Abstract
Stakeholders are those who are influenced by or can influence a business’ decisions and actions. They have a rightful interest in the company’s business. Stakeholder engagement is the process in which the needs and expectations of various stakeholder groups are integrated as per priority into company’s strategies and operations. This is now critical for effective implementation of the company’s Corporate Social Responsibility (CSR) agenda. The need to adopt stakeholder engagement is growing up these days when multiple issues and challenges are mounting up for businesses and CSR is being taken up earnestly. It creates a win-win situation for both the company and its stakeholders. The process of stakeholder engagement is continuously evolving. It has been and is being practised in many ways. However, there are certain general principles required to be adhered to for getting desired outcome from the process. This conceptual paper hints upon those principles and narrates a basic fit-into-all methodology of stakeholder engagement as a key part of CSR. The paper also analyses the benefits and challenges of stakeholder engagement.
Recommended Citation
Panigrahi, Himanshu Sekhar
(2024)
"Stakeholder Engagement in Realization of CSR,"
American Journal of Business and Management Research (AJBMR): Vol. 3:
Iss.
1, Article 1.
Available at:
https://research.smartsociety.org/ajbmr/vol3/iss1/1