“Stakeholder engagement provides opportunities to further align business practices with societal needs and expectations, helping to drive long-term sustainability and shareholder value”. In the context of this, discuss k

Stakeholder engagement is the process by which an organisation involves people who may be affected by the decisions it makes or can influence the implementation of its decisions. The key principles of Stakeholders' engagement are: Communicate: Interactions from the various stakeholders should be promoted. The communication may be made through the print media elaborating about the progress of the company, which is also a part of the transparency and disclosure. Ensure intended message is understood and the desired response achieved. Consult, early and often: Always ask the right questions to get the useful information and ideas. To engage their support ask them for advice and listen how they feel. Remember they are human. Operate with an awareness of human feelings. Plan it: Time investment and careful planning against it, has a significant payoff. Relationship: Try to develop trust with stakeholders. Simple but not easy: Be empathetic. Listen to the stakeholders. Managing risk: Stakeholders can be treated as risk and opportunities that have probabilities and impact. Compromise: Across a set of stakeholder's diverse priorities. Understanding what is success: Explore the value of project to the stakeholder. Take responsibilities: Project governance is the key of project success. It's always the responsibilities of everyone to maintain an ongoing dialogue with stakeholders.