what could be a good strategy to show the results to all your stakeholder to ensure their continued support?
I would say transparency. Set up metrics that matter to your stakeholders and report on them on a regular basis.
I would agree with this. An annual Impact report that's published on the company's main platform and easily accessible to the public would be one, another thing would be to have a progress dashboard showing raw metrics within a shorter period of time, e.g. monthly or quarterly displaying the targetted and actual metrics together.
Another strategy worth mentioning is to have a formal stakeholder representative forum to monitor progress, provide timely feedback, and get involved in the implementation action, whenever possible. Hopefully, this will not only boost stakeholders' trust but also agency.
Another strategy worth mentioning is to have a formal stakeholder representative forum to monitor progress, provide timely feedback, and get involved in the implementation action, whenever possible. Hopefully, this will not only boost stakeholders' trust but also agency.
Hi, Pearly
I totally agree with the representative forum idea for stakeholders. Having transparent metrics is something great, but sometimes the numbers don't say everything.
In my point of view, it would be even better for companies that play a major role in a region's economic situation. Mainly in small cities, it's not uncommon to have a company that employs the majority of people, meaning that their importance to local community is even bigger.
I totally agree with the representative forum idea for stakeholders. Having transparent metrics is something great, but sometimes the numbers don't say everything.
In my point of view, it would be even better for companies that play a major role in a region's economic situation. Mainly in small cities, it's not uncommon to have a company that employs the majority of people, meaning that their importance to local community is even bigger.
Good point. But how can we be assured that these companies are doing the right thing?
I believe that listening to stakeholders is a good thing by its own, but more technical practices, mainly related to the environment, should rely firstly on legislation compliance and later on third party assessments/certifications.
Totally agree. As a business we first have to attend to the "must-have" (which compliance is) before we tackle the "good to have".
Besides having transparent metrics, I would think that the company shall emphasize on employees' wellbeing to ensure a safe and healthy working culture within the organizations to improve the organizations implementation and operations on all set objectives, KPIs.Â
I agree, transparency through clear metrics relevant to the company's mission and stakeholders. Good communication of those results through a report or platform that is accessible to all stakeholders and through an engagement strategy that allows the different stakeholders to get involved since the beginning so that they also fell part of the process to obtain those results.
Including the stakeholder objectives in the company's Objectives, Targets and Plans (OTP) would be a measurable strategy to showcase them that they are included in company's goals in a long term period. From these OTPs, specific Key Performance Indicators (KPI) will be established by the company to determine the success in particular area across the different goals that was set in the OTP.
I think there is always the fear or misunderstanding that been profitable (achieving positive ROI) is not aligned with having good benefits and initiatives for employees. It was very interesting to see, that in the video there was an example about increasing minimum wages, but there is always this idea that will affect profitability. I believe that that's not true, as having happy and stable employees will result in less expenses to the company, as rotation rate will be less that having unsatisfied employees.Â
Accountability is built through permanent relationships of trust and commitment manifested in common benefits and shared values. Permanent channels are required that allow clear communication for new strategies of social, environmental and governance innovation, as well as clear objectives built through these channels of dialogue and constant construction.
I also agree with the "transparency". One of the takeaways from the forum that I just watched is the statement that the speaker mentioned - "When you know that it's the right thing to do, why would you not do it". With that, I believe it totally makes sense. And so, if you are doing the right thing, you won't have any problems with being transparent to all your stakeholders.
I agree with the ideas shared here.
Commitment to transparency is essential. Providing company's quantitative and qualitative data to show the progress on ESG issues. And maybe in addition, respond to the concerns of the different stakeholders by choosing effective channels to accurately reflect the degree of ESG commitment, hence the importance of active listening.
I would add that to achieve this level of transparency, regular communication with your stakeholder to build the trust is importantly and help to let stakeholder appreciate the value of ESG adaptation.
I believe a good strategy to maintain credibility and ensure all stakeholders' support is to be open and honest through publishing reports about company's achievements and areas that need improvement, better communication with stakeholders within and outside company.
I consider, as transparency and good communication channels are required to continue with support to stakeholders, because everyone has to be informed about all the details of the project or running activities. Likewise, share all that information will help to receive helpful feedback according to members experiences and knowledge.
I think besides transparency, protocols and mechanisms should be put in place to correct wrongdoings and take inputs from stakeholders to participate in the processes of the company. As this has a lot to do with governance, it helps resolve disputes among stakeholders and produce information that helps the organization develop knowledge and lessons for its future practices.
