What is stakeholder engagement?
Stakeholder engagement refers to the practice of identifying and involving stakeholders in consultation throughout a project. This ensures that the value and the method of measurement is informed by those affected by, or who affect, the activity (1). Consensus keeps growing internationally, including mandated requirements, to be accountable to stakeholders and not just shareholders. Proper engagement must go beyond traditional forms of one-time feedback, to more multi-directional, communication strategies in order to develop trust between stakeholders.
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Key benefits of stakeholder engagement
1. Understanding the value of effects
2. Mitigating risks
3. Segmenting stakeholders
4. Including unintended effects
5. Making better decisions
Four steps towards effective engagement
1. Stakeholder identification
2. Setting up a stakeholder engagement plan
3. Continuous stakeholder interaction
4. Reporting back to stakeholders
Impact Measurement: Applying the Principles of Social Value and SROI