Companies deal with different stakeholders’ opinions, attitudes and perceptions about their behavior. Often they need to strike a balance in satisfying numerous stakeholders’ expectations.
Of course, businesses can’t please everyone. Yet, they should try to engage in fruitful and collaborative working relationships with their external stakeholders, as dialogue often leads to improvements in mutual trust and understanding. Continuous communication also translates into benefits for a company’s reputation, brand image, customer loyalty and investor confidence.
Companies cannot afford to overstate or misrepresent their corporate social responsibility (CSR) initiatives. Although they often manage to control their internal communication paths, it is much harder to control external media. As a result, it has never been more necessary to turn stakeholders into potential advocates for both the cause and the company. This can happen if CSR initiatives are a good fit for the company’s mission and vision. It is advisable that CSR communications reflect the ethos of the practicing organizations. Therefore, the intentions of CSR (and sustainability) reporting should be clear, with specific and relevant information featuring the company’s credentials — and how stakeholders can benefit.Click to continue reading »