Organizations worldwide are increasingly aware of the importance of Corporate Social Responsibility, whose goal is to contribute to sustainable development, which includes the sustainability of the "Social Ecosystem" where the Organization is located and with whom it interacts. The action of an organization is based on the multiplicity of relationships it establishes with stakeholders.

In this sense, the greater the positive impacts and the lesser the negative impacts, that the action of the Organization provokes in the sphere of influence its Stakeholders, the more it contributes to the sustainability of the Organization and society as a whole.

Concepts

By definition, an Organization's Stakeholders are those individuals or groups that are affected by its decisions, actions and products.

Examples of Stakeholders are: employees, shareholders, consumers/clients, suppliers, competition, trade unions, business and professional associations, regulators, political groups, the media, the local community, etc.

Within the broad spectrum of Stakeholders, they can be divided into two groups: Primary and Secondary Stakeholders. 

Primary Stakeholders benefit from effective and optimal management of the Organization and are directly affected by the success or failure of the Organization. 

Primary Stakeholders: employees, boards of directors, employees, suppliers and shareholders. Secondary Stakeholders indirectly affect, through their actions, both positively and negatively, the actions of the Organization.

Secondary Stakeholders are: professional and business associations, regulators, trade unions, regulatory agencies, political groups, the media and the local community.

Contribution

Stakeholder involvement covers an ongoing process of interaction that reflects the degree of their influence on the decision-making process, whether through formal or informal means.

This involvement with Stakeholders implies understanding their views and taking them into account in the Organization's decision-making process and using the information gathered to drive innovation.

Another way of understanding the importance of Stakeholder involvement is to value the role that employees, shareholders, consumers/clients, suppliers, the community, among others, can play in implementing Corporate Social Responsibility (CSR): planning, implementing, verifying and improving. 

Planning: during the planning phase, stakeholders contribute to the identification of the environmental, social and economic impacts of an Organization, thus contributing to the development of a CSR strategy. 

Implementation: Stakeholders play an important role in the development of CSR commitments of an Organization, as well as in their implementation.

Verification: at this stage Stakeholders are essential for verification and progress. 

Improve: Stakeholder action can be crucial for the evaluation and improvement of processes developed within the Organization. 

At all stages, approaches to engagement should be practical and transparent, tailored to the capacities and needs of the Organization and its stakeholders.

The Organizations: Responsibility towards Stakeholders 

Economic The

main objective of Organizations is the return of investment to their investors and the growth of capital. To achieve this objective, the Organization must invest the capital and all its resources profitably and must also ensure its relevance and competitiveness in the sector in which it operates, offering innovative products or services that accompany the development of the market in which they operate.

Social

To promote better citizenship, organizations must ensure social sustainability, contributing to the strengthening of society, providing employment, protection and conservation of the environment.  Organizations should invest in their workers, taking into account their role in society. 

Loyalty 

To ensure customer satisfaction, Organizations must make them loyal by creating products or services that reflect their needs.

Research and investment in quality, the application of fair prices and personalized relationships are factors of success in the relationship between organizations and their customers.

Legal

Organizations exist in a society governed by imposed rules, laws and standards and are legally obliged to operate within the context of legal frameworks.

Some of the responsibilities of Organizations include paying fees, duties and taxes promptly and honestly avoiding irregular practices such as corruption and bribery.

Ethics

Business ethics, as far as stakeholders are concerned, require the Organization to operate fairly, impartially and with respect for the rights of individuals. The privacy and security of confidential information is an important issue protecting and privileging the privacy of individuals.

Stakeholders: Responsibilities to Organizations

The Stakeholders shall cooperate in each decision of the Organization, taking into account the common objective of all concerned, thus ensuring the proper functioning of the Organization.

Knowledge Sharing

While the various Stakeholders acquire new knowledge within the framework of the Organization’s action, it is essential to share this knowledge within the Organization. Considering that each participant has shared objectives, the retention of information may be counterproductive for the success of the Organization.

Planning

An important duty of Stakeholders who have a role in the management of the Organization is the planning of future Organizational ventures (new projects, products, technologies, etc.) which play a fundamental role in lasting prosperity for all those who have a stake in the Organization.

Support

Managers, owners, suppliers and even creditors need to offer mutual support and workers to keep their participation in the Organization active. This support manifests itself specifically in the choice of effective strategies for the consolidation of Organizations.

Continuous Learning

A common thread running through all Stakeholders in any Organization of any area is that the future plays a very important role when it comes to their participation in the Organization. 

Continuous learning for all stakeholders is a necessity that guarantees the satisfaction of each of those involved and the achievement of objectives