Business case 8
UNEARTHING STAKEHOLDER EXPECTATION
Conducting a Materiality Analysis: Unearthing Stakeholder Expectations for Sustainable Success
In today’s business landscape, the concept of materiality analysis has emerged as a fundamental tool for companies seeking to enhance their sustainability and corporate social responsibility (CSR) efforts. By identifying and prioritizing the most significant environmental, social, and governance (ESG) issues, businesses can effectively allocate resources and address the concerns of stakeholders. A successful materiality analysis not only enhances a company’s reputation but also contributes to long-term resilience and profitability. In this business case, we will explore the essential steps in conducting a materiality analysis and demonstrate how planeed provides a perfect tool for gathering stakeholder expectations.
- creation of a company profile on planeed
- transfer sustainable activities from the report as Action Points in planeed
- distribution of the Action Points through the nudging feature in the high-reach channels (focus on LinkedIn)
Embracing Ongoing Dialogue for Gathering Stakeholder Expectations:
A continuous dialog offers a highly effective and efficient approach for companies to engage with their stakeholders and gather valuable information about their expectations. This approach allows the best of both direct and indirect methods of stakeholder engagement to be combined and offers several advantages that contribute to greater validity and authenticity of the information gathered.
- generation of rich data and unbiased feedback from external stakeholder
- communication of sustainable activities and return path of stakeholder feedback in one
- automated analysis of feedback and prioritization of activities in a materiality matrix
Elevating Stakeholder Engagement:
In the following, we will explain the reasons why a platform like planeed can be such a powerful tool for gathering stakeholder expectations for materiality analysis at an unprecedented level of authenticity.
Real-Time Interaction: Ongoing dialogue in planeed allows for real-time interaction between the company and its stakeholders. Unlike traditional surveys or periodic meetings, planeed provides an always-on channel for stakeholders to express their opinions, concerns, and suggestions promptly. This immediacy enables companies to respond swiftly and demonstrate their commitment to listening and acting upon stakeholders’ feedback.
Accessibility and Inclusivity: planeed as an open platform is accessible to a broad range of stakeholders, including customers, employees, investors, activists, and community members. The ease of participation and low barriers to entry makes planeed a more inclusive space, ensuring that diverse voices and perspectives are represented in the dialogue.
Global Reach: Modern technology enables companies to connect with stakeholders worldwide through platforms like planeed. This global reach helps multinational corporations engage with stakeholders across different regions and cultures, gaining insights into location-specific expectations and tailoring their strategies accordingly.
Rich Data Insights: Interactions in planeed generate vast amounts of data, including likes, comments, adopts, impact ratings and nudges. Companies can analyze this data using the planeed ESG management suite to uncover valuable insights into stakeholder sentiments, emerging issues, and evolving expectations. The richness of data enhances the depth of understanding and helps in identifying material topics effectively.
Distance and Openness: A social media approach offers stakeholders a level of distance that encourages more open and honest feedback. Some stakeholders might feel more comfortable expressing their concerns without the fear of direct consequences, enabling companies to capture authentic and unfiltered insights.
Continuous Engagement: Unlike periodic surveys or one-time consultations, the interaction formats of planeed fosters continuous engagement between the company and its stakeholders. This sustained interaction builds trust and strengthens relationships over time, leading to a deeper understanding of stakeholder needs and expectations.
Two-Way Communication: planeed facilitates a two-way communication channel, enabling companies not only to gather information but also to actively respond to stakeholders’ queries and concerns. This fosters a sense of active listening and responsiveness, reinforcing stakeholders’ belief that their input matters.
Public Accountability: When companies engage on social media platforms like planeed, the transparency of their actions and responses is visible to a wider audience. This public accountability signals the company’s commitment to addressing stakeholder concerns and helps in building a positive reputation.
Real-Life Context: Conversations in social networks like planeed often reflect real-life experiences and anecdotes shared by stakeholders. This context-rich information provides companies with a deeper understanding of how their actions impact stakeholders on a personal level.
- 24 Action Points were created and virally spread via nudging
- stakeholder feedback rate of 76%
- 3 times increase in stakeholder touchpoints
In conclusion, ongoing dialogue via social media such as planeed represents a fundamental shift in stakeholder engagement. With this approach, companies can leverage the collective knowledge of their stakeholders, strengthen their sustainability efforts, and build lasting relationships based on mutual understanding and shared goals. The fusion of direct and indirect methods of stakeholder engagement underscores the authenticity and validity of the information gathered and enables companies to tackle the complexity of materiality analysis with innovative tools.
planeed allows us to actively engage with stakeholders and gain authentic insights into their expectations while fostering trust & transparency