What are the consequences of failing to engage stakeholders in sustainability?
Engaging stakeholders in sustainability is not only a good practice, but also a strategic necessity. Stakeholders are any individuals or groups that have an interest or influence on your organization's activities, impacts, and goals. They can include customers, employees, suppliers, investors, regulators, communities, and civil society. By involving them in your sustainability journey, you can benefit from their insights, feedback, support, and collaboration. However, if you fail to engage them effectively, you may face serious consequences that can undermine your sustainability performance and reputation. Here are some of the risks and challenges that you need to avoid.