EXPLORING THE ROLES OF STAKEHOLDER ENGAGEMENT AND STAKEHOLDER MANAGEMENT IN CSR PRACTICE

Abstract

This paper attempt to explore the link between stakeholder engagement and CSR practice considering the best ways of achieving effective CSR implementation and creation of relationship through SE (Stakeholders engagement) which is an element of stakeholder management (Stakeholder management). The issues for consideration under SE are geared towards achieving a meaningful and participatory engagement of stakeholders by effective communication, introduction of an engagement process reflecting items agreed upon for decision making and legitimising or strategising stakeholders needs for organisational goals achievement. SM as a major issue aids in identifying the stakeholders based on their power to influence, urgency of claims and legitimacy of their relationship with the organisation. The identification process is only complete and relevant when the three attributes are utilised for prioritizing the stakeholders as latent, expectant and definitive stakeholders. The paper finally reviewed a three phase approach of stakeholder engagement and brought up a framework for achieving an effective CSR implementation by way of stakeholder engagement.