow stakeholders to influence decisions, plans, methods and operations, leading to an enhanced convergence on what would otherwise be diametrically opposite positions.
Many mistakenly consider stakeholders to be an unnecessary nuisance, which needs to be dealt with. We firmly differ in our outlook, as we consider stakeholder engagement to be a key value-driver for a business. In fact, as part of our strategy-focus, we are strongly committed to the full entrenchment of stakeholder engagement into the business strategy lifecycle of an organisation. In a medium- to long-term, we seek to instill this process at a corporate level, encouraging a senior company officer to take on the role. On a shorter-term project-level we strive to build the discipline and structure of engaging stakeholders, with a view of installing that into the company for adoption in the longer term. In essence, we seek to accelerate the value of this process by moving from engagement to buy-in, wherein the stakeholder can tangibly assess and demonstrate the degree of influence and change it was capable to deliver.
We approach this area of specialisation in a highly structured approach, with the first step in the process being the identification and definition of the primary and secondary stakeholders in a project or a business. We proceed to develop an engagement matrix which enables the company to map common and divergent interests of the various stakeholders, ensuring consistency and transparency in the positions adopted and communications effected, even in circumstances of disagreement. This is transformed into a plan and a gradual construction of a two-way open relationship with every stakeholder wherein mutual respect, openness and clearly communicated agendas are established, constantly seeking compromise and the transmission of societal and economic improvements arising out of the project or the business.
Concomitant to this constant and iterative engagement process, we develop a corporate social responsibility plan for our clients, which aims at prioritising meaningful programmes and initiatives which benefit the community through Local Councils, local NGOs or purposely designated social enterprises.