I agree that transparency is a fundamental part of a good strategy, and constant disclosure and communication with all stakeholders is also part of this. In addition, there must be clear key performance indicators, ESG reports, regular progress updates, constant feedback on the needs and expectations of the company's projects. All this together will help keep stakeholders informed and engaged.
In reply to Marizabel Valencia Sánchez
Re: accountability for the long run
for this transparency topic, it is important to know that performing and constantly work on those soft skils such as communication and self-awareness as tools for information managemente and disclosure.
All of the mentioned ideas are true.
From my point of view, transparency and communication will be a good strategy.
Some companies already practicing annual stakeholder meetings; normally to engaged with them and a session for them to highlight any issues/concerns related to the our activities in our organization. This is more to a face-to-face approach.
Another way is through publishing of newsletters or annual reports like Social Impact Report or Impact Assessment Report that highlight the key issues/concerns that the organization already taken into account and planning to solve them in the coming months/years. These can be a good indicator showing the stakeholders as well as the surrounding community that we do acknowledge the arising issues and we are committed or have committed to solve them.
From my point of view, transparency and communication will be a good strategy.
Some companies already practicing annual stakeholder meetings; normally to engaged with them and a session for them to highlight any issues/concerns related to the our activities in our organization. This is more to a face-to-face approach.
Another way is through publishing of newsletters or annual reports like Social Impact Report or Impact Assessment Report that highlight the key issues/concerns that the organization already taken into account and planning to solve them in the coming months/years. These can be a good indicator showing the stakeholders as well as the surrounding community that we do acknowledge the arising issues and we are committed or have committed to solve them.
I think that being open and honest by sharing reports quarterly on the company's successes and areas that need development is an excellent method to maintain credibility and ensure the support of all stakeholders.
Just like other forum members have expressed, I am also of the opinion that maintaining consistent communication, which includes sharing regular reports with the company's stakeholders, would be the appropriate approach to ensure their ongoing support.
I agree. however I think it will be even better if company could commit to a certain certification or putting a public declaration on their sustainability commitment to stakeholders. this effectively allowing a third party watchdog to police the company’s commitment. Even better, if company could set up under a certain legal structure such as Benefit Corporation in the US.
In my opinion, accountability and transparency is the vital key for running business. On other side, to achieve the companies mission and goals is to get feedback from stakeholder and customer. It assists to see the transparency of our data for ESG implementation through commitment of all employees. Furthermore, the setting of good strategy will support to maintain the companies trust and credibility for the stakeholders. Lastly, I always consider the transparency and accountability of ESG disclosure report can lead us to achieve the sustainable development goals for our company.
Thank you for the reply.
I would also emphasize the role of external validator to strengthen a Company's accountability.
This can be the general public; through a Public Grievance Mechanism System, Assuror for Sustainability Report, or Certification, Public Commitment and then communicate this with Media. Joining Government's effort or took leadership part for Good Governance best-practice with trustworthy ESG/Sustainability Think-thank.
I would also emphasize the role of external validator to strengthen a Company's accountability.
This can be the general public; through a Public Grievance Mechanism System, Assuror for Sustainability Report, or Certification, Public Commitment and then communicate this with Media. Joining Government's effort or took leadership part for Good Governance best-practice with trustworthy ESG/Sustainability Think-thank.
Use social media platforms to share ESG milestones, success stories, and ongoing initiatives.
To truly make a difference, businesses must be held accountable for their actions. B Corporations lead the way by measuring their social and environmental impact and sharing the results publicly. It was highlighted that even companies that work with other businesses, not just consumers, can play a big role in promoting responsibility. To build trust and credibility, businesses need to prove they are meeting their commitments through clear and measurable actions.
I believe it will be accomplished by identifying important stakeholders (investors, consumers, employees, communities, and so on) and their respective ESG interests.-Customize your message for each group's level of understanding and competence.Emphasize the ESG factors that are most important to your business and stakeholders.Show how your ESG activities improve financial performance, risk management, and innovation.- Highlight the benefits for communities, employees, and the environment. Use real-life examples and case studies to demonstrate your ESG achievements.-Prove your dedication to ongoing improvement.- Be transparent in your reporting and communication. - Actively listen to and answer stakeholders' issues.Engage stakeholders in the creation and implementation of your ESG strategy.Create opportunities for discussion and collaboration.Build trust and long-term connections with your important stakeholders.