Corporate Social Responsibility and Stakeholder Engagement: A Symbiotic Dance for Sustainable Value Creation

Abstract

In today's complex and interconnected world, corporate social responsibility (CSR) has evolved beyond mere philanthropy. It now encompasses a broader commitment to operating ethically and sustainably, considering the environmental, social, and economic impacts of business operations on diverse stakeholders. This article explores the intricate relationship between CSR and stakeholder engagement, arguing that they are not merely independent concepts but rather two sides of the same coin. Effective stakeholder engagement acts as the cornerstone for impactful CSR initiatives, fostering collaborative innovation, mitigating risks, and driving shared value creation. We delve into the theoretical underpinnings of stakeholder engagement, analyzing popular frameworks and identifying key challenges organizations face in its implementation. Drawing upon empirical evidence and case studies, this article showcases the tangible benefits of robust stakeholder engagement for both companies and their stakeholders, ultimately paving the way for a more sustainable and equitable future. This article explores the intricate relationship between CSR and stakeholder engagement, examining how effective engagement empowers corporations to design, implement, and evaluate CSR initiatives that resonate with their diverse stakeholders.