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Involving Internal Stakeholder Engagement

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1. Stakeholder Engagement: a. Involving Internal Stakeholders: Involving internal stakeholders who ultimately implement strategic decisions is a useful mechanism for ensuring that social issues are considered in strategic decision making. While the process may not be the easy way to make a decision but involving bottom of the pyramid helps ensure that perspective of all the stakeholders is considered. Trust for decisions that will likely have an impact on the working lives of staff. Finally, involving a diversity of ideas of employees in decision making often leads to more effective and innovative solutions to the problems. b. Engaging External Stakeholders: Involving external stakeholders make sure that decisions will take account of real pressing social issues. …show more content…

Regular CSR reports which are relevant, honest, and correctly targeted will improve credibility with the internal and external stakeholders, and in turn helps the company to gain competitive advantage over the competitors. These reports also increase employee morale and motivation, as they gain confidence in the company and their roles which they play within the company. CSR is no longer done just for philanthropic reasons but now it is integrated with company’s main goal. The companies are undergoing through a change from simply informing the public about the activities to a more detailed and comprehensive way of engaging the stakeholders. Benefit of CSR reporting: a. Enhances Sense Of Engagement: Proper reporting of the CSR activities enhances the sense of engagement among the stakeholder of the company. They get to hear about the good work being done by the company, helping poor children, reducing pollution etc. this also makes them feel proud and this can be for both customers and employee. b. Credibility of the

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