CSR Guidelines for the Financial Sector - page 29

15
Maturity Levels: FromReactive toProactive
Organizations stakeholder engagement practices vary in theirmaturity with some beingmore formal and one sided
versus amore regular engagement culture in through informal means and channels. Below is thematurity chart for
such a practice against which organizationsmay ascertainwhere they are andwhere they want to be facilitating
what their next stepsmay need to be.
Value
Compliance:
The organization is
aware that the
business needs to
maintain good
relations with a
wide variety of
stakeholders and
maintains a basic
relationshipwith
them in compliance
with existing laws
and regulations but
does not take that
relationship further.
i.e. it communicates
with them in a
formal manner with
minimal
expectations of a
two-way dialogue.
Lip Service:
The organization
recognizes the key
stakeholders of the
business and
responds to their
needs but is not
proactive in
engagingwith
them to identify
their needs and
create a two-way
dialogue.
VISION:
The organization is
actively involved in
building relations
and consultingwith
stakeholder
representatives with
a vision to build
valuable
relationship.
Organizations of
thismaturity are
normally still
experimentingwith
ways to effectively
create a two-way
dialogue that is not
very resource
consuming and
overwhelming in
terms of
stakeholder
demands and
expectations.
Management
System / profit
Center:
The organization is
responsible for
management
decisions that
systematically take
into account the
impact of business
decisions on
stakeholders
ensuring that their
interests are
aligned and
protected. This is
achieved through
an effective
two-way dialogue
ensuring that the
organization is
regularly appraised
with the
stakeholder needs
and expectations.
Full Integration
Growth engine:
The organization
helps develop a
business strategy
that balances the
potentially
competing
demands of
stakeholder groups
ensuring full
cooperation,
support and buy in
from stakeholders
on key decisions
taken. Stakeholder
considerations and
engagement takes
place at the early
stages and
throughout the
process of decision
making building
reasonable
expectations that
all parties are privy
too and accept.
Maturity
Current Status Analyses
Based on the results from theCSR Survey, it can be concluded that most financial institutions fall within
theCompliancematurity level with a select fewwithin
the Lip Service
and
Visionary
level.
Tools:
Annex C –How to engage stakeholders?
Output:
- Realizing the value of stakeholder engagement
- Understanding of stakeholders and their needs
1...,19,20,21,22,23,24,25,26,27,28 30,31,32,33,34,35,36,37,38,39,...87
Powered by FlippingBook