This article explores the importance of stakeholder engagement in business success, highlighting the consequences of excluding key stakeholders from decision-making processes. It examines recent examples where companies have faced backlash for overlooking stakeholder interests and offers three strategies for companies to effectively involve stakeholders in shaping decisions and fostering collaboration.
In an era when stakeholder expectations and interdependencies are increasingly central to success, the ability to navigate these relationships is not just a matter of fairness or optics, it’s a strategic imperative. Nonetheless, some companies choose not to include all stakeholders in important decisions — and they suffer the consequences.
What happens when executives — believing that they know what’s in the best interest of the company — decide to not consult with stakeholders, or even to temporarily withhold important information from them? More often than not, the outcome isn’t good.is a professor of international business at HEC Montréal. He specializes in competitive dynamics and internationalization of the sports industry, with a particular emphasis on the PGA Tour.
Stakeholder Engagement Strategic Management Corporate Governance Decision-Making Business Ethics
